BASF CEO Markus Kamieth said at EPCA that the European chemicals market has contracted by 15% to 20%. Not only have chemical product export competitiveness declined, but downstream industrial customersu2019 exports are also under pressure, compounded by severe petrochemical overcapacity that continues to drag on industry performance. Kamieth said industry assets and corporate structures will undergo restructuring, with many consolidation cases expected in Europe over the next decade. He called for accelerating integration and cultivating financially strong domestic champions to compete with highly specialized emerging rivals. He emphasized that Europeu2019s chemical difficulties stem mostly from internal factors, not external competitors.
Source: State Development Research Network / China Chemical Industry News
