Asia-Pacific chemical industry is expected to see a CAGR of 3.0% during the period. Asia-Pacific chemical industry is anticipated to get highly affected by the spread of the COVID-19. China has been hit hard by the spread of the virus as the country is the epicenter of the COVID-19. Japan, South Korea, India, and Australia are some of the key economies in Asia-Pacific that are also under threat of COVID-19 outbreak and so is their chemical industry. China is the core center of the chemical industry’s supply chain, with the presence of organizations including Sinopec, BASE SF, ABA Chemicals that have massive factories in the country. Amid this pandemic outbreak, the chemical manufacturers in China are experiencing a disruption in their production operation. As per the International Council of Chemical Associations (ICCA), China is the eighth largest chemical importing nation and the twelfth largest chemical exporting nation across the globe. Most of the Chinese factories were shut down due to the coronavirus pandemic. As a result, there is a high disruption in the supply chain process of chemicals globally.
A full report of Asia-Pacific Chemical Market is available at: https://www.omrglobal.com/industry-reports/asia-pacific-chemical-market
Asia-Pacific 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 economies that are contributing to the growth of the Asia-Pacific chemical industry include China, India, and Japan. In Asia, China is the largest chemical producer across the globe, contributing nearly 34.0% of global chemical sales in 2018, as per OMR Analysis. With the COVID-19 pandemic rampaging across the globe, China – is the epicenter of the epidemic – has been hit a hard brake on its economy. The widespread of COVID-19 pandemic has forced the Chinese government to put a month-long national lockdown, prompting the chemical industries of the country to halt their productions at the outset of 2020.
Some of the companies operating in the Asia-Pacific chemical market and get prominently affected by this outbreak include LG Chem Ltd., Mitsubishi Chemical Corp., Reliance Industries Ltd., Sinopec Corp., and Kaneka Corp. The Mitsubishi Group has temporarily suspended production at the various production lines at Japan plant considering global market decline due to the global expansion of the COVID-19 pandemic. However, there is no such major impact is observed on Mitsubishi Chemical Corp. due to considerable demand for hygiene and personal care products.
Verticals Affected Most
- Petrochemicals
- Basic Inorganic
- Polymers
- Specialty Chemicals
- Consumer Chemicals
- Others (Auxiliariesfor Industry)
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