Pune, India, April 2020, MRFR Press Release/- Market Research Future has published an impact of the COVID-19 Research Report on the Global COVID-19 Outbreak Impact on the Chemicals & Materials Market.
According to MRFR analysis, the impact of the COVID-19 outbreak on the chemicals & materials industry is expected to be felt for at least six months of the current year, 2020.
The significant challenges of the financial crisis, such as operational losses and lay-offs, have slowed down the growth of the chemical & materials industry. Currently, the demand for protective clothing and equipment is continuously increasing in the healthcare industry. Additionally, disinfectant chemicals are also highly in demand as they help fight against the virus.
More than 60% of the chemical manufacturers are affected across the globe. Evonik Industries, BASF SE, The Eastman Chemical Company, Lanxess, Huntsman Chemical, Covestro, LG Chem, Dow Chemicals Company, Jiangsu Sanmu Group, Zhejiang Weitai Rubber Company, and Reliance Industries are some of the major players operating in the chemicals & materials industry.
Current and Post Impact analysis
Chemicals manufacturers are facing a tough time operating in the current situation. Some of the companies are temporarily shut down while most are still struggling to continue their operations. Many chemical companies are witnessing a sharp growth in the demand for disinfectant chemicals, due to which they are planning to increase the capacity and supply across the global market. The demand for protective fabrics is rising among protective clothing manufacturers to meet the needs of doctors, cops, labors, and patients, among others.
MRFR estimates that the COVID-19 pandemic will significantly impact manufacturing industries such as steel, chemicals, agrochemical, textile, paper, and automobile across the globe for the next six months.
- Basic Chemicals- The basic chemicals segment includes several organic and inorganic basic chemicals, such as iodine, sodium bicarbonate, and ethylene carbonate, among others.
- Specialty Chemicals- The specialty chemicals segment includes petrochemical, paints & coatings, chloroprene rubber, oilfield chemicals, carbon black, lubricants, and others.
- Polymers & Plastics- This segment includes several different types of plastics, which have found several applications in this epidemic situation. The polymers & plastics segment covers several plastics, includes polyurethane, automotive plastics, decorative high-pressure laminates, antimicrobial additives, and others.
- Material & Advanced Materials- Advanced materials in the form of fabrics and clothing play an essential role in protecting an individual from contracting the virus. This segment covers textile fabrics, building insulation material, and EMI & RFI shielding materials, among others.
- Renewable Chemicals- The world of renewable resources has also been affected by COVID-19 pandemic, which has resulted in a change in market demand. It includes bio-based chemicals and others.
- Metals & Alloys- The COVID-19 outbreak has affected the growth of the metal industry due to a slowdown of trade across the world. The metals & alloys segment covers aluminum, steel, cobalt, and superalloys, among others.
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- Europe: The key economies of Europe, namely, Italy, Germany, France, Spain, and the UK, combinedly account for more than 14% of the global GDP. The shortage of protective masks in Italy has resulted in high demand for overseas trade of protective fabrics and clothing.
- North America: Currently, the US has become an epicenter of COVID-19. However, the chemical industry in the country is still active, owing to the sharp growth of demand for disinfectants and antimicrobial plastics for packaging.
- Asia-Pacific: The most populated and developing countries fall under this region. The early stages of COVID-19 originated from China, which has faced a loss of lives and business. Countries such as India, South Korea, and Indonesia are still in the same condition and have not witnessed any improvement. The demand for most of the regular chemicals has declined. In contrast, the demand for disinfectant chemicals and protective fabrics have accounted for sharp growth during this period.
- Middle East & Africa and Latin America: The economies of Brazil and Mexico have been negatively affected due to the pandemic. The UAE and other countries in the Middle East have witnessed a limited impact of COVID-19 on daily lives but has had a considerable impact on the chemical & petrochemical industry as compared to other nations. SABIC (Saudi Arabia) is expected to witness a slowdown in petrochemical demand due to the outbreak of COVID-19.