The European chemical industry is expected to see a CAGR of 1.8% during the period. The chemical industry of Europe is among the largest manufacturing sectors; it is the second-largest producer of chemicals across the globe. In 2018, the European Union (EU) chemical industry represented nearly 7.5% of the EU manufacturing in terms of turnover. The chemical industries in the EU are energy-intensive and have been facing tough competition from other regions. However, Europe has been affected the most from the outbreak of COVID-19 as compared to other economies. The EU agricultural sector is significantly affected by the supply chain, labor shortage due to the partial or complete lockdown to contain the COVID-19 pandemic. This, in turn, is expected to create a major problem availability of biomass in adequate quantity to produce bio-based chemicals in the region. As a result, the production of sustainable chemicals in Europe will be severely affected by COVID-19 pandemic.
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European 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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COVID-19 outbreak has severely impacted the European countries including Spain, Italy, Germany, France, UK, Turkey, and Switzerland. Germany is the largest contributor to the region. The significant presence of major automobile companies and the rising packaging industry are some crucial factors contributing to the adoption of chemicals in the country. The major automobile companies operating in the country include Audi AG, BMW AG, Daimler AG, and Volkswagen. Moreover, the growing plastic packaging production is further contributing to the adoption of chemicals in the country.
Some of the companies operating in the European chemical market and get prominently affected by this outbreak include BASF SE, Croda International PLC, INEOS Group, Johnson Matthey (JM), and LyondellBasell Industries N.V. The companies are shifting to contribute an increase in the production of the hand sanitizers and a surface disinfectant, as various active substances such as alcohol are short in supply. For instance, on April 10, 2020, INEOS Group delivered hand sanitizers to NHS hospitals as part of its efforts to help Britain contain the coronavirus outbreak. Further, on April 8, 2020, the company announced to build its fourth sanitizer plant, in Etain, northeast France, to help meet a European shortage.
Verticals Affected Most
- Petrochemicals
- Basic Inorganic
- Polymers
- Specialty Chemicals
- Consumer Chemicals
- Others (Auxiliaries for Industry)
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