Analysts with Great American Group, a provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services, report that the outlook for the chemicals and plastics sector is optimistic in 2014, due largely to strong forecasted demand from the residential construction and automotive production markets. In 2013, the housing demand exhibited a "resurgence," driven predominantly by the residential construction sector. The automotive sector posted similar results, boasting its highest unit sales since 2007 with 15.6 million new vehicles in 2013.
"Despite a number of challenges, the chemicals and plastics industries demonstrated growth in 2013, boosted by the highest level of car sales in six years and rapid expansion in the housing market," said Jonathan Deptula, Great American Group senior project manager and chemicals/plastics industry specialist. "While nothing is certain in the global economy, our industry analysts are optimistic that 2014 will mirror the growth witnessed last year."