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.

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.

Some of the companies operating in the North American chemical market and get prominently affected by 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 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, Dow Chemical Co. has moved its plants for producing more than 200 tons of sanitizer per week. Besides, the company does not face any regulatory issues.

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on the North American 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 North American 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 North American chemical industry.
• Insights about market determinants which are stimulating the North American chemical industry.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.