Chinese chemical industry has gone under high strain with the outbreak of COVID-19. China is presumed to be the epic center of the virus. By 27th March 2020, China has registered more than 81,000 cases related to COVID-19 in the country. The high infection rate, city shutdowns, and transportation halts across the nation had made a negative impact on the chemical industry of the country. In addition, China is a major player operating in the chemical industry across the globe. The chemical industry is the fifth-largest industry in the country in 2018, accounting for 3.5% of the nation’s output in 2018 that is around $1.5 trillion. According to the International Council of Chemical Associations (ICCA), the country is the eighth largest chemical importing nation and the twelfth largest chemical exporting nation across the globe. China is the main supplier of chemicals for various industries verticals such as plastic, fertilizers, automotive, medicines and so on for the formation of finished products used in countless industries.
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With the widespread of the coronavirus, many production facilities of several end-user industries including automobile have been halted. With this, the demand for chemicals used in these production facilities has been exhibiting a sharp decline. China accounts for about 70% of the total rubber chemical products across the globe and consumes about 33-35% of it. The rubber chemical is among the major components to produce auto tires and other auto parts including hoses, belts, and gaskets. With the halt in production facilities of several automobile manufacturers witnessed a steep fall in the demand of tire in, which in turn anticipated to impact the demand of rubber chemical. Based on chemical type, the chemical industry is segmented into petrochemical, basic inorganic, polymer, specialty chemical, consumer chemical, and others.
To combat this situation chemical manufacturing firms in China are keeping their businesses running in the face of this epidemic. Many chemical plants that were closed in early January 2020 have been reopened at the latter end of February month. Most of the petrochemical plants operating in the southeast province of Zhejiang which is a major chemical industry hub in China had started their production facilities by February end. However, most chemical plants are running at a reduced capacity of around 40-70% owing to the understaffing, and lack of raw material. In addition, the weakening demand from the end-users due to the economic slowdown is among the key factors that are hindering the efforts of chemical manufacturers to get back to full speed in the country.
A Full Report of Impact on China Chemical Industry due to COVID-19s Available at https://www.omrglobal.com/industry-reports/impact-on-china-chemical-industry-due-to-covid-19-pandemic
Verticals Affected Most
• Petrochemical
• Basic Inorganic
• Polymer
• Specialty Chemical
• Consumer Chemical
• Others
Company Profiles
• ABA Chemicals Corp.
• BASF SE
• China National BlueStar (Group) Co, Ltd.
• Cathay Industrial Biotech Ltd.
• China Petroleum & Chemical Corp (Sinopec)
• Kingboard Holdings Ltd.
• PetroChina Co. Ltd.
• Saudi Basic Industries Corp. (SABIC)
• Wanhua Chemical Group Co., Ltd.
• Zhejiang NHU Co., Ltd.
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