Mineral Wool Industry Faces the Evil Effects of COVID-19 Pandemic
The sudden outburst of COVID-19 pandemic has greatly disrupted the normal functions of several sectors including the construction industry. The shutdown of construction activities due to lockdown has created a huge impact on the growth of the mineral wool sector.
The world at present is in a precarious position, with the ground situations changing every other hour, as it trying its best to combat the deadly COVID-19 pandemic. There have been global disruptions on account of this pandemic and every other country has had its fair share of disruptions.
COVID-19 brings Construction Activities to a Halt
Almost everything in the many COVID-infected countries worldwide has shut down or has begun to shut by now. The World Health Organization (WHO) has advised to enforce lockdown in order to avert the drastic spread of coronavirus. The lockdown enforced by government bodies has put several industries and sectors to a standstill. Among many industries, the construction sector has also been greatly affected due to the evil effects of this life-threatening disease. The pressure on government authorities to protect construction workers against the risk of coronavirus is growing continuously.
Downfall of Construction Sector Impacts Mineral Wool Industry
More than 50% of the global industries and all transport services have been ceased. Due to this, there has been a huge dearth in the availability of raw materials for construction and transport of finished products. Researchers and analysts have predicted the severe impact of COVID-19 on the production of various materials used in several industrial sectors. Mineral wool is one of the finest materials extensively used across various industrial areas such as transportation, construction, and for acoustic & fire-protection purposes. It has been in trend since the past few years due to its outstanding properties such as noise cancellation, easy installation, multipurpose uses, safe and easy maintenance, and many more. Moreover, it has widely been used for the construction of green buildings and energy-efficient building with an aim to minimize the energy consumption for heating and cooling devices.
Mineral wool insulating products are versatile fibrous materials having properties such as noise reduction, fire resistance, and thermal protection and hence, extensively applied in the industries for insulation of large reactors, boilers & turbines, cold & hot pipes, etc. However, during this pandemic, the market for mineral wool has been greatly affected due to the shutdown of construction projects worldwide. According to a report by Research Dive, the global mineral wool market is expected to bounce back and recover from the incurred losses in the third or fourth quarter of 2022.
How are Market Players Sustaining in This Situation?
For commercial constructors that depend on China-made materials or goods, the cost for material has been increased and has significantly delayed the completion of projects. However, despite the extensive spread of this pandemic, some of the leading market players in the mineral wool industry are formulating business growth strategies to strengthen their footmarks in the global industry. For instance, Saint-Gobain, a French multinational corporation focused on producing a variety of construction, high-performance, and other materials has donated ISOVER glass mineral wool insulation for use in the construction of the coronavirus field hospital with the help of Clairwood Hospital.
In addition, to pull through this situation, several government bodies are enforcing novel policies and schemes to help businesses withstand in the course of this pandemic situation. The government of Australia has declared tax liability for the construction sector for up to six months. Moreover, no interest will be charged for the construction businesses from April to September 2020. Due to all such supporting policies declared by the government, the world is in hope to bounce back through this havoc situation and get back to normal life.
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