The business outlook is more stable, with all companies in the sector confronting the after-effects of the pandemic and Russia’s escalation of its war in Ukraine in 2022. Within the European sector and the generalised pressure on credit metrics, we do not foresee significant changes in market shares. Companies with geographically diversified production will benefit from being relatively less exposed to Europe’s high energy prices than purely Europe-based rivals. Cost cutting will drive a likely only modest improvement in profitability this year compared with 2023.