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Due to cost pressure and profit difficulties, global chemical giants have announced the closure of factories to reduce production, the industry reshuffle is imminent, a number of well-known enterprises have taken action to meet the challenges.
In recent years, the global chemical industry has faced unprecedented survival challenges. Many chemical giants have been forced to make difficult decisions due to high costs, falling prices and difficult profitability, and have announced plant closures or production cuts. This trend is spreading worldwide, involving many well-known chemical companies.
in the United States, Dow Chemical announced that it will close its polyether polyol/alkoxy chemical plant in Nangang Industrial Zone, Taiwan, and plans to close its propylene oxide plant in Freeport, Texas by the end of 2025. Meanwhile, Invidia has halted production at its Orange, Texas plant, closed its adiponitrile production unit and plans to eliminate about 240 jobs by the end of 2024. ExxonMobil plans to close a steam cracker and related derivative units and logistics facilities in France in 2024.
in Europe, SABIC's Olefin 3 cracking unit in Herron, the Netherlands, will be permanently shut down. On the German side, Trinseo may close its polycarbonate production site in Stade. Italy's Eni Group decided to close the local Livorno refinery for modernization. In addition, Covestro suspended investment in the world-class MDI plant and closed its polyether polyol plant in Kaohsiung, Taiwan.
in Asia, Japan's Mitsui Chemicals plans to reduce the capacity of its TDI plant in Omata to 50000 tons/year in July 2025, and plans to close the PET plant in the Iwakuni Dazhu plant in October 2024. Sumitomo Chemical decided to close the cyclohexanone production facility at the Ehime plant and exit the business. Mitsubishi Chemical Group will also shut down its Hiroshima plant ACH process methyl methacrylate monomer and other production capacity. South Korea Lotte Chemical plans to sell its stake in the Pakistani company and exit the purified terephthalic acid business altogether.
In addition, some companies have taken other measures to deal with the current predicament. Bayer, for example, plans to close its internal consulting division and has revealed that it will close offices in Germany, the United States, Brazil, China and Singapore. Claiant closed its bioethanol manufacturing plant in Romania and scaled back activities in its biofuels and derivatives business line in Germany.
these decisions to close factories and reduce production not only reflect the serious challenges facing the global chemical industry, but also indicate the future reshuffle and restructuring of the industry. Under the pressure of high cost and difficult profitability, chemical companies have to adopt a strategy of survival with a broken arm in order to survive and develop in the fierce market competition.
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