Chemicals roundup 2023
Chemical companies entered cost-cutting mode in a year dominated by overcapacity and slow demand
The chemical sector racked up losses this year as it came up against a cluster of challenges including high operating costs, low demand and an overabundance of production capacity.
The year was particularly brutal in Europe where inflation and energy prices crimped demand for chemicals. In response to evaporating earnings, companies settled firmly into cost-cutting mode. Announcements of plant closures rippled through the year, with casualties including Trinseo’s ethylbenzene and styrene plant in the Netherlands, Celanese’s nylon 6,6 plant in Germany, and Kem One’s chlor-alkali plants in France.