The impact of the coronavirus continues to weigh heavily on many sectors.
EU Industrial production was down in August compared to a year ago as many market segments continue to suffer from the coronavirus pandemic.
The latest numbers show that in August 2020 industrial production was down 6.2% compared to August 2019. In July, the reading was minus 7.3% and minus 11.6% in June.
While the latest data from Eurostat shows a recovery, the rate has clearly slowed in the last couple of months.
The coronavirus impact this year amplified the negative pressures from Brexit and trade wars.
From a polymer industry perspective, a clear global picture has emerged during the past few months: Asia is thriving; the US economy is holding up; and Europe is performing poorly.
However, after the summer holidays, demand for polymers in Europe increased also from the worst-affected market segments, such as automotive.
But for many players numbers remain in negative territory amid much uncertainty over the virus.
Moreover, at this stage, it is difficult to judge how much restocking is responsible for the current increase in demand.
Nevertheless, if the current recovery continues in November, then it is possible that many businesses in Europe will soon return to pre-pandemic levels.