Rajesh Srivastava, VP, Sales & Marketing, UFlex Chemicals03.05.21
Globally, with the advent of the COVID-19 pandemic, demand for the manufacturing sector plummeted drastically, chemicals being no different faced the dearth in demand.
Industry experts believed the recovery will be slow and sluggish, therefore many industry majors in the chemical sector went for a planned shutdown in mid-2020 while some faced force majeure.
However, now when economies are recovering, the market is witnessing an unprecedented increase in demand.
A sudden surge in demand has led to a major imbalance in the demand-supply scenario.
Due to this demand and supply gap, the price for raw materials cost has increased multiple folds. Besides this, the situation is being compounded by a current global shortage of containers which has led to a sharp rise in transport costs thus further restricting supplies.
This complex mix of higher demand, capacity and supply problems together with restricted availa
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