North American chemical industry is expected to see a CAGR of 2.0% during the period (2019-2025). The North American region is dominated by the presence of the manufacturers of basic chemicals and fertilizers. As per the World Bank; North America’s GDP was $22.3 trillion in 2018. In the region, there has been an increase in domestic oil and natural gas production, due to the increased demand from the end-use market, which positively impacted the growth of the chemical sector in the region pre-COVID-19. The widespread of the coronavirus has hardly hit the North American region. Due to this, a large number of industries have been impacted. Due to this, several businesses have registered negative growth during the forecast times accrediting to the shutdowns of the manufacturing plants and supply chain disruptions.
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North American 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.
COVID-19 outbreak has severely impacted the North American countries including the US and Canada. The US contributes majorly to the North American chemical industry. In 2019, the US was the largest player in the chemical industry. Improving business investment combined with strong consumer spending aided GDP growth. Owing to the chemical industry being a source of strength as its customer industries and emerging markets improve; the effects of enhanced feedstock competitiveness bolster the growth.
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Verticals Affected Most
· Petrochemicals
· Basic Inorganic
· Polymers
· Specialty Chemicals
· Consumer Chemicals
· Others (Auxiliaries for Industry)
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
