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Time: 2017-02-17

Due to the sluggish demand caused by the continuous economic downturn in Europe, and the huge gap between Europe and the Middle East and North America in petrochemical production cost, as well as the increase in production cost caused by the strict regulation in Europe and the impact on export competitiveness, the share of European chemical products in the global market dropped sharply. The European council for the chemical industry (CEFIC) noted that CEFIC has adjusted its forecast for 2014 to reflect a 1.5 per cent increase in European chemical production, compared with a 2 per cent increase forecast in June. Based on the forecast that the economic growth rate will be stable in 2015, the forecast result of its chemical output is still an increase of 1.5%. According to current leading indicators, the risk of a slowdown in growth is rising.

From January to July 2014, the output of chemicals in Europe was unchanged from the same period of last year. Among them, the output of petrochemical products decreased by 6.5%, the output of specialty chemicals increased by 3.3%, the output of consumer chemicals increased by 1.5%, the output of polymer increased by 0.4%, and the output of basic inorganic chemicals increased by 0.2%. Production of chemicals in Europe is still rising, but its share of the global market is declining, CEFIC said, with China and the United States gaining the upper hand.