Forecast of European Chemical Production

Forecast of European Chemical Production

Author: ChemistryViews.org

The European chemical industry is forecasting marginally higher growth of chemical production in the European Union in 2016, with challenging times ahead in the long-term. Therefore, Cefic calls on policymakers to support conditions for long-term growth.

Cefic’s forecast comes in the face of declining demand from key industries, competition from third countries, and economic slowdown in important export markets. Growth of gross domestic product in the EU is assumed to be stable. Growth in manufacturing might be somewhat weaker due to softer growth in the automotive industry, but other industries are expected to strengthen and should balance demand for chemicals. In addition, the European chemical exports are supported by favorable Euro exchange rates and slightly stronger global growth in the manufacturing industry, and by consumer demand.

Overall, Cefic expects around 1 % growth in EU chemical production in 2016, following 0.5 % in 2015.


  • Cefic, Brussels, Belgium

 

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