US chemical industry is expected to see a CAGR of 2.0% during the period. The US region is dominated by the 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. Despite, the manufacturing sector declined due to the trade war, there has been an increase in the chemical industry. This is due to the low-cost energy and feedstocks that assisted in supporting the chemical industry growth before the coronavirus pandemic.
A full report of US Chemical Market is available at: https://www.omrglobal.com/industry-reports/us-chemical-market
US 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 with the substantial demand for soap and detergents even during the pandemic. Therefore, the consumer chemical industry is expected to see a 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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Some of the companies operating in the US chemical market and get prominently affected with this outbreak include DuPont De Nemours, Inc., Eastman Chemical Co., ExxonMobil Chemical Co., Inc., The Dow Chemical Co., and Chevron Phillips Chemical Company LLC. The companies are shifting to contribute and increase in the production of the hand sanitizers and a surface disinfectant, as various active substances such as alcohol is short in supply. During this COVID-19 pandemic, DuPont De Nemours, Inc. is focused on delivering a solution that can help with the prevention and control of this pandemic. The company will not have a huge impact on its business and is expected to even show positive impact as the company is engaged in the supply of hygiene and medical products and technologies such as disinfectants, sanitizers, cleaners, plastics used in the production of disposable personal protective equipment for medical professionals, memory foams for hospital beds, and more. Further, in April 2020, the company partnered with Cummin to supply material for the N95 respiratory mask to address the shortage of N95 respirator masks in the US.
Verticals Affected Most
- Petrochemicals
- Basic Inorganic
- Polymers
- Specialty Chemicals
- Consumer Chemicals
- Others (Auxiliariesfor Industry)
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