Tuesday, Germany's chemical industry association VCI said the pace of recovery in the industry is gaining speed boosted by demand from Asia and Latin America.

Chemical output rose 4% sequentially in the third quarter following an increase of 2.5% in the second quarter, the VCI said in a report. However, it fell 12% annually. Sales of chemicals grew 5.5% in the third quarter compared to the second.

VCI forecasts chemical production to decline 10% this year and revenue is predicted to fall 12%. These forecasts are unchanged from its September outlook.