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A major global player, the European chemical industry in 2018 accounted for 16,9% of the world’s chemical sales that amounted to €3.347 billion. It ranks second in total sales, with the United States contributing 14%. Worldwide competition has changed significantly over the last ten years, as emerging countries in Asia now hold the top ranking in sales.
As one of Europe’s leading manufacturing sectors, the chemical sector competes on a global stage and requires constant investment and innovation to remain competitive. Although the value of the EU’s chemical production has consistently risen, its market share has decreased as other markets, notably the developing world, step up their own domestic chemical production.