ID: MRFR/CO/1481-HCR | August 2022 | Region: Global | 113 pages
Impact of COVID-19 on the Global Insulated Concrete Form (ICF) Market
The outbreak of COVID-19, which originated in China, has had an adverse effect on the global economy with a severe impact on the construction industry. This pandemic has disrupted the supply chains in the construction sector. Moreover, the construction industry has been affected due to the COVID-19 pandemic as most of the countries across the world have imposed lockdowns, halting the import and export of raw materials and goods construction projects as well. The lockdown and travel restrictions have led to a fall in the supply of goods, materials, or substances, which is eventually expected to reduce the profit margins of manufacturers in the insulated concrete form market. The global market for insulated concrete form has been negatively impacted due to the COVID-19 pandemic as construction projects in the residential and non-residential sectors have also come to a standstill. Additionally, the insulated concrete form manufacturers are also facing several challenges such as supply chain disruptions, production shutdown, unavailability of workers, and cash flow constraints. All these factors are likely to affect the insulated concrete form market in the coming months as the growth in the construction & infrastructural projects has been heavily affected by the COVID-19 pandemic. The global players in the market are focused on the development of preventive measures and new business models to address the situation in the global market.
Global Investments in the Construction industry (In USD TrILLION)