The global impact of Covid-19 has been unprecedented, exposing industries worldwide to multiple challenges.
Lockdowns to curb the transmission of the virus, market uncertainty, decreased investment and operational constraints have led to the postponement of projects worldwide and unavoidable consequences on the global economy.
With many manufacturing activities globally being slowed down or even halted, demand for plastic products was impacted significantly, with the global market exhibiting a decline of 1.2% in 20201 and Europe suffering a downwards slide of 5.1% at 55 million tonnes2. Demand for plastics from the automotive, building and construction industries, in particular, declined substantially. The automobile sector, one of the biggest buyers of plastics after the packaging and construction industries, saw its consumption plunge by 18% (or 900,000 tonnes)3 in Europe.
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