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Recently, the global chemical market has seen a wave of large-scale capacity exits, with Europe becoming the core region of this contraction, while the US, South Korea, and Japan have simultaneously launched an industry reshuffle.
Chemical giants such as BASF, Dow, Shell, TotalEnergies, AGC Chemicals, YNCC, and Asahi Kasei have collectively shut down aging production facilities, accompanied by extensive layoffs. Capacities to ethylene, propylene, PS, PVC, PTA, and other mainstream chemical items have permanently exited. This round of capacity adjustment covers the entire manufacturing chain in Europe, the US, Japan, and South Korea, marking one of the largest capacity reconstructions in the global chemical sector in recent years.
I. Europe becomes the epicenter of capacity contraction; multiple multinational chemical companies shut down factories and lay off staff across various countries
Chemical companies in multiple European countries have intensively implemented permanent plant closure plans, covering the UK, Germany, Belgium, the Netherlands, and Italy, with a concentrated exit of cracking units and fine chemical vegetation.
1. AGC Chemicals: Shut down the Hillhouse factory in the UK. This closure affects 190 employees, and the plant is scheduled to complete production shutdown by the end of 2026.
2. Dow Chemical: Simultaneously shut down two major production sectors: the Böhlen cracking unit in Germany and the silicone factory in the UK. This adjustment immediately caused 550 employees to lose their jobs.
3. TotalEnergies: Shut down the cracking unit in Antwerp, Belgium, resulting in the permanent exit of 550,000 tons/year of ethylene and 230,000 tons/year of propylene capacity, immediately impacting the volume of olefin supply in Europe.
4. Shell: Shut down a total of two substantial cracking units in the Netherlands and the UK, with a combined annual capacity exit of 1.44 million tons.
5. Radici Group: Shut down the Novara factory in Italy, with 140 jobs facing layoffs.
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