Production volumes for Finnish chemical manufacturers are the lowest the industry has seen since the financial crisis of 2008 as the industry tries to combat high energy prices, according to an article in The Helsinki Times.
Nearly half of the companies responding to a Chemical Industry Federation of Finland survey plan to reduce their energy consumption in 2023, the article noted.
Among survey respondents, 62% had already taken measures to cut energy use, including steps to boost operational efficiencies and temporarily reducing production.
The order backlog for Finnish chemical companies is about two months - the lowest since 2015, the Helsinki Times noted. Survey respondents indicated that they expect production volumes to fall further in 2023.
Finland is the latest chemical market in the EU to report negative impact from high energy prices. Output fell 10% for Germany’s chemical sector in 2022 and 15.5% for the petrochemicals industry amid high energy prices and ongoing supply chain issues.
To read the full Helsinki Times article, click here.