ID: MRFR/E&P/5506-CR | November 2019 | Region: Global | 155 pages
Impact of COVID-19 on the Global Industrial Filtration Market
The COVID-19 outbreak, which started in China, has had a major impact on the global economy in several ways. The outbreak has impacted the global economy in several ways, including industries such as oil & gas, manufacturing, energy, chemicals, and pharmaceuticals. This pandemic has not only caused disruptions in the supply chains of the industrial sector, but it also influenced the purchasing decisions and spending behavior of the end users. Moreover, the industrial sector has been severely affected as most countries worldwide have imposed lockdown restrictions, which have not only impacted the import & export of goods & services but has also declined the sales of products in the domestic market. Moreover, the various process involved in industries such as manufacturing and processing requires on-site workforce for carrying out such operations, which cannot be done remotely. The lockdown and travel restrictions condition has led to the downfall in the production of goods, materials, or substances, which eventually leads to a crash in the profit margins of the companies in the upcoming quarters.
FIGURE: PETROLEUM CONSUMPTION BY THE OECD COUNTRIES, JUNE 2019-APRIL 2020
However, countries such as the US, India, and China have invested significantly in the growth of the manufacturing and process industries, owing to the rapid industrialization and urbanization to meet the growing demand for goods & services. For instance, in India, as per the Federation of Indian Chambers of Commerce and Industry report 2018, the chemical industry is expected to reach USD 304 billion by 2025. According to the Global Power Generation Outlook II report, published by the United Nations Environment Programme, China is projected to account for approximately 50% of the world’s chemical sales by 2030. However, the crisis caused by the COVID-19 pandemic has considerably disrupted this momentum. Additionally, as the pandemic is tearing apart the industrial sector, day-by-day, the global players in the market are trying to focus on the development of preventive measures and new business models to address the situation in the global market.
Source: Primary Experts, Secondary Sources, and MRFR Analysis
Source: U.S. Energy Information Administration