Impact of COVID-19 on the Global Underwater Concrete Market
The COVID-19 pandemic has rapidly spread across the globe. In March 2020, the announcement of the coronavirus as a pandemic resulted in lockdowns being implemented in most of the countries. The restrictions imposed by government authorities have compelled the industry players to allow their employees to work remotely. However, the adoption of automated technologies to reduce human interaction in manufacturing facilities is expected to support the growth of the global underwater concrete market. The use of technologies, including automated machinery and advanced electronics during the pandemic, has not only ensured the continuity of businesses but has also resulted in enhanced work productivity.
Numerous emerging and developed economies have implemented countrywide partial or complete lockdowns to maintain social distancing. Many of the retail outlets and e-commerce services were shut down to curb the spread of the pandemic. The manufacturing of construction-related products and the provision of related services was restricted to permitted limits during the lockdown. The raw material production of underwater concrete was also affected, resulting in a demand and supply gap. The COVID-19 pandemic has affected supply chains, limiting the growth of the global underwater concrete market. These factors have severely impacted the global economy and the revenue generation of the construction industry.
Real estate investments play a vital role in generating demand for construction-related products, including underwater concrete, owing to their high usage in the construction of commercial and residential buildings. According to the MRF analysis, the global market is expected to witness slow growth in the coming year, which is likely to affect the demand for underwater concrete across the globe. The underwater concrete market is expected to recover in Q4 of 2020. Industry participants are expected to improve their production capacities with the stabilizing market scenario over the projected timeframe.