Concrete Cooling Market Research Report - Forecast to 2030

Impact of COVID-19 on the Global Concrete Cooling Market

The COVID-19 pandemic has spread across the globe. In March 2020, the declaration of coronavirus as a pandemic has resulted in lockdowns being imposed in most of the countries. The restrictions imposed by government authorities have compelled the industry players to allow their employees to work remotely. However, the adoption of automated technologies to reduce human interaction in manufacturing facilities is expected to support the growth of the global concrete cooling market. The use of technologies, including automated machinery and advanced electronics during the pandemic, has not only ensured the continuity of businesses but has also resulted in enhanced work productivity.

Numerous emerging and developed economies have implemented countrywide partial or complete lockdowns to maintain social distancing. Many of the retail outlets and e-commerce services were shut down to curb the spread of the pandemic. The manufacturing of construction-related products and the provision of related services was restricted to permitted limits during the lockdown. The production of concrete cooling materials was also affected, resulting in a demand and supply gap. The COVID-19 pandemic has affected the supply chains, limiting the growth of the global concrete cooling market. These factors have severely impacted the global economy and the revenue generation of the construction industry.

Real estate investments play a vital role in generating demand for construction-related products, including concrete cooling products and systems, owing to their high usage in the construction of commercial and residential buildings. The figure below shows the real estate investment for commercial buildings in China from January 2020 to May 2020, which is expected to influence the global concrete cooling market over the forecast timeframe.

Real Estate Investments in Commercial Buildings in China: Year to date (USD Million)

According to the MRF analysis, the global market is expected to witness slow growth in the coming year, which is likely to affect the demand for concrete cooling products across the globe. The market is expected to recover in the Q4 of 2020. Industry participants are expected to improve their manufacturing capabilities with the stabilizing market scenario over the projected timeframe.

Source: National Bureau of Statistics