Germany's chemical industry, a key economic pillar, is struggling with record-high energy costs, regulatory burdens, and weak global demand. Revenue has fallen 22% since 2022, leading to job losses and delayed investments, with experts calling for urgent policy intervention.
Germany's chemical industry, a key economic pillar, is in crisis due to high energy costs, regulatory burdens, and global competition. Revenue has dropped significantly, and companies are cutting jobs and investing abroad, raising concerns about supply chain security.
South Korea's Korea Chemical Industry Association said 33 major member companies, including LG Chem, Kumho Petrochemical, Lotte Chemical, Hanwha Solutions and SK Geo Centric, pledged to secure sufficient naphtha volumes to maintain plant operating rates amid supply uncertainty following U.S.-Israel strikes on Iran in late February. The government banned hoarding of petroleum-based materials on April 15 and plans to subsidize additional freight costs for sourcing from outside the Middle East.
