Economy
Chemical Trends Report
December 5th 2023 (Source CEFIC)
The latest economic survey clearly shows an improvement in the confidence in the EU27 chemical industry. In October 2023, chemicals production expectations improved for the third month in a row. For the first time in six quarters, EU27 chemical production saw a slight increase of 0.5% in the third quarter of 2023 versus the second quarter of the same
year. The current production level (Q3-2023) is 10% below 2019, which was already arecession year for the EU27 chemical industry.
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Global economy faces gravest threat since the crisis as coronavirus spreads
Monday, 2 March 2020
The coronavirus Covid-19 presents the global economy with its greatest danger since the financial crisis, according to the OECD’s latest Interim Economic Outlook.
- Even in the best-case scenario of limited outbreaks in countries outside China, a sharp slowdown in world growth is
expected in the first half of 2020 as supply chains and commodities are hit, tourism drops and confidence falters.
- Global economic growth is seen falling to 2.4% for the whole year, compared to an already weak 2.9 % in 2019.
- Growth prospects for China have been revised down sharply to below 5% this year after 6.1% in 2019.
The Interim Outlook presents both a best-case scenario in which the extent of the coronavirus is broadly contained and a “domino” prospect of contagion that is more widespread.
European Market - Economy News
Output from the EU chemical industry covers three broad product areas:
- Base chemicals
- Specialty chemicals
- Consumer chemicals
Base chemicals:
Base chemicals in 2017 represented 58.5% of total EU chemical sales. The inorganic basic chemicals subsector includes production of chemical elements, inorganic acids such as sulphuric acid, bases such as caustic soda, alkalis and other inorganic compounds such as chlorine.
The petrochemicals subsector covers manufacturing of chemicals using basic processes, such as thermal cracking and distillation. Polymers in primary forms is in most cases integrated into petrochemicals sites. Plastics in primary forms embraces the manufacture of resins, plastic materials and elastomers.
Specialty chemicals
Specialty chemicals covers areas such as paints and inks, crop protection, dyes and pigments. Specialty chemicals are produced in small volumes but they nevertheless made up 27.4% of total EU chemical sales in 2017.
Consumer chemicals
Consumer chemicals are sold to final consumers, such as soaps and detergents as well as perfumes and cosmetics. They represented 14.1% of total EU chemical sales in 2017.
Petrochemicals and specialty chemicals accounted for the majority – 54.3% – of EU chemical sales in that year.
Economic:
World chemicals turnover was valued at €3,475 billion in 2017. Global sales grew by 4.6% from €3,323 billion in 2016 to €3,475 billion in 2017. With €1,293 billion in 2017, China is still the largest chemical producer in the world, contributing
37.2% of global chemical sales in 2017.
With 15.6%, the EU chemical industry ranks second, along with the United States (13.4%), in total sales. Worldwide competition has changed significantly over the last ten years, as China now holds the top ranking in sales – a position once firmly held by Europe.
Refs.: THE EUROPEAN CHEMICAL INDUSTRY (Facts & Figures 2018) by CEFIC