波士顿咨询：2023年化学品价值创造：面临空前压力（英文版）（21页）.pdf

1、 2023 Boston Consulting Group1The five-year period ending on December 31,2022,was sobering for the global chemical industry.Theindustrys overall worldwide average total shareholder return(TSR)was 7%from 2018 through 2022.For the previous five-year period,the TSR had been 12%.The 20182022 figure repr

2、esents the chemicalindustrys worst five-year shareholder performance the since 20082013.Moreover,nearly all of thedecline took place from June 2021 to December 2022.Facing Unprecedented PressuresValue Creation in Chemicals 2023OCTOBER 31,2023 By Andreas Gocke,Adam Rothman,Frederik Flock,Hubert Schnb

3、erger,Amit Gandhi,and Jingshi HuREADING TIME:15 MIN 2023 Boston Consulting Group2Investors are still trying to figure out whether the TSR decline is a temporary shock or a new normal forthe chemical industry and what it will take for shareholder value to bounce back.Yet experience tells usthat the i

4、ndustry is highly resilient,and already it seems to be adapting to the strong headwinds it isfacing.Among the recent challenges are the war in Ukraine and its ancillary shortages,inflation and risinginterest rates,energy price volatility and higher costs,sudden decreases in demand,and increasingregu

5、latory pressure around sustainability,particularly in Europe.The industry is largely committed toreducing carbon emissionsan expensive but necessary transition.In addition,the distance betweenthe companies with the highest TSR and those with the lowest TSR narrowed,a sign that structuralfactors are

6、affecting many companies,regardless of their strategic position or managerial andtechnological excellence.The chemical industry was not alone in facing adverse conditions.Indeed,it outperformed the averageTSR for all industries,which dropped in 2022 from 12%to 5%.That is not much consolation,however