Impact of COVID-19 on the Global Manhole Covers Market
The COVID-19 pandemic has affected the global economy in several ways, with a substantial negative impact on the construction industry. The current stage of the pandemic has halted construction projects worldwide. Moreover, most countries have imposed lockdowns, which have not only impacted the supply chain of raw materials and goods but have also disrupted production due to the shutting down of manufacturing plants. Most residential and commercial construction projects have also been ordered to be shut down. Thus, the global market for manhole covers has been negatively impacted by the COVID-19 pandemic. Additionally, manhole covers manufacturers, along with the overall construction industry, are expected to face several challenges, as most projects have come to a standstill due to supply chain disruptions, production shutdown, unavailability of workers, reduced demand for manhole covers, and cash flow constraints. The restrictions on construction activities at project sites have impacted the import & export of goods & services and have also financially burdened the manufacturers in the manhole covers market. Amidst the COVID-19 pandemic, laborers have migrated back to their own native places, which has led to delays in projects. Additionally, manhole covers manufacturers are also facing problems in acquiring raw materials at low cost due to supply chain disruptions and lockdown restrictions.
Apart from these factors, consumer purchasing behavior is also projected to impact the overall manhole covers market, as consumers are not willing to invest in real-estate projects owing to the rise in unemployment and the decreased purchasing power parity of individuals. All these factors are likely to affect the manhole covers market in the coming months as construction projects have been heavily affected by the COVID-19 pandemic. Additionally, the global players in the market are trying to focus on the development of new business models to address the situation in the global market.
Global Investments in the Construction industry (USD TrILLION)