“We faced low demand from our key customer industries, except for automotive,” said Dr Martin Brudermüller, chairman.
Sales in the company’s Chemicals business decreased by 38.4% compared to €2.7 bn, while Q2 2023 sales in Materials were €3.6 bn, 25.8% lower than in Q2 2022.
Sales in the company’s Industrial Solutions segment declined by 22.5% compared with the prior-year quarter and amounted to €2.1 bn, BASF said.
“We do not expect a further weakening in demand at the global level for the second half of 2023, as the inventories of chemical raw materials in most customer industries have already been greatly reduced,” Brudermüller added. “However, we are assuming only a tentative recovery because we expect that global demand for consumer goods will grow slower than previously assumed. Margins are therefore expected to remain under pressure.”