Impact of COVID-19 on the Global Roofing Market
The increasing investments in the construction industry from economies such as China, India, and Japan, are driving the growth of the global roofing market. The growing demand for roofing materials from the commercial and residential sectors is also fueling the growth of the market due to rapid urbanization. The world is gradually recovering from the impact of the COVID-19 outbreak. The primary focus of governments and businesses across the globe is the safety of the people. Governments of various countries have halted construction activities owing to the rapid spread of the COVID-19 pandemic, which has led to a reduction in the use of roofing products, which is hindering the growth of the market. Due to the impact of the COVID-19 pandemic, the construction industry is facing delays & disruption in the delivery of contracts, which is expected to affect revenues negatively, inflate material, labor, and equipment prices, and deteriorate materials due to exposure on closed sites. Thus, the construction industry is expected to face challenges such as disruptions in supply chain activities, unavailability of labor, and revenue losses post the lockdown period.
Value of new private residential buildings In The U.S. (Value in USD million)