Impact of COVID-19 on the Global Composite Slate Roofing Market
The COVID-19 pandemic has spread worldwide and has affected the composite slate roofing market considerably. In Q1 of 2020, the announcement of COVID-19 as a global pandemic had resulted in lockdowns being implemented across most of the countries. The stringent restrictions enforced by government authorities in several countries have compelled the industry players to permit their employees to work remotely. However, the implementation of automated technologies to minimize human interaction in manufacturing plants is anticipated to sustain production. Moreover, the use of such technologies has not only ensured the continuity of businesses but has also enhanced work productivity.
Numerous developing and developed economies have enforced nationwide partial or full lockdowns to maintain social distancing among people. Sales outlets and e-commerce services were shut down to control the spread of the Coronavirus. The manufacturing of construction-related products and the provision of related services was restricted to permitted
limits during the lockdown. The production of composite slate roofing products was also affected, resulting in a demand and supply gap. The COVID-19 pandemic has affected distribution channels and supply chains, limiting the growth of the global composite slate roofing market. These factors have severely impacted the global economy and the revenue generation of the construction industry.
Sales of composite slate roofing materials play a crucial role in generating revenue for the construction industry, owing to their wide usage in the creation of commercial and residential structures, buildings & offices. The reduced global demand for construction and related products due to the ongoing COVID-19 crisis has affected the composite slate roofing market severely. However, industry participants are likely to improve their manufacturing capabilities with the stabilizing market scenario over the projected timeframe. According to the MRF analysis, the global construction industry is expected to witness slow growth in the coming year, which is likely to affect the requirement for composite slate roofing products and materials. The global composite slate roofing market is expected to recover in Q1 of 2021.