The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Persistence Market Research presents another comprehensive and detailed report titled ‘Industrial Greases Market: Global Industry Analysis and Forecast 2017-2021.’ This report tracks the global market for industrial greases for the period 2017-2021 and presents the various market dynamics in the form of drivers, restraints, opportunities and trends that are impacting the growth of global industrial greases market. This market is tracked both by value and volume. As per the forecast, the global industrial greases market was valued at US$ 1,537.7 Mn in 2017 and is projected to reach a valuation of US$ 1,905.9 Mn in the year 2021, registering a CAGR of 5.5% during the period of assessment 2017-2021.
Global Industrial Greases Market: Market Dynamics
The global industrial greases market is being influenced by several factors especially in the realm of the manufacturing sector. Firstly, there is a reduced off-shoring of manufacturing activities to low cost markets due to various economic and political reasons. In addition, manufacturers across the Asia Pacific region are striving to make their manufacturing processes more modern and efficient in order to take them to a position where they can compete effectively with the competition from the developed western world. Also, manufacturers in all the parts of the world are concentrating on improving energy efficiency, reducing emissions and becoming more environment friendly by adopting sustainable processes of manufacturing. All these factors will greatly influence the global industrial greases market.
Global Industrial Greases Market: Segmentation and Forecast
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Some of the market players featured in this report include:
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