Different segments of pressure tube demand will perform differently through the next few quarters. A significant amount of pressure tube demand is related to maintenance and there have been more announcements that maintenance is being delayed. New projects, often supplied by imported product, fall into a few categories. As in most construction projects, those in process will likely go forward through completion – depending upon the stage of construction and other factors. Those in the planning stages may see activity slow until this plays out a bit more. This scenario is unprecedented, and cash is king, which suggests that an overabundance of caution is in order and will contribute to the economic slowdown. New projects on the drawing board, already in scarce supply so far in 2020, will likely be the ones most affected although quantifying this is difficult at this early stage.
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