Israel Petrochemicals Q1 2019
Israel’s petrochemicals industry saw a mixed performance in H118, but we foresee stronger growth in H218 withsustained output in 2019 amid robust private and public consumption and rising fixed investment. While this should stimulate localconsumption of petrochemicals, the appreciation of the shekel would undermine the competitiveness of local producers. Risingcost of naphtha feedstock due to higher crude prices also poses a risk to profitability. As such, manufacturing growth - on whichpetrochemicals depends for sales - will face limits, curtailing some of the growth in the local market.
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