European chemical production declined by 0.5% year over year (YOY) in 2018, having risen by 0.2% YOY through September, according to Cefic. The fall in production was caused by the higher price of oil, lower demand for chemicals from the automotive sector, and by unusually low water levels in European rivers, which caused transportation delays, Cefic says.
Cefic says that it is expecting modest growth of 0.5% in 2019, compared with 2018. Although the industry is expected to recover from a decline in demand from the automotive industry in 2018, performance in 2019 might be impacted by trade tensions between the United States, China, and Europe, not to mention uncertainty around Brexit, according to Cefic. Investors and customer industries are becoming more cautious in this volatile environment, Cefic says. Demand from the automotive, agricultural, and construction sectors, the key customers of the chemical industry, is predicted to increase slightly in 2019, according to Cefic.
“We remain cautiously optimistic about the 2019 prospects,” says Marco Mensink, director general, Cefic. “The forecast 1.5% growth of manufacturing industries should be sufficient to keep demand for chemicals at the same or higher level in 2019,” he says.
By Michael Ravenscroft
Source: Chemical Week
Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.
OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.
The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.
