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.
Market Overview and Insights
Scope of the Report
Analyst Insight & Current Market Trends
· Key Findings
Government Support for the North American Chemical Industry
Supply & Demand Analysis
· Historical Market Growth Estimation in North American Chemical Industry Excluding COVID-19 Pandemic Effect
· Deviations in the North American Chemical Industry Growth Rate Due to COVID-19 Pandemic
Verticals Affected Most
· Basic Inorganic
· Specialty Chemicals
· Consumer Chemicals
· Others(Auxiliaries for Industry)
Impact of COVID-19 on major economies
· United States
· Air Products and Chemicals, Inc.
· Chevron Phillips Chemical Company LLC
· DuPont De Nemours, Inc.
· Eastman Chemical Co.
· ExxonMobil Chemical Co., Inc.
· Huntsman Corp.
· The Dow Chemical Co.
· The Lubrizol Corp.
· The Mosaic Co.
· Westlake Chemical
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