The COVID-19 pandemic has had a major impact on the global economy. The construction industry is currently facing disruptive challenges as a result of the outbreak, including labor shortages, financial strain, and supply chain issues.

This has had a direct effect on construction services such as steel, roofing, and interior finishing materials like acoustic panels, carpets, and fire alarm protection systems. Furthermore, the construction industry is heavily reliant on China for almost all materials and machinery, and any disruption would have an effect on the transport and delivery of base buildings by construction firms and building designers.

The next two years will be crucial in regulating the projected supply chain delays as well as the global effect on the construction industry and the global economy. In India, if the COVID-19 pandemic does not recover, the labor force would be reluctant to return to work.

Assuming employees are ready to work, the cost of maintaining laborer protection is projected to rise over the next 2-3 quarters.

Aside from the factors mentioned above, consumer buying behavior sentiments are expected to have an effect on the overall steel market, as consumers would be unwilling to invest in housing projects due to low per capita income and unemployment fears.

Steel pipe buyers are expected to postpone their purchases, resulting in an increase in unsold stocks. As a result, in the present situation, steel pipe would be unaffordable for stakeholders due to the COVID-19 pandemic.