BARCELONA (ICIS)--The global chemical industry can expect to see plant closures within the next 12-18 months as an economic downturn and overcapacity bite into margins, but new opportunities exist for the sector, a leading consultant says.
A big jump in chemical capacities has already hurt margins across several value chains, with more to come in 2020. Meanwhile challenges such as Brexit, the end of globalisation, an ageing population and rise of the sustainability agenda make it imperative for chemical company executives to pursue new business strategies, according to International eChem chairman, Paul Hodges.
Paul's 2020 outlook article is available in the latest issue of ICIS Chemical Business.
Podcast interview by Will Beacham