COVID-19 Impact on Ethylene Urea Market
- The COVID-19 outbreak is hampering the demand for ethylene urea in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for ethylene urea.
- Key players operating in the ethylene urea market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials.
- The COVID-19 outbreak has directly affected the production and demand for ethylene urea. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
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Key Drivers of Ethylene Urea Market
- Demand for industrial grade ethylene urea is likely to be high during the forecast period. Industrial grade ethylene urea is used in many applications such as coatings, textiles, rubbers, and fragrances. Rise in usage of ethylene urea in the chemical industry is driving the ethylene urea market.
- Pharmaceutical grade ethylene urea is used in the production of antibiotics such as Mezlocillin and Azlocillin. Increase in demand for medicines or antibiotics is boosting the demand for pharma grade ethylene urea.
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Restraints of Ethylene Urea Market
- Manufacturers have long struggled to handle ethylene urea. Ethylene urea needs to be kept away from fire and heat. It needs to be stored in cool & dry environment. Urea reacts with oxides; therefore, it is essential to keep it away from oxides. Various environmental laws are imposed on the usage of the urea. These are likely to restrain the global ethylene urea market.
Asia Pacific to Constitute Significant Share of Global Ethylene Urea Market
- In terms of region, the global ethylene urea market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2020; Asia Pacific is the largest market for ethylene urea market due to substantial investments in China, Japan, and India for ethylene urea. Asia Pacific is expected to account for the leading share of the ethylene urea market during the forecast period owing to growth in urbanization and rise in spending power of countries in the region. The ethylene urea market in the region is expected to expand at a rapid pace throughout the forecast period.
- Europe is also one of the key consumers of ethylene urea. The region is expected to account for significant growth in the ethylene urea market, owing to the increase in the number of manufacturers in the region.
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Competitive Landscape of Global Ethylene Urea Market
Major players operating in the global ethylene urea are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- BASF SE
- ACETO
- Connect Chemicals
- Eurochem
- Acron
- Hebei Kangzhuang Environmental Technology Co., Ltd.
- MOGAS
- Mitsui Chemicals, Inc.
- Zhejiang Suichang limin Technology Co., Ltd.
- OCI Nitrogen
- HANGZHOU WELL SUNSHINE BIOTECH CO.,LTD
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