Impact of COVID-19 on Green Roof in Materials and Packaging Industry
A green roof normally provides Thermal reduction and Energy conversation, Water management, Ecological benefits and carbon sequestration. Green roofs not only retain rainwater, but also moderate the temperature of the water and act as natural filters for any of the water that happens to run off.
STRATEGIC DECISIONS FOR MANUFACTURERS AFTER COVID-19 TO GAIN COMPETITIVE MARKET SHARE
Post COVID the green roof market growth decreased little down to compensate the loss and to maintain demand and supply various strategic decisions taken by the manufacturers. The local suppliers being supported by the government to supply materials in much lower cost to bury the loss incurred to manufacturers due to COVID.
IMPACT ON PRICE OF GREEN ROOF MARKET DUE TO COVID
The green roof market divided into two segments Extensive and intensive segments. Extensive green-roofs segment accounted for the highest market share in 2019 and is likely to grow faster than the intensive green-roofs segment during the forecast period. Initial costs and maintenance costs for extensive green-roofs are comparatively lower than that for intensive green-roofs. The price is less in extensive segment when compared to intensive segment.
IMPACT ON DEMAND
Although the market has witnessed a negative impact due to the COVID-19 situation, the research analysts analyzes that the green-roofs market to recover and grow by USD 8.82 billion during the forecast period, accelerating at a CAGR of almost 14%.Due to reduction of global warming effect and pollution by green roofs the market expected to grow during the forecast period and the demand raised compared to pre COVID demand.
IMPACT ON SUPPLY CHAIN
Due to COVID supply chain of materials for most of the industries halted. Like other industries the restrictions over transport and labor availability is also one of the factors that affected the supply chain of Green roof market.
ANALYZING ON IMPACT OF COVID-19 ON GREEN ROOF MARKET
AFTER MATH OF COVID-19 AND GOVERNMENT INITIATIVE TO BOOST GREEN ROOF MARKET
Globally, several initiatives have been taken by the government to attract individuals or organizations for using the product, like, in some European and US cities, councils now offer significant financial incentives to developers installing green roofs. In Hamburg, those installing green roofs can receive a subsidy of 30-60% on its installation cost. Thus, the lump-sum grants provided by the government help in the implementation of the product on a large scale and give a further impetus to the industry growth. The green roof market size was valued at $1,451.3 million in 2019 and is expected to reach $4,192.0 million by 2027, registering a CAGR of 15.6% from 2020 to 2027.