BASF, the world’s largest chemical company, plans to double sales in Asia to €18bn ($26.2bn) a year in 2020 by targeting industries such as carmaking and construction, which it believes will return to strong growth once the recession ebbs.

Martin Brudermüller, the board member responsible for the Asia-Pacific region, told the Financial Times that BASF expected to invest €2bn in the region by 2013 and “more to come” up to the end of the decade.