Impact of COVID-19 on the Plastic Antioxidants Market
Coronavirus has spread across the world despite precautionary measures advised by the experts and government. The official count of cases is eventually increasing in most of the country which effect daily run businesses to giant players across the world. Initially, China have faced huge impact of Covid-19 but is recovering the economy in Q2, whereas the US and Europe have gone through some major economy damage in Q1. Most of the countries are still fighting with huge loss of economy and is expected to recover the GDP by end of 2021.
The automotive sector drives the major demand for plastic antioxidant for ABS application, but the epidemic effect slow down automotive production and hence the short fall in demand from Jan-Feb, 2020. The unpredictable virus effect other industries also, include construction, aviation, electrical & electronics, chemical, and others. The supply-demand crunch abruptly stops the investments and trading in most of the economies.
To the positive side of epidemic, plastic antioxidants for manufacturing medical devices and food & pharmaceutical packaging has increase in demand and have high growth of opportunity to several industrialists. Polypropylene and Polyethylene are the major resin used with different antioxidants in developing the medical applications.
To face the Covid-19 challenges it is very important for the manufacturers, suppliers, distributors, partners, investors, consumers, and other stakeholders to come up with strategic initiatives and reimaging the business structure with a changing behaviour of customers. According to MRFR, the plastic antioxidant market has flat demand during the Covid-19 situation and expected to gain the market growth by the end of 2020.
