Exactly one year ago, the world’s focus was on the rapid spread of the novel coronavirus SARS-CoV-2, as we entered an unprecedented phase of global lockdown and skyrocketing deaths from a disease that spread across borders and jumped over oceans. ChemQuest, as a leading consulting firm serving the specialty chemicals industry, with a strong position in paints and coatings, quickly embarked on a campaign to assess the impact of Covid-19 and changes to the business climate from the perspective of its C-suite clientele via monthly surveys.
In our first survey, results of which were distributed on May 13, 2020, 75% of respondents predicted a U-shaped recovery — anticipating a significant decline in sales, beginning in Q2 and continuing through mid-2021. At the time, ChemQuest agreed that a single-digit contraction for the coatings industry was on par with year-over-year (2020 compared to 2019) industry results: 50% decline for April, -25% for May and -15% for June.