SEOUL (ICIS)–The European chemical industry is bracing for continued weakness in 2024, with demand remaining soft globally due to sluggish growth in the US and a slowdown in China, an industry official said on Friday.
“The European industrial sectors are out of recession but still a long way from any dynamic growth,” European Chemical Industry Council (Cefic) director general Marco Mensink told delegates at the Asia Petrochemical Industry Conference (APIC) in Seoul, South Korea.
Despite the challenges in the region, there are glimmers of optimism as destocking nears completion and business expectations show signs of improvement, Mensink said.
However, the surge in Chinese chemical exports to Europe remains a major concern, as it intensifies competition and puts pressure on European producers, he said.
Published by: www.icis.com
Nurluqman Suratman
31-May-2024
