EU27 chemical output falls 5% YoY in March 2026, remaining 17% below pre-crisis levels
Key takeaway
The EU27 chemical industry continued its contraction in March 2026, with output declining 5.0% year-on-year to an index of 79.9 (2021=100), marking the sector's persistent underperformance against total manufacturing, which fell only 1.6%. Over the first three months of 2026, chemical output averaged 79.3, down 1.5% from 2025, while remaining 17.4% below pre-crisis levels (2014-2019 average). Producer prices edged down 0.3% to 120.1, though this decline reflects an anomalous March 2025 base when prices spiked 2.0 standard deviations above trend. Country performance remained fragmented, with Spain leading growth at 6.1% while Italy posted the steepest decline at 8.7%. Sales data through February showed a sharper 5.6% contraction, with the Netherlands experiencing the most severe drop at 16.1%.
EU27 chemical output falls 5% YoY in March 2026, remaining 17% below pre-crisis levels
Sector context
EU27 chemical output declined by 5.0% in March 2026 compared to March 2025, with the production index reaching 79.9 (2021=100). The sector remains 17.4% below pre-crisis levels (2014-2019 average). In the first three months of 2026, chemical output averaged 79.3, down 1.5% compared to the same period in 2025.
EU27 chemical producer prices stood at 120.1 (index 2021=100) in March 2026, down 0.3% compared to March 2025. In the first three months of 2026, chemical prices averaged 118.0, unchanged from the same period in 2025.
EU27 chemical sales declined by 5.6% in February 2026 compared to February 2025, with the index reaching 92.1 (2021=100). The sector underperformed total manufacturing, which fell by 2.0% over the same period.
Country output, YoY
Demand issue or price issue: where each EU27 chemical major sits in February 2026
The four-quadrant view pairs the year-on-year producer price change (horizontal) with the year-on-year production volume change (vertical) for the seven top EU27 chemical producers. Countries in the upper-right quadrant combine rising prices with rising volumes, a synchronised expansion. Lower-left points combine falling prices and falling volumes, a synchronised contraction. The off-diagonal quadrants distinguish demand-side from supply-side stress.
Most EU27 majors cluster in the lower-left in February 2026, with both prices and volumes declining. The exception is France, the only country pairing a modest volume gain with a small price decline. The dispersion on the price axis is wider than on the volume axis, indicating that price softness is broader than the volume retreat across the panel.
Source: Cefic analysis based on Eurostat sts_inppd_m (I21, NSA) and sts_inpr_m (I21, SCA), February 2026 vs February 2025 (2026)
Drill-down, March 2026
Partner drill-down data unavailable for this edition.