Cefic’s December Chemical Trends Report is out!
Industry in dire straits
The end of 2023 confirmed the trend set throughout the year: weakened confidence levels in the EU economy, shrinking sales and production has been 8.7% below the previous year’s level for the first 11 months. Stress factors, such as higher energy costs and a lack in demand, are heavily impacting competitiveness of the chemicals industry in Europe. Chinese imports are hitting EU producers which we fear is only the beginning as the Chinese oversupply will be exported and Europe is a key destination.
There are some hints of recovery for chemicals sub-sectors. November 2023 data shows that EU27 chemical production was about 1% above the 2022 level. It is too early to confirm if this upturn will be stable. 2024 is expected to bring some faster growth, but the improvement will be gradual.
By clicking here you can find all the past editions of Cefic Chemical Monthly Report.