New Year 2024 European market update from our Head of Sales
The high uncertainty that the European petrochemical industry has faced in recent years in many aspects will most likely continue into 2024. In Q4 2023, our team was focused and driven to bring back value to our customers by supporting downstream economic activity. With the insights and feedback from our key partners, we can confirm that we successfully identified a path that allows advantages to be distributed in the supply chain thereby ensuring sustainable value for our enterprises. Our sincere appreciation goes out to our customers for the energetic and value-driven negotiations we took on together in the last quarter. The results ensured that we are able to defend a positive value proposition to the industry, while providing our customers security, even in volatile times, to re-incentivize and restart the industry demand.
A warm thank you for taking this on together – a true form of collaboration, with a celebratory end to yet another extremely challenging year.
As we monitor all the current geopolitical uncertainties, we are well positioned as a company and are able to continue to bring value for our customers in economically challenging times. After Covid-19, supply chain disruptions, natural gas crisis and high inflation, we are convinced that our enterprises are well equipped with both tools and know-how to overcome yet another period of uncertainty. Röhm is on track to materialize our ambitious path to become the leading Methacrylates company based on strategical projects such as LiMA. We are excited to see the progress made at the site of the new LiMA plant in Bay City, Texas, planned to come on stream in second half of 2024. This 250 kt MMA plant based on C2 technology will primarily support the growth of our customers in North America and strengthen our global monomeric footprint.
Unforeseen supply chain interruptions have previously proven to have a substantial impact on the industry’s ability to perform. To minimize the impact of these challenges, the day-to-day activities of our sales and customer service team remain focused to serve you as a customer to our best ability to mitigate short-term impacts to our supply chains. We continue to intensively monitor the global markets and carefully observe and analyze both up- and downstream fundamentals. This supports our work as a team with the ability to plan and support plan adherence in order to have these as key metrics in 2024. We are looking forward to work with you during this exciting year 2024.