Impact of COVID-19 on the Global Silicone Structural Glazing Market
The COVID-19 pandemic has had a harsh impact on the global economy—sectors such as construction, automotive, and manufacturing, have been affected severely. The outbreak of the pandemic and the following lockdowns have resulted in the halting of several construction and infrastructure projects, supply chain disruptions, and changes in demand. Most countries around the world have imposed lockdown restrictions that have disrupted the momentum in the construction sector. The increasing developments in the construction sector and the growing awareness regarding energy-efficient buildings are some of the factors that propel the silicone structural glazing market. A majority of construction and housing projects have been halted or delayed due to the pandemic, which has negatively impacted the global demand for silicone structural glazing in the construction sector. Thus, the global market for silicone structural glazing has been adversely impacted by the COVID-19 pandemic. Additionally, the silicone structural glazing manufacturers and suppliers are also facing several challenges due to lockdown restriction in several regions such as supply chain disruptions, unavailability of workers, cash flow constraints, and a decrease in the demand for silicone structural glazing. All these factors are anticipated to financially burden the manufacturers and suppliers in the silicone structural glazing market. Apart from these factors, the changes in consumer behavior and stringent emission norms are also anticipated to influence the overall silicone structural glazing market substantially. However, the demand for silicone structural glazing is anticipated to grow significantly with the resumption of renovation projects in the coming months. Such factors are expected to influence the silicone structural glazing market. Additionally, the global players in the market are focused on the development of new business models and strategies to address the lowered demand in the global market.
Global Investment in The Construction industry (USD Trillion)