Recently, Report Ocean has added a new study on the impact of Covid 19 on the global construction and manufacturing industry. The report is titled “COVID-19 Impact Analysis on Construction and Manufacturing Industry by Construction Industry (Building Construction, Transportation Infrastructure, Construction Materials, and Construction Services) and Manufacturing Industry (Packaging, Heating, Ventilation, and Air Conditioning (HVAC), Equipment and Machinery, and Manufacturing Services): Global Opportunity Analysis and Industry Forecast, 2020–2022.”
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In 2019, the total valuation of the global construction industry was US$9,500.5 bn and the valuation of the manufacturing industry was US$4,923.5 bn. Both the industries are expected to reach US$9,771.9 bn and US$5,089.8 bn, respectively, by the end of 2022.
The importance of the construction and manufacturing sectors can be determined by the fact that they collectively account for nearly two-fifth share of the global GDP. The governments across the world actively emphasize on the expansion of both the sectors. For instance, governments, especially in developing nations, are taking initiatives, such as Make in India and Made in China (MIC) 2025, to promote the manufacturing sectors. However, the ongoing novel Coronavirus pandemic has kind of put a stop on every activity in both the sectors.
All aspects of the construction and manufacturing industries have been severely impacted by the outbreak of this pandemic. The halt in manufacturing and construction activities, worldwide, and the decline in investments have affected the growth of both the industries substantially. Even the foreign direct investment (FDI) inflows, globally, have been witnessing a sharp decline. As per the United Nations Conference on Trade and Development (UNCTAD), the novel coronavirus pandemic could cause the total FDI to drop by 5-15% over the period from 2020 to 2021 due to the downfall in both, the construction and manufacturing sectors, along with the shutdown of manufacturing facilities and construction sites.
The automotive, airlines, energy, building construction, and oil and gas industries are experiencing the most significant burns of the pandemic in terms of FDI investments. Ambiguity and unpredictability pertaining to the spread of the virus is playing the fuel in the fire. According to the Organization for Economic Cooperation and Development (OECD), if the virus persists to spread more, the global economic output growth is projected to decline by 7.0% by the end of 2020.
Furthermore, manufacturers and constructors are facing shortages of raw materials due to the disrupted supply chain systems, caused by the pandemic. The markets under the manufacturing industry’s umbrella, such as electronics, machinery, smartphones, consumer appliances, and automotive, have commenced a decrease or closure in the production operation and have postponed the roll out of new products, which, in turn, has interrupted the supply of parts and components, resulting in slowdown in these industries. However, Covid 19 is showing a mixed impact on the sale of several products, such as home automation, home and gardening tools, e-commerce, and packaging, at present.
Various activities, such as do-it-yourself (DIY) home upgrading, increased under lockdown, fueling the demand for home and gardening tools. Further, with the rise in the demand for packaged foods, medicines, and online delivery of foods and essential products, the packaging industry is also experiencing enormous demand for packaging products, including disposable cartons, bags, and bottles. As people avoid going to shops and stores due to the high risk of the virus, several companies are reporting significant increase in online sales of their products.
The construction industry is classified into building construction, transportation infrastructure, construction materials, and construction services. The building construction segment held the leading position with more than 33% of the construction industry in 2019. The manufacturing industry is divided into equipment and machinery, packaging, ventilation, heating, and air conditioning (HVAC), and manufacturing services. The equipment and machinery segment accounted for the dominant position with more than 50% share in the global manufacturing industry in 2019.
The global construction and manufacturing industry, in terms of the impact of Covid 19, is segmented into:
Construction Industry
- Building Construction
- Transportation Infrastructure
- Construction Materials
- Construction Services
Manufacturing Industry
- Packaging
- HVAC
- Equipment and Machinery
- Manufacturing Services
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Contact Information:
+1 888 212 3539
