Chemical Engineering September 2020 - 5

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Weathering the crisis
n March of this year, the World Health Organization declared the
Novel Coronavirus Disease, COVID-19, a pandemic. Now, six
months later, we are still deep in the grips of this crisis as we experience
its far-reaching effects and navigate how to move forward.
The severity of the global situation demanded emergency responses
from many sectors, including the chemical process industries (CPI).
Now, attention is turning to longer-term strategies for navigating
through the disruption, even while much uncertainty remains.
I
Economic outlook
Lockdowns throughout the world, necessitated by the pandemic,
have led to a sudden and steep drop in global economic activity.
Markets that are major consumers of CPI products, such as vehicles
and housing, plummeted, while the increased need for chemical components
used for disinfectants, personal protective equipment and
medical-related instruments, may have somewhat offset the decline
in the other market areas.
In its " Mid-Year Situation Outlook, " published in late June, the
American Chemistry Council (ACC; www.americanchemistry.com)
projects that this year, the global GDP will contract 4.6%, and global
industrial production will drop by 3.8%. The projections for the U.S.
are somewhat more severe, with GDP dropping by 6.0%, consumer
spending falling 6.4% and business investment dropping by 9.9%.
The projections do, however, include potential rebounding in 2021.
For example, Martha Moore, senior director of policy analysis and
economics at ACC, projects that " Capital spending will fall 17.6% to
$29.0 billion in 2020, then increase by 15.7% to $33.5 billion in 2021. "
According to the report, data suggest that the global recession may
have bottomed out. Kevin Swift, chief economist at ACC, says " After
suffering the sharpest pullback on record in April, many industrial sectors
are showing signs of recovery. " At the time of this writing, the
latest Chemical Activity Barometer (CAB; an economic indicator created
by the ACC) in late July showed an increase, at which time Swift
commented, " With three consecutive months of gains, the latest CAB
reading is consistent with recovery in the U.S. economy. "
Moving forward
As we look forward to economic recovery, still with much uncertainty,
companies are evaluating strategies to move forward. One area that
has been pushed into the spotlight is digitization. While the advantages
of digitization and the need for adoption in order to remain competitive
in a global economy had been recognized before the pandemic,
the lockdowns and need for distancing during the pandemic suddenly
accelerated this trend. This has been noted by management consulting
firms. McKinsey & Company, for example, is looking at " how the
acceleration of digitization during the COVID-19 pandemic is shaping
the next normal, " in its report " How six companies are using technology
and data to transform themselves, " (www.mckinsey.com; August
12, 2020).
And, in his keynote address at the AIChE Spring
meeting last month, Bhavesh Patel, CEO of LyondellBasell,
cited digitization as one of four key areas
to shape the next decade of CPI operations ( " Shaping
the Next Decade: AIChE Virtual Keynote Highlights
Digitization, Sustainability, " www.chemengonline.com).
The other areas he outlined were
sustainability, globalization and plastic circularity. ■
Dorothy Lozowski, Editorial Director
ChemiCal engineering www.Chemengonline.Com September 2020
5
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Chemical Engineering September 2020

Table of Contents for the Digital Edition of Chemical Engineering September 2020
