Impact of COVID-19 on the Global Construction Glass Market
Construction glass is used as a building material. It is utilized as transparent glazing material in construction envelopes, which include windows in the outdoor walls. The key driver for market growth is the rising demand for raw materials from the construction industry. However, COVID-19 pandemic has drastically impacted the construction industry. The outbreak of COVID-19 has caused significant economic disruptions estimated to be more severe than the worldwide financial crisis in 2007–08, as the pandemic has impacted businesses, households, financial institutions, and markets altogether. Countries such as Italy and China have shut down production activities, leading to a sharp decline in the production of glass and other materials such as cement and steel. Contractors that rely on China-made materials and goods are expected to face higher costs owing to the delays in project completion and shortage of raw materials, which in turn implies more project cancellations and higher prices of raw materials. The disruptions in supply chains, the slowdown in the production of glasses, and suspension of construction projects are hindering the growth of the market.
Global Construction Industry Spending from 2018 to 2025 (USD Trillion)