China chemical industry is expected to see a CAGR of 3.3% during the period. China is the key supplier of different chemicals used in the formation of finished products such as plastic, fertilizers, and medicines and for other intermediate products used in countless industries. The outbreak of the COVID-19 has made the Chinese chemical industry under strain owing to the increased infection rate, city shutdowns, and transportation ceases across the nation. Besides, the weakening demand from the end-users due to the economic slowdown is among the key factors that are hindering the efforts of chemical manufacturers to get back to full speed in the country. To avoid supply chain disruptions, China is opting for the online distribution channels.
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China chemical industry is segmented into petrochemicals, basic inorganic, polymers, specialty chemicals, consumer chemicals, and others. Based on the segmentation, the petrochemical industry is expected to see a considerable downfall in 2020, due to the COVID-19 pandemic. On the other hand, the consumer chemical industry is least impacted by the substantial demand for soap and detergents even during the pandemic. Therefore, the consumer chemical industry is expected to see the least impact, with a downfall of around 1.5% in 2020, due to the outbreak. Consumer chemical essentially includes cosmetics, vitamins, and health supplements, soaps, detergents, and household chemicals, perfumes, and flavors. The demand for consumer chemicals has increased significantly during the COVID-19 pandemic and to ensure the proper supply of the products related to consumer chemical government is taking essential steps.
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The major chemical companies in the region include ABA Chemicals, China National Petroleum Corp., Jiaxing Zhonghua Chemical Co., Ltd., Sinopec Corp., Wanda Holdings Group Co., Ltd., and Yuntianhua Group Co.Ltd. The outbreak has had a severe impact on Asia’s top refiner China Petroleum Chemical Corp, which announced in March 2020, that the company expects its full-year 2020 refining runs will be lower than in 2019 due to a contraction in Chinese fuel demand caused by the COVID-19 outbreak. The fall in demand will last for the first half of this year and lead to lower full-year demand; however, refined oil consumption is expected to return to normal in the third and fourth quarters. Due to the impact of the first and second quarters, the expectation of full-year consumption of oil products will be negative growth.
Verticals Affected Most
- Petrochemicals
- Basic Inorganic
- Polymers
- Specialty Chemicals
- Consumer Chemicals
- Others (Auxiliariesfor Industry)
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