The COVID-19 pandemic is having a major impact on industries throughout the world. As a result, Smithers has undertaken a major revision of its core market forecasts taking into account the likely economic impacts, the specific impact of key end-use markets and changes in consumer behaviour.
The report refreshes provide robust and consistent market sizes and forecasts based on three in-depth scenarios which cover every eventuality as the result of the coronavirus pandemic and expectations for economic recovery.
The report refreshes have been completed for five core industries:
- The Impact of COVID-19 on the Printing Industry
- The Impact of COVID-19 on the Packaging Industry
- The Impact of COVID-19 on the Security Printing Industry
- The Impact of COVID-19 on the Tires Industry
- The Impact of COVID-19 on the Nonwovens Industry
Three scenarios are presented that model the impacts on each industry, each grounded in hard economic data and deep technical and market insight. The economic situation and forecasts are being updated almost daily, but the April 2020 forecast from the IMF has been considered in the Smithers model as the starting point for making an initial assessment of the impact of the COVID-19 pandemic.
In the current dynamic market that COVID-19 has created, having the most reliable data is essential to continued business growth. This is what makes us the authority to provide you with the most up-to-date forecasts for your business decisions. As the markets changes, so do our reports; in each of our reports, our team of analysts and industry experts are tailor-making forecasts which consider the disruption of COVID-19 industry wide. Moreover, they include proficient analysis of the dynamic approach to business in these changing times.
March 2020 will be remembered as the month that the world changed as governments across the world took extraordinary measures against the spread of the COVID-19 virus. Governments have made avoiding overwhelming Healthcare Systems their key priority, with public spaces and military ships converted into hospital beds as pressure on intensive care grew across the world. The unprecedented actions being taken are having significant impacts on all businesses and organisations as governments act to contain the pandemic and protect the vulnerable population. Locking down populations has resulted in some sectors being particularly hard hit with schools, shops, theatres, cinemas, bars, restaurants, hotels and gyms closed.
The ongoing data and support from Smithers allows companies to plan with more confidence.