China chemical industry will see a considerable growth of 3.3% during the forecast period. The outbreak of the COVID-19 has made the Chinese chemical industry under strain owing to the increased infection rate, city shutdowns, and transportation ceases across the nation. The rubber chemical is among the major components to produce auto tires and other auto parts including hoses, belts, and gaskets. With the cease in production facilities of several automobile manufacturers, there comes a steep fall in the demand of tire in automotive industries, which in turn is anticipated to impact the demand for rubber chemicals across the globe. As the cases increased in China in January, several chemical manufacturing plants such as ABA Chemicals were shut down due to the shortage of raw materials. The uncertainty imitates a similar condition that occurred in 2017 and 2018 when environmental pressures forced the Chinese manufacturers to shutdown numerous plants in China that resulted in short supply and high prices for specialty chemicals such as polymers.
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Production rates of the fertilizers fell to nearly 20-30% of the total capacity hurting the supply of phosphate fertilizer as well as on the demand for raw materials such as Sulphur and Sulphuric acid. Hubei province in China consumes nearly 25-30% of all sulphuric acid across China. The lockdown in Hubei province had severely impacted the delivery network for sulphuric acid leading to storage constraints for many smelters across the country. According to Rubber Asia, China consumes around 35.0% of the global rubber production, while its automobile industry accounts for around 70.0% of the total consumption of natural rubber in China. With the global widespread of the COVID-19, many production facilities of several end-user industries including automobiles have been halted across the globe.
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Key questions addressed by the report
- What is the market growth rate during the forecast period?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market during the forecast period?
- How COVID-19 will impact the market growth in 2020 and coming years?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
China Chemical Market – Segmentation
- Basic Inorganic
- Specialty Chemicals
- Consumer Chemicals
- Others (Auxiliaries for Industry)
- ABA Chemicals
- China National Petroleum Corp.
- Henan Energy and Chemical Industry Group Co.,Ltd.
- Jiangyin Chengxing Industrial Group Co.,Ltd.
- Jiaxing Zhonghua Chemical Co., Ltd.
- Lihuayi group co. Ltd.
- Shaanxi Yanchang Petroleum Group
- Sinopec Corp.
- Wanda Holdings Group Co., Ltd.
- Yuntianhua Group Co.Ltd
- Zhejiang Rongsheng Holding Group Co., Ltd.
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