展望2021 年，我们对农化行业预期乐观，我们判断农药企业将进入新一轮量价齐升景气周期。若通胀推动农作物价格持续上行，我们认为本轮周期有望重现2013-2014 年农化大周期。考虑到2021 年重点复苏的是大田作物相关需求，我们认为应当优先关注除草剂、杀虫剂，尤其是大宗品种草甘膦、草铵膦、农用菊酯等品种。

Hand cream is one of the types of skin care products that is specifically meant to provide moisture to hands. Hand cream provides moisture to hands for a longer period of time than a hand lotion owing to its thick consistency. There are different variants of hand cream available in the market that include anti-aging hand cream, whitening hand cream, overnight hand cream, repair hand cream and others.

Bunker fuel is a fuel oil used in marine vessels. It is poured into the ship bunkers to power its engines. Ships use mainly three types of marine fuels, which include high sulfur fuel oil, low sulfur fuel oil, and diesel oil. Nowadays, growth in awareness toward reducing environmental pollution and stringent government regulations are expected to create opportunities for the fuels, including LNG, gasoil, LPG, and others as a substitute to the above-mentioned bunker fuels.

2020 年以来，受疫情、异常天气、及去库存等方面影响，农产品供给趋紧，主粮价格回暖。农作物价格的高低很大程度上影响化肥的价格和施用量。化肥与主粮价格走势高度正相关，价格复苏有一定滞后。

12 月社零总额4.06 万亿元，同比名义增长4.6%，增速环比11 月的+5.0%回落0.4ppt，略弱于我们预期，主要受疫情反复及“双十一”虹吸效应等影响。2020 全年社零39.2 万亿元，同比-3.9%，其中Q4 同比+4.6%，环比Q3 提速3.7ppt，呈改善趋势。提示关注短期疫情波动对零售行业冲击，仍维持2021 年消费数据前高后低走势的判断。近期国内多地疫情有所反复，临近春节，提示关注疫情对春节促销旺季消费数据的可能冲击，同时看好线上消费渗透率进一步提升趋势。

Bioplastic is a sustainable material derived from renewable feedstocks. It has the potential to reduce 30-70% of carbon dioxide emission. It represents approximately 42% reduction of carbon footprints. The production of bioplastic requires 65% less energy than conventional petroleum plastic. The global bioplastics market is evolving, and companies are now focusing more on strengthening and consolidating R&D activities; thereby, increasing production capacity. The adoption of bioplastic has increased tremendously across various applications, owing to the advanced technical properties and functionalities.

Biodegradable engine oils, also known as bio-lubricants and bio-lubes, are biodegradable and nontoxic lubricants. Organic lubricants are usually made by using raw materials such as rapeseed oil, sunflower oil, palm oil, coconut oil, and animal fats. In terms of non-toxicity, sustainability, carbon neutral, and environmentally safe, bio-lubricants provide many advantages over conventionally used petroleum-based product offerings. Attributed to the high flash point and high stability, the use of bio-lubricants over traditional lubricants is comparatively better. Bio-lubricants are used for a variety of applications across a diverse set of industries, including automotive, marine, construction, and others.

Lubrication is considered as the process that involves oil or grease application over different engines or other components to minimize friction between two moving surfaces. This, in turn, results in smooth movement and reduces friction and wear. Over the period of time, lubricants gets contaminated with dust particles, sludge, and other particles and hence need to be removed and replaced periodically to enhance smoother operations of aircrafts. The aviation lubricants market is analyzed and estimated in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is from 2019 to 2027.

Disinfectant and antimicrobial chemicals are used for inhibiting the growth of microorganisms. These specialty chemicals are used to keep house, offices, schools, industrial equipment, processing facilities, and other public places clean & hygienic. Antimicrobial chemicals include antiseptics, antibiotics, antifungals, antiprotozoals, and antivirals, whereas disinfectants include alcohols, aldehydes, and phenolic compounds. For the purpose of analysis, the report segments the global antimicrobial & disinfectant chemicals market based on function, product type, end use, and region. The report provides information about the various functions of antimicrobial & disinfectant chemicals, including disinfectant & sanitizer and antimicrobial additives. Phenolic, iodophors, nitrogen compounds, organometallics, organosulfur, aldehydes, and other chemicals are the different product types covered in the study. The major end users of antimicrobial & disinfectant chemicals are paint & coatings, food & beverage processing, medical & health care, plastics, textiles, and other industries. The report further outlines the details about the revenue generated by antimicrobial & disinfectant chemicals across North America, Europe, Asia-Pacific, and LAMEA.

There is a fast-growing need for anti-microbial paints and coatings to improve quality in residential, commercial, institutional, and industrial applications to control the growth of mold and/or reduce the risk of healthcareassociated infections or community-acquired infections. A number of paint products available in the market claims anti-microbial functions. However, the current products have significant shortfalls, including weak activities, risk of resistance from virus, and difficulty in monitoring & extending the anti-microbial functions once the coatings are applied.