COVID-19 Impact on Building and Construction in the Chemical and Materials Industry
INTRODUCTION
In today's time, the Novel Coronavirus or the COVID-19 is spreading on a wider range and there is no place which is remaining unaffected by this pandemic. Due to the pandemic, all the commercial activity is suffering. Some industries have a blooming effect while some industries are highly affected such as the construction and engineering sector.
Construction and engineering sector, which was already reeling with multiple challenges from lack of capital and credit avenues to insolvencies, multiple frauds and regulatory burden under the environment laws and the Real Estate (Regulation and Development) Act, 2016, is now marred by the COVID-19 pandemic, with no likely relief in sight.
As, most of the European and Asia-Pacific countries such as India, Germany and Ireland among others imposed a strict lockdown and resist the movement of the consumers from one place to another. However, due to the restrictions all the construction activity in residential and commercial sectors across the world has halted.
COVID-19 IMPACT ON BUILDING AND CONSTRUCTION IN THE CHEMICAL AND MATERIALS INDUSTRY
Developed countries such as the U.S. relies on the shipments of 30% of its construction materials such as steel, iron, insulating materials, wood, stones, copper, aluminum from China. As, due to the disruptions in supply chain from one country to another and reductions in imports and exports of goods widely affected the building and construction industry.
The governments of various countries have halted various business activities to reduce the spread of novel virus. However, the building and construction activity is halted in initial days of lockdown only but the government permits the most of the construction activities to resume in the second month of lockdown in most of the countries. The health and safety risks of COVID-19 vary from project to project such Continue...