Press Release Summary: The European chemical industry has declined from its top slot, giving way to Asia but it hasn't lost its position of prominent chemical consumer owing to its stable personal products and textile industries.
Press Release Body: European Union (EU), the numero uno chemical producer in the world till recently, has been now overtaken by Asia. But the fall in its position couldn't change the country's stand as a dominant production and R&D base for the chemical industry. Not only the region is a leading chemical producer but also a primary consumer and exporter of chemicals, according to "EU Chemical Industry Analysis", a market research report by the leading market research company RNCOS. As per the report, the chemical industry, traditionally, is one of the most critical sectors of Europe.
The research study has notified that EU is the second largest chemical consumer globally after Asia. It has looked into the factors responsible for high chemical consumption in the region and detailed those industries leading to huge chemical demand, including automobile, construction and cosmetics.
The European personal products industry, as put forth by the research, plays a significant role in boosting the chemical industry of the region as it depends heavily on the consumer chemicals. In 2005, the personal products segment (including soaps & detergents and perfumes & cosmetics) accounted for over 10% chemical sales in EU. This is a big share considering the use of chemicals in diverse industries. Especially the cosmetics industry that recorded over Euro 67 Billion revenue in 2006 is a vital force for the growth of consumer chemical industry in Europe.
The personal products market in Europe is anticipated to exceed Euro 81 Billion in 2010, says the report. Consequently, the sale for consumer chemicals is projected to rise at a CAGR of over 2.8% from 2007 to 2010.
The RNCOS report has cited the textile industry another driver of the European chemical industry. Europe makes up for around 28% of the global textile market's value. In 2005, the European textile business gleaned around Euro 54.5 Billion in revenue with synthetic fibers accounting for around 46% of the cumulative value of the industry, thus emerging as an attractive segment. So textile industry is an important sector for the chemical industry to expand and thrive.
Cosmetics and textile industries are just part of the extensive report "EU Chemical Industry Analysis" that has discussed various industries relying on the chemical industry. It has studied the EU countries and identified Germany as the innovation frontier transforming itself into the largest player in the region.
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2022
