Intro

Collapsing second quarter financial results show that the industry may face permanently low growth, driving the need for radical business model transformation.  

-          Q2 financial results show persistent downturn in sales, profitability

-          Europe chemicals still plagued by China-driven global overcapacity, higher production costs, poor downstream demand

-          BASF reports double-digit fall in net income, weighed by lower prices. Warns of second half risks from stronger price reduction, lower volume growth

-          Dow CFO said consumer durables, building and construction will likely remain weak through the rest of the year 

-          Need for widespread closures to balance supply and demand

-          Chemical companies need to adopt radical new business models

-          End of China’s economic miracle means there will be no return to strong demand growth globally