How are European phenol plant closures reshaping global supply and pricing?

How are European phenol plant closures reshaping global supply and pricing?
European phenol capacity is shrinking fast. INEOS permanently closed its 650 kt/yr phenol and 409 kt/yr acetone plant in Gladbeck, Germany, in 2025, and Westlake shut its Pernis bisphenol-A and liquid epoxy units, which consume phenol as feedstock. BASF is also exiting several downstream chains, including caprolactam and TDI, further reducing regional phenol demand. These closures reflect high European energy costs, weak downstream demand, and tough regulation. For China, this means less European competition in export markets and potentially tighter global phenol-acetone balances. Chinese producers may benefit from higher export opportunities, but they must also watch for acetone supply shifts, since phenol plants co-produce acetone at roughly 0.6 tons per ton of phenol.