As coronavirus goes global, chemical markets can expect a demand shock similar to the 2008 financial crisis, with the prospects of a recession in the first half of 2020 becoming increasingly likely.

In Europe, however, some chemicals markets have so far benefited from China’s disruption: there is good demand for polyolefins and polymethyl methacrylate (PMMA), for example, as downstream customers stock up for March ahead of potential disruption in April.