PODCAST: Europe chemicals return to 2008/9, must switch swiftly to low carbon future

BARCELONA (ICIS)–Europe basic chemicals have collapsed to operating rates and production levels last seen during the global financial crisis, with acceleration towards a low carbon future required.

• Europe basic chemicals operating rate plummets for six months to 57.7%
• Europe chemicals must pursue a low carbon, renewables future to succeed
• Chemical industry can become much less energy-intensive and localised
• Europe’s industrial base should move in the same direction
• Gas prices have fallen from record highs, but still impact margins
• Producers can minimise impact by switching feedstocks, energy sources
• Signs of extended Christmas shutdowns for downstream industries
• High gas prices expected to persist through 2023
• China slowdown expected to persist despite relaxed zero-COVID policy

In this Think Tank podcast, Will Beacham interviews ICIS Insight Editor Nigel Davis, ICIS Senior Consultant Asia John Richardson and Paul Hodges, chairman of New Normal Consulting.

Editor’s note: This podcast is an opinion piece. The views expressed are those of the presenter and interviewees, and do not necessarily represent those of ICIS.

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Read Paul Hodges and John Richardson’s ICIS blogs.