Impact of COVID-19 on the Global Ready-Mix Concrete Market
The COVID-19 virus has spread across the globe. The world is struggling against the pandemic as it has affected various industries and has slowed down the global economy. The COVID-19 pandemic has profoundly impacted the construction industry. The suspension of construction activities has led to delays in the delivery of construction projects, especially in countries such as China, India, and Singapore, in the Asia-Pacific region, which has caused a decline in the demand for ready-mix concrete in construction operations. The majority of cement production happens in China. The disruptions in supply chain activities due to the spread of COVID-19 from China are also impacting the growth of the market. Besides, the halt in commercial construction projects such as office buildings, shopping malls, hotels, medical centers, and hospitals has also lowered the requirement for ready-mix concrete. Construction activities are expected to resume at full pace post the lockdown period to compensate for the delays caused in the delivery of commercial, residential, and industrial projects, which is expected to drive the growth of the ready-mix concrete market.
Construction Spending in the U.S. from 2015 and 2019 (Units in USD Billion)