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.
Market Coverage
|
Report Elements |
Details |
|
Study Period |
2018-2025 |
|
Base year |
2018 |
|
Forecast period |
2019-2025 |
|
Segments Covered |
By Type |
|
Countries Covered |
UK,
Germany, France, Italy, Spain, and Rest of Europe |
|
Key Companies Profiled |
BASF SE, Croda International PLC, INEOS Group, Johnson Matthey (JM), and LyondellBasell
Industries N.V. |
Key questions addressed by the report
o Recovery Timeline
o Deviation from pre-COVID-19
o Most affected region/segment
o Recommendations
European Chemical Market – Segmentation
By Type
European Chemical Market – Segmentation by Geography
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