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Specialty chemicals giant Evonik trains sights on Asia, sustainability growth

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Renald Yeo

Renald Yeo

Published Mon, Sep 4, 2023 · 05:00 AM
    • Evonik’s executive board chairman and chief executive officer Christian Kullmann was in Singapore in mid-August to officiate the groundbreaking ceremony of a new alkoxides production plant on Jurong Island.
    • Evonik’s executive board chairman and chief executive officer Christian Kullmann was in Singapore in mid-August to officiate the groundbreaking ceremony of a new alkoxides production plant on Jurong Island. PHOTO: CHERYL ONG, BT

    CHINA’S hotly anticipated reopening has so far failed to live up to expectations of igniting demand for specialty chemicals. But Evonik Industries is looking beyond the near term, and has set its sights on Asia to fuel future growth.

    The German specialty chemicals giant has targeted the Asia-Pacific (Apac) region’s share of revenues to grow to 30 per cent of sales by 2030, up from 20 per cent currently.

    But first, Evonik has to navigate its way through some choppy waters. Sluggish demand from industrial clients has led to a global glut in the supply of specialty chemicals.

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