Impact of COVID-19 on the Global Decorative Concrete Market
The COVID-19 pandemic has spread worldwide and has impacted the growth of the global decorative concrete market considerably. Governments across the globe have imposed lockdowns, which has affected most of the global industrial players 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 has hampered the growth of the global decorative concrete market. 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 Decorative Concrete Market.
Operations in the construction sector have been interrupted due to the COVID-19 crisis worldwide. The shift in consumer preference towards essential products is likely to influence the global decorative concrete market over the projected timeframe. Furthermore, the COVID-19 outbreak has resulted in the sealing of international borders, which has caused a severe decline in the global demand for decorative concrete and related materials. Government authorities worldwide have enforced restrictions on travel. Hence, the market is also expected to be affected due to the lowered usage of decorative concrete materials in the construction sector. Furthermore, the restrictions on public gatherings and travel bans in several countries are expected to hinder the growth of the market.
Decorative concrete is being increasingly adopted in the construction sector, owing to its ability to enhance the aesthetic finish of the constructed surfaces. The increased focus on social distancing and personal care is likely to affect the demand for construction-related products, including decorative concrete over the forecast timeframe. According to the MRFR analysis, the COVID-19 pandemic has affected the demand for decorative concrete severely, and the market is expected to gain traction in Q4 of 2020.