According to the trade association, these figures underpin the messages of the Antwerp Declaration, launched in February 2024, which calls to restore the business case for investments in Europe in order to implement the EU Green Deal and safeguard high-quality jobs for European workers in Europe.

Europe is currently at a competitive disadvantage compared to the USA, China and the Middle East due to high energy, regulatory, labor and feedstock costs. Coupled with limited global demand growth and high capital spending in other regions, the global chemical market is increasingly competitive and Europe pays the high price, CEFIC says.

EU27 capacity utilization remains well below a historical average, Europe maintains a positive trade balance but exports are not growing at the same pace as the global market, and CEFIC observes a shift of manufacturing to regions in Asia, with China outpacing all others.

CEFIC’s 2024 Facts & Figures report provides a granular view of the current market trends and economic conditions of our industry. The compiled economic data cover the following topics: profile of the European chemical sector, trade development, its contribution to EU27 industry, energy consumption, capital and R&I spending, and environmental performance.

The complete reporte can be downloaded here.