Market Flash

On February 10, Sumitomo Chemical announced its acquisition of the liquid crystal polymer (LCP) resin business from Belgium's Syensqo SA/NV.

The European Chemical Industry Council (Cefic) recently released a report indicating that the European chemical sector is experiencing a severe oversupply situation, with 11 million tons of chemical production capacity scheduled for closure.

European Union's climate policy chief announced a potential exemption for 80% of companies covered by the upcoming Carbon Border Adjustment Mechanism (CBAM).

U.S. President Donald Trump announced plans to implement reciprocal tariffs next week, affecting all countries.

This winter has felt exceptionally long for the pharmaceutical industry. Since the summer of 2021, few anticipated that the downturn would extend beyond three and a half years, leading even the most patient investors to the brink of despair.

The pharmaceutical industry is experiencing a significant wave of layoffs, with reports indicating that the number of job cuts at major companies has soared to 42 rounds in 2024, reflecting an astonishing 282% increase.

Florida is on track to potentially ban several chemical additives in food products by 2028, following a new bill introduced by Sen. Jonathan Martin (R-Fort Myers) on Monday.

Sika has acquired Elmich Pte Ltd, a leading urban greening systems supplier headquartered in Singapore.

• Sika
• Elmich

As one of the countermeasures to the US government's 10% tariff on all Chinese products, China's decision to impose tariffs on some US products took effect on February 10.

• tariff
• China
• USA

Trump on February 10 canceled exceptions and exemptions to the 2018 steel tariffs, meaning all steel imports will be subject to at least a 25% tariff. Trump also raised the 2018 aluminum tariff from 10% to 25%.

• steel
• aluminum
• tariff

L'Oréal's fourth-quarter sales grew 2.5%, the slowest growth since 2020, lower than analysts' expectations of 4.4%.

• L'Oréal

PQ, a manufacturer of silica, silicates and derivatives, and ADDITIVA Produtos Químicos, a Brazilian distributor of industrial chemicals, have announced a strategic partnership that begins on February 1, 2025.

• PQ
• ADDITIVA Produtos Químicos
• silica
• silicates

Orion SA, a global specialty chemicals company, announced today that it has signed a long-term supply agreement with Contec SA to provide Orion tire pyrolysis oil to produce recycled carbon black for tire and rubber product customers.

• Orion
• Contec

Honeywell announced that its Board of Directors has completed a comprehensive portfolio review initiated by Chairman and CEO Vimal Kapur a year ago and intends to fully separate the Automation and Aerospace Technologies business.

• Honeywell
• Automation
• Aerospace

thyssenkrupp Uhde, a large-scale chemical technology solutions provider, has teamed up with its partner and enzyme technology pioneer Novonesis to announce the launch of a joint product: Uhde Enzymatic Esterification.

• thyssenkrupp Uhde
• Novonesis

The Mipa Group is expanding its sales network in Austria and will take over the business of Wildschek Lacke & Farben GmbH, headquartered in Münchendorf near Vienna, from February 1, 2025.

• The Mipa Group
• Austria
• Wildschek Lacke

On February 6, AstraZeneca announced it has received a notification from Chinese authorities regarding $900,000 in unpaid import taxes related to two of its cancer medications.

Honeywell has released its financial results for the fourth quarter and the full year of 2024, achieving metrics that either met or exceeded the company's updated annual guidance.

ADNOC Gas plc has announced a record-breaking $5 billion net income for the fiscal year 2024, setting a new milestone for the company. Additionally, the quarterly revenue reached $1.38 billion, surpassing expectations laid out by Bloomberg.

As of February 5, 2025, the U.S. Customs and Border Protection (CBP) has released detailed guidelines regarding the 10% tariff on goods imported from China and Hong Kong.