ID: MRFR/CR/2545-HCR | February 2021 | Region: Global | 90 pages
Impact of COVID-19 Outbreak On the Global Nail Polish Remover Market
The global nail polish remover market is expected to witness a negative impact on its growth due to the worldwide spread of COVID-19. The advent of the global pandemic, COVID-19, has resulted in creating a global crisis across the world. Impacting over 205 countries, the pandemic has already created a global economic backdrop. The global market is expected to witness hurdles in its growth owing to the restrictions imposed on trade, operations of production facilities at reduced capacity, nationwide lockdowns, and closure of international borders. Several countries have limited or completely restricted their export-import trade of chemicals such as acetone, resulting in a declining supply of raw materials to produce nail polish removers. Additionally, disruptions in the value chain and supply chain of nail polish remover are also contributing to the widening supply-demand gap across the globe.
According to MRFR analysis, the growth of the nail polish remover market is projected to be sluggish during the entire year. The consumers are opting for essential products during the lockdown period. However, nail polish removers do not fall under the essential product bracket. Nail polish removers come in a wide price range. The demand for economically priced nail polish remover is anticipated to enhance across the globe due to the extended lockdown in several countries. On the other hand, the per capita disposable income of the consumers has reduced drastically over the last couple of months due to the extended lockdown, which is expected to act as a major driver in the growth of economically priced nail polish remover in a majority of COVID-19 infected countries. Acetone is one of the major raw materials used to produce nail polish removers. Acetone is a petrochemical derived from petroleum. The price of this raw material has been fluctuating due to variances in the price of crude oil, which is anticipated to act as a major challenge to the manufacturers of nail polish removers.
Moreover, supply chain disruptions owing to the strict restrictions on travel in various countries and the availability of adequate labor to manufacture nail polish remover are some of the other key issues that are crippling the growth of the nail polish remover market. The migration of laborers to their hometowns due to the limited availability of work is one such common issue that every country is facing during the pandemic situation.