Why is the European phenol-acetone industry shutting down capacity, and how does it affect global acetone supply?

Why is the European phenol-acetone industry shutting down capacity, and how does it affect global acetone supply?
Europe is undergoing a wave of permanent plant closures driven by high energy costs, weak downstream demand, and stringent regulations. INEOS has permanently closed its Gladbeck phenol plant in Germany, removing 409,000 tons/year of acetone capacity, while BASF is shutting or divesting multiple lines at Ludwigshafen, including adipic acid and caprolactam units that share feedstock chains with phenol-acetone. TotalEnergies and Dow are also closing crackers in Belgium and Germany, tightening upstream propylene supply. These closures will structurally reduce European acetone availability, forcing regional buyers to rely more on imports from Asia and the Middle East. For China, this could tighten global trade flows and support export opportunities, though domestic oversupply remains the dominant price driver in the near term.