Polymer Fillers Market Research Report Forecast - Till 2030

Polymer Fillers Market Research Report Forecast - Till 2030

ID: MRFR/CnM/1029-HCR | February 2023 | Region: Global | 140 pages

impact of COVID-19 on the Global POLYMER FILLERS market

The COVID-19 pandemic is expected to have a severe short-term impact on the global polymer fillers market. The automotive industry, being the major end-use industry for polymer fillers, is expected to be the worst hit during the pandemic. Coronavirus containment measures have introduced major restrictions on travel and mobility around the world. The impact on the transportation sector has been immediate, and the effect on the automotive industry is far-reaching. The automotive sector is a significant source of polymer demand, and a key source of growth for the next two decades. Automotive trends, such as the light-weighting of vehicles to achieve better fuel efficiency, are driving increases in the use of plastic. So, it is a serious concern for the chemicals industry as well as for the polymer filler producers, when the automotive sector goes into a downturn. The coronavirus has hit the sector fast and hard, driven by halts in both production and demand. Strict interventions to restrict the spread of the virus have led to shuttered OEM factories and vehicle showrooms across the world.

Considering the production side, China produced 49% fewer cars in March 2020 as compared to in the same month in 2019. In Europe, major OEM’s have opted for factory shutdowns from late March have stopped the production of more than 2 million units – equivalent to more than 14% of cars produced in the same facilities in 2019. Moreover, in the first month of lockdown, car sales have declined by around 70–90% in countries such as China, Italy, and France.

The packaging industry is one of the other key end-users of polymer fillers. With major industry sectors having stopped production, the governments have allowed manufacturing operations and delivery of essential commodities like food and medicines to continue. The food packaging sector is the packaging industry’s largest area of activity and is on the front lines in this pandemic, with people preferring for packaged and home-delivered foods. However, the coronavirus crisis has already led to some of the sharpest declines in demand for industrial and some B2B-transport packaging, while robust growth for e-commerce shipments for pharmaceuticals, FMCG, food products.

The Chinese market being the largest consumer for polymer fillers, is reopening and is expected to catchup with regular operations in the next two quarters.