COVID-19’s effect on industries has varied dramatically, and will continue to be felt for years in terms of the growth outlook, financial policy, and credit metrics. Shifting patterns of work and leisure have accelerated further, and ESG considerations have moved to the foreground. S&P Global Ratings’ Industry Top Trends series sets out our industry experts’ assumptions for 23 industries in 2021, key risks to these, and updated heatmaps describing the shape of the recovery.