- 21 major European chemical plants are scheduled to shut, with half of Europe's ethylene production capacity at risk by 2030.
- UK chemical production is down 30%, German down 18%, and French down 12%.
- Europe's chemical industry employs 1.2 million directly and 5 million across the supply chain.
- Europe's gas prices are four times higher than the US, impacting competitiveness.
Industry Decline
Europe's chemical industry is at a critical juncture, with significant declines in production. The UK has seen a 30% drop, Germany 18%, and France 12%. This downturn threatens the industry's future viability.
Plant Closures and Investment
Twenty-one major European chemical plants are set to close, and half of Europe's ethylene production capacity may shut by 2030. Eight of the world's ten largest chemical companies are reducing or halting investments in Europe.
Economic Impact
The chemical industry is crucial to Europe's economy, employing 1.2 million people directly and 5 million across the supply chain. Its decline could lead to significant job losses and increased reliance on imports for essential goods.
Competitive Disadvantages
High energy costs and carbon taxes are driving the industry out of global markets. Europe's gas prices are four times higher than those in the US, making it difficult for European companies to compete.
