Asia-Pacific chemical industry will see a considerable growth of 3.0% 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. China is the key supplier of different chemicals used in the formation of finished products such as plastic, fertilizers, and medicines and for other intermediate products used in countless industries. 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. At present, China seemed to have largely controlled domestic transmission and the government has lifted the national lockdown, owing to which, China’s chemical sector is eager to resume its production.
Chemical manufacturing firms in China are keeping their businesses running in the phase of this epidemic. Many chemical plants that were closed in early January 2020 have resumed their operation at the end of February 2020. According to the CPCIA, nearly 86% of the Chinese plants have reopened. 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 at the end of February 2020. Also, to offset the economic downturn, the Chinese government has launched massive construction schemes. As per CPCIA, China has proposed to invest around $3.5 trillion in the development of industrial infrastructure. This includes 16 refinery and petrochemical projects in Hebei, Shandong, Fujian, Gaungxi, and Guangdong provinces, each costing billions of dollars.
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Asia-Pacific Chemical Market – Segmentation
By Type
- Petrochemicals
- Basic Inorganic
- Polymers
- Specialty Chemicals
- Consumer Chemicals
- Others (Auxiliaries for Industry)
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