As per the World Chemical Outlook, 2019 Report, the world chemical sales were valued at around USD 3,730 billion in 2018. The chemical industry is an integral part of the global economic landscape. Thus, growth and developments in the chemical industry are essential to meet the various targets set by the United Nations Sustainable Developmental Goals (SDGs).
The global market is witnessing a significant upsurge in the FDI and government investments in the chemical and petrochemical industry. In addition to this, several governments across the globe have introduced favorable policies in terms of aid and subsidies for boosting industrial growth.
As per data provided by Oxford Economics, the total contribution of the chemical industry to the global GDP was valued at around USD 5.7 trillion in 2018, and the total global amount spent on R&D activities accounted for USD 51 billion. This highlights the immense potential of the chemical industry in the years to come. Rheological additives are used extensively in the chemical industry to enhance the properties of the chemical, increase its shelf life, give the fluid desirable flow properties, and prevent sedimentation of pigments within the chemical formulation.
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Rheological Additives Market?
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Impact of COVID-19
The pandemic has put several restraints on the global economy and brought international trade to a standstill. International borders have been sealed, and various economies have announced nationwide curfews and lockdowns. These scenarios have led to large scale migration of laborers. The human workforce is among the critical components of the industrial and construction sectors. Thus, the lack of a skilled workforce and lockdowns have brought manufacturing activities to a halt.
Key industry players are adopting strategies such as vertical integration to gain control of the supply chain and attain a deeper understanding of the domestic markets. Apart from this, plummeting demand for the construction industry and volatility in the oil and gas hampers market growth.
Rheological Additives Market: Segmentation
Central and South America and the Caribbean
The Middle East
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now