Japan chemical industry is expected to see a CAGR of 0.3% during the period. Japan is one of the developed economies, contributing significantly to the global chemical market. According to the Japan Chemical Industry Association (JCIA), the chemical industry is the second largest manufacturing industry followed by the automotive industry. The plastic and rubber products made over 14.0% of all output value in the Japanese manufacturing industry. With the COVID-19 outbreak, the country is experiencing a major challenge of recession. The ongoing recession in the country has affected the whole production capability of the country along with the slowdown in the global demand, and concerns related to the availability of raw material. Also, with the travel restrictions, the raw material is not reaching the production facilities.
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Japan 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 Kaneka Corp., Mitsubishi Chemical Corp., Sekisui Chemical Co., Ltd., Sumitomo Chemical Co., Ltd., and Kao 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. In February 2020, the company announced the acquisition of two Swiss engineering plastics recyclers, Minger Kunststofftechnik AG and Minger Plastic AG (collectively, the Minger Group), through its group company Mitsubishi Chemical Advanced Materials to establish an integrated business model for engineering plastics, from manufacturing to sales, machining, collection, and reuse. The acquisition is expected to be completed by the end of February this year.
Verticals Affected Most
- Petrochemicals
- Basic Inorganic
- Polymers
- Specialty Chemicals
- Consumer Chemicals
- Others (Auxiliariesfor Industry)
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