罗兰贝格：2025全球化工品行业战略抉择研究报告：蛰伏固守VS转型重置（英文版）（17页）.pdf

1、August 2025Discussion documentShould you hunker down or do you need to reset?2Roland Berger|A.The Perfect Storm of the Chemicals Industry 3Roland Berger|3Roland Berger|In todays challenging environment,Chemical executives must decide if they can Hunker down or need to ResetSince 2023,the global chem

2、icals industry has been hit by a perfect storm of pressures that have created structural challenges:Chinas excess capacity is disrupting global balance US overbuilt to serve China,but China became self sufficient Europe is losing competitiveness due to high costs Western demand has softened alongsid

3、e economic slowdownCurrent tariff uncertainty is further complicating executive decision-makingThe current environment requires companies to act differently than in past cycles given there is no near term end of this cycleWhile many have already taken initial measures,hunkering down alone may not re

4、store viability some businesses will need to reset fundamentallyLeaders have a clear set of actions to determine to which extent parts of their business can Hunker down or must ResetExecutive summaryABackground3Roland Berger|4Roland Berger|4Roland Berger|The Chemicals sector is no longer outperformi

5、ng the market The current downward cycle is set to persist driven by industry structural dynamics:Global overcapacitySlow demand growthThe chemicals industry outperformed the S&P 500 for 20 years;however,it has now entered a new paradigmS&P 500-Chemical indexS&P 500S&P 500 vs S&P 500 Chemicals total

6、 return,2009 present 100=01/01/2004Source:CapIQ,Roland Berger2022-2025 cost cutting periodKey takeaways Despite cost cutting measures implemented since late 2022,the recent downward cycles Chemicals companies are facing is exacerbating With these measures only two years behind,a critical question ar