Cefic launches 2024 Facts & Figures Report
Europe remains at a competitive disadvantage
With over 1.2 million workers, €655 billion turnover, and €10.2 billion R&I investments, the European chemical industry is a wealth generating sector of the economy and a major contributor to building a sustainable future for Europe. With its release, Cefic’s 2024 Facts & Figures report highlights:
- Europe remains at a competitive disadvantage compared to the USA, China and the Middle East due to high energy, regulatory, labour and feedstock costs. This is illustrated with ethylene production in Europe being 3.2 times more expensive compared to the USA in 2023. Coupled with limited global demand growth and high capital spending in other regions, the global chemical market is increasingly competitive and Europe pays the high price.
- Fluctuating around 75%, EU27 capacity utilisation remains well below historical average, Europe maintains a positive trade balance but exports are not growing at the same pace as the global market, and we observe a shift of manufacturing to regions in Asia, with China outpacing all others.
Navigate the Cefic 2024 Facts & Figures to find out more details on the latest economic data covering our industry: profile, trade development, our contribution to EU27 industry, energy consumption, capital and R&I spending, and environmental performance.
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