Impact of COVID-19 on the Global Plasterboard Market
COVID-19 has impacted the growth of the global plasterboard market considerably. Countries worldwide have enforced lockdowns, which has severely affected most of the global companies and compelled people to stay within their homes, which, in turn, has minimized the physical interaction among people. Most industry players have permitted employees to work remotely from their homes to ensure business continuity during the COVID-19 pandemic, which is estimated to hamper the growth of the global plasterboard market over the forecast timeframe. The stringent restrictions imposed on new building & construction activities to comply with the social distancing norms are likely to obstruct the growth of the construction industry, which, in turn, is expected to limit the growth of the Global Plasterboard Market.
Manufacturing and supply operations in the construction sector have been disrupted owing to the COVID-19 crisis. The shift in consumer preference towards essential products is likely to affect the global plasterboard market over the forecast timeframe. Moreover, the pandemic has led to the closing down of international borders, which has caused a severe decline in the global demand for plasterboard and related products. Government authorities worldwide have also enforced restrictions on travel. Thus, the global plasterboard market is also expected to be affected due to the decrease in the installation of plasterboard in the construction sector. Additionally, the restrictions on public gatherings and travel bans in numerous countries are anticipated to obstruct the growth of the global plasterboard market over the projected timeframe.
Plasterboard is being increasingly used in residential and commercial frame construction as the internal wallboard due to its cost-effectiveness, ease of installation, and low maintenance. The high focus on social distancing and hygiene is likely to affect the demand for construction-related products, including plasterboard over the forecast timeframe. Moreover, according to the MRFR analysis, the global plasterboard market is expected to stabilize by Q1 of 2021.