Belgium's Chemical Industry Booms as Europe's Output Slows
Belgium's chemical industry has flourished, posting a 9.1% production increase, while major European economies like the Netherlands and France struggled. Meanwhile, Europe's chemicals trade surplus has shrunk by 25% due to increased imports, particularly from China.
The European chemical industry's output growth is expected to slow down to 0.5% in 2025, following a 2.5% growth in 2024. This contrasts with the projected compound annual growth rate (CAGR) of 4.2% for the broader petrochemicals market including the USA up to 2032, driven by recycling and sustainability initiatives.
The USA chemical industry, however, maintains a competitive edge with lower energy costs and steadier domestic demand. This results in higher capacity utilization rates. The American Chemistry Council's Q1 2025 Economic Sentiment Index also indicates a more stable environment for USA chemical manufacturers.
While Belgium's chemical industry thrives, Europe as a whole faces challenges due to increased imports and slowing growth. Meanwhile, the USA chemical industry continues to benefit from its favorable conditions, maintaining a positive outlook.
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