Chemical/Personal Care Sectors: Supply chain response to worsening Middle East conditions and outlook going forward

研报英文原文证据摘录

Chemical/Personal Care Sectors: Supply chain response to worsening Middle East conditions and outlook going forward

J P M O R G A N Asia Pacific Equity Research

27 July 2026

Chemical/Personal Care Sectors

Supply chain response to worsening Middle East

conditions and outlook going forward

The worsening situation in the Middle East has heightened concerns over naphtha Japan Equity Research

shortages and the supply of derivatives in the chemical sector, which had long

Chemical, Steel

relied on the Middle East for petrochemical feedstocks. However, diversification

of naphtha procurement to regions other than the Middle East and alternative Yasuhiro Nakada AC

overseas procurement channels allowed naphtha cracker operations and (81-3) 6736-8692

yasuhiro.nakada@jpmorgan.com

downstream product output to be maintained to a certain extent. In this report, we

Cosmetics & Personal Care

take a look at how the chemical industry and the downstream personal care industry

have responded to these conditions, and examine the possibility of changes in the Akiko Kuwahara AC

demand structure after supply normalizes. Over the past five years, supply chains (81-3) 6736-8617

akiko.kuwahara@jpmorgan.com

have been repeatedly disrupted due to factors such as the Russia-Ukraine war,

Takehito Watanabe

Chinese export controls, US tariffs, and restrictions on passage through the Strait

(81-3) 6736-8622

of Hormuz. Key points to watch include whether companies prioritize business takehito.watanabe@jpmorgan.com

continuity planning (BCP) and maintain supplier diversification, who will bear the JPMorgan Securities Japan Co., Ltd.

additional costs, and whether companies revert to supply chains that prioritize cost

efficiency.

Chemical sector: Before the Middle East conflict, the chemical sector relied on