FRANKFURT, Germany—The German rubber industry is set to post a 3-percent growth in 2021, well under previous forecasts of "a double-digit increase" announced earlier in the year.
A "fragile procurement market" is the core reason behind the decline in the growth, explained Michael Berthel, chief economist at the German rubber industry association (WDK).
Industry sales in the first three quarters consolidated at about 16 percent compared to 2020, said Berthel, addressing the WDK autumn conference held in Frankfurt on Nov. 18.
On the other hand, he said, there has been "a clear dichotomy" in the fourth quarter.
"While the non-automotive sector is booming, demand is breaking away from automotive suppliers at the end of the year," said the WDK economist.