COVID-19 is Coming for the Chemical Industry in 2020, BASF Predicts The chemical company's FY 2019 report warned the viral outbreak could lead to the worst growth in the sector since the 2008 financial crisis. BASF Group is worried about 2020. Specifically, it’s worried about the coronavirus. In a statement issued February 28 alongside its FY 2019, the German chemical company said that the viral infection could result in a second year of falling profit for the company and reduce global chemical production to about 1.2%. That would be the worst growth for the sector since the Great Recession in 2008 and a significant dip compared to 2019, when it grew 1.8%. The outbreak is inconveniently timed for BASF. The company began construction on a Zhanjiang, China plant complex in November 2019. The “smart Verbund project” is only a first step in a planned investment of $10 billion: BASF has plans to ramp up its investment in the Asia Pacific region to 41% from 27% through 2025. The planned ...