The chemical industry is feeling the effects of the COVID-19 pandemic. Because of the self-quarantined workforce, there is a rising incapacity in the production and manufacturing processes, causing a severe disruption in the supply chain across the sector. This pandemic's restrictions are impeding the manufacture of basics such as life-saving medications.
Because of the nature of operation in chemical plants, which cannot be readily halted and restarted, the operational constraints in these facilities are a critical worry for industry executives. Shipments from China have been restricted and delayed, causing raw material prices to rise, harming the core of the chemicals business.
The global sodium metal market is projected to reach around US$ 400.3 million by the end of 2027, in terms of revenue, growing at CAGR of 4% during the forecast period (2019-2027).
The chemical industry's expansion is being hampered by sluggish demand from many afflicted industries such as automobiles. In light of the current crisis, market leaders are focusing on becoming self-sufficient, which is predicted to boost the long-term economic growth of various economies. Companies are initiating initiatives to restructure and recover from the COVID-19 pandemic's losses.
The low demand for sodium metal is linked to the dangers of the highly reactive sodium element. Handling and storage issues with sodium metal will continue to have a detrimental impact on market growth. Furthermore, due to the limited availability of sodium metal due to fewer participants, substitutes, such as magnesium, have been introduced and used in industrial applications.
Key players operating in global sodium metal market are Inner Mongolia LanTai Industrial Co., Ltd, Wanji Holdings Group Limited Ltd, MSSA S.A.S., Shandong Moris Tech Co., Ltd., and American Elements.
No comments:
Post a Comment