Europe's petrochemicals industry is crumbling due to plant closures and financial losses, and the European Commission promises support for domestic production.

The European petrochemicals industry is facing a severe crisis, characterized by plant closures and financial losses, amid a rapid expansion of global capacity, especially from China. European producers are becoming increasingly dependent on imports of primary chemicals such as ethylene and propylene. The European Commission has promised support to modernize plants and prioritize goods made in Europe, but the measures may not be enough. Cracker closures and job losses threaten the industry's future as competition from North America and Asia grows fiercer.