European chemical industry will see a considerable growth of 1.8% during the forecast period. Key importers of Norwegian gas in Europe include UK, Germany, Belgium, and France. Currently, the natural gas and crude oil producers are facing concerns regarding production and supply due to the widespread of COVID-19 pandemic. For instance, on 24th March 2020, Equinor ASA, the second-largest natural gas supplier to Europe declared to cut investments, exploration drilling, and operating costs as part of a $3.0 billion plan that aims to survive in the COVID-19 crisis and War between Russia and Saudi Arabia on crude oil prices.

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The action plan for 2020 includes reducing organic capital expenditures from $10-$11 billion to nearly $8.5 billion and decreasing exploration activity from nearly $1.4 billion to nearly $1.0 billion. This, in turn, will affect its production capacity of crude oil and natural gas. As the company is the second-largest natural gas supplier to Europe, the petrochemical production is also expected to suffer due to the reduction in Equinor investment in exploration activities. Apart from these, a supply chain disruption due to the COVID-19 is impacting chemical production in Europe. However, increasing the production of personal protective equipment and hand sanitizers will increase the demand for petrochemicals in the region.

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Key questions addressed by the report

• What is the market growth rate during the forecast period?
• Which segment/region dominates the market in the base year?
• Which segment/region will project the fastest growth in the market during the forecast period?
• How COVID-19 will impact the market growth in 2020 and coming years?
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

European Chemical Market – Segmentation

By Type

• Petrochemicals
• Basic Inorganic
• Polymers
• Specialty Chemicals
• Consumer Chemicals
• Others (Auxiliaries for Industry)

European Chemical Market – Segmentation by Geography

• UK
• Germany
• France
• Italy
• Spain
• Rest of Europe

Company Profiles

• BASF SE
• Bracco Group
• Croda International PLC
• Elementis PLC
• INEOS Group
• Johnson Matthey (JM)
• Kem One
• LyondellBasell Industries N.V.
• RadiciGroup
• Synthomer PLC

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