Impact of COVID-19 on the Global Aluminum Composite Panels Market
The COVID-19 pandemic has spread across various countries and has impacted the global aluminum composite panels market considerably. Governments have imposed lockdowns, that have affected most of the industrial players across the globe and forced people to stay within their homes, which, in turn, has reduced the physical contact among people. Most companies have allowed employees to work remotely from their homes to ensure business continuity during the COVID-19 pandemic, which is expected to hamper the growth of the global aluminum composite panels market over the forecast period. The restrictions imposed on construction activities to comply with the social distancing norms are likely to hamper the growth of the construction industry, which, in turn, is expected to limit the growth of the Global Aluminum Composite Panels Market.
Operations in the construction sector have been interrupted across the globe due to the COVID-19 crisis. The shift in consumer preference towards essential products is likely to influence the global aluminum composite panels market over the projected timeframe. Furthermore, the COVID-19 outbreak has resulted in international boundaries being sealed, causing a severe decline in the demand for aluminum composite panels and related products across the globe. Government authorities worldwide have enforced restrictions on travel. Hence, the market is also expected to be affected due to the decrease in the installation of aluminum composite panels in the construction sector. Additionally, the restrictions on public gatherings along with travel bans in several countries are expected to hinder the growth of the global aluminum composite panels market over the forecast period.
Real Estate Investments in CHINA: Year to date (USD Million)
The figure above shows the year to date (YTD) statistics of real estate investments in China from January 2020 to April 2020. Aluminum composite panels are being increasingly adopted in new buildings and construction projects for insulation as they act as excellent water and air barriers. The statistics show the fluctuations in real estate investments during Q1 of 2020, which have affected the global demand for aluminum composite panels severely. The increased focus on social distancing and personal care is likely to affect the demand for construction-related products, including aluminum composite panels during the coming mon
Source: National Bureau of Statistics