Asia-Pacific chemical industry is expected to see a CAGR of 3.0% during the period (2019-2025). 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.

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.

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.

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on the Asia-Pacific chemical industry. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior, and macro-economic factors. The report includes an analysis of different regions and countries and the effect of COVID-19 on the chemical industry of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the Asia-Pacific chemical industry.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Asia-Pacific chemical industry.
• Insights about market determinants that are stimulating the Asia-Pacific chemical industry.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.