Market Trends Circular,Sustainable Solutions Maybe Growth Opportunities for EU Chemical Industry
The European Chemical Industry Council (Cefic) has shared a report in which it states that circular and low carbon economy solutions could become a competitive advantage for the EU chemical industry across the globe.
Brussels/Belgium – The European chemical industry remains a strong part of the EU economy showing stable production levels over the past few years. While some traditional manufacturing sectors – buyer of chemicals (e.g. car industry) are currently in recession, the chemical industry is actively exploring new growth opportunities. These are expected to come from specialised, higher-value-added products and innovative solutions for a climate neutral and circular economy such as chemical recycling of plastics, advanced materials (polymers and composites) among others.
Providing these solutions could become a competitive advantage of the EU chemical industry globally. In fact, with an annual investment of 11 billion dollars in R&I, the chemical industry can help turn Europe into a global innovation hub.
The task at hand should not be underestimated. As we describe in our Mid-Century Vision, 2050 is only two industrial investments cycles away so the EU chemical industry needs to attract significant investments to develop low-carbon and circular economy solutions during the next few decades. And to attract these investments we need a strong European industrial strategy and ambitious Horizon Europe programme simulating research and investments in this area.
These are conclusions based on the economic research conducted by Cefic to update its annual 2020 Facts & Figures of the European chemical industry.
With the right framework in place in the EU, our industry can continue playing a key role in building a more sustainable future for all Europeans. We look forward to working closely with the EU institutions in the next few years to bring this vision to reality.