At the EPCA annual meeting in Vienna, BASF CEO Markus Kamieth and Borealis CEO Roger Kearns said Europeu2019s chemicals industry faces a decade of consolidation, with some production sites likely to close. Kamieth said the European chemicals market has contracted by 15% to 20%, export competitiveness has declined and petrochemical overcapacity continues to weigh on earnings. He called for faster consolidation and the creation of financially strong domestic champions. Kearns said many European plants are well-run but too small to compete globally.
Source: State Development Research Network / China Chemical Industry News
