COVID-19 Impact on Green Roof in Materials and Packaging Industry
A Green roof is a roof a building that is partially or completely covered with vegetation and a growing medium, planted over a waterproofing membrane. It may also include additional layers such as root barrier and drainage and irrigation systems. Green roofs serve several purpose for a building, such as absorbing rainwater providing insulation, creating a habitat for wildlife increasing benevolence and decreasing stress of the people around the roof by providing a more aesthetically pleasing landscape, and helping to lower urban air temperatures and mitigate the heat island effect. Green roofs are suitable for retrofit or redevelopment projects as well as new buildings and can be installed on small garages or larger industrial, commercial and municipal buildings. They effectively use the natural functions of plants to filter water and treat air in urban and suburban landscapes.
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.
ANALYZING ON IMPACT OF COVID-19 ON GREEN ROOF MARKET
Worldwide pandemic COVID-19 resulted in call off action of ongoing green roof projects around the globe. Much has been made of the importance of green initiatives roofs and walls included in the nation’s ongoing mission to work toward a sustainable future. Though the novel coronavirus (COVID-19) global pandemic has paused the construction phase of some new projects, design has continued uninterrupted on most fronts, along with the ongoing maintenance measures so vital to the preservation of existing green roof architecture. It is expected that the negative impact of COVID on green roof market to be compensated over the medium to long term future.
AFTER MATH OF COVID-19 AND GOVERNMENT INITIATIVE TO BOOST GREEN ROOF MARKET
Post COVID the world stares at a more ecofriendly way. Green roof brings the bright solution for this problem. A healthy green roof provides natural defenses against harmful viruses and bacteria. Most of the governments around the world encourage the Green roof building movement. India mainly encourages the green roof market with 4,000 projects. The government is taking proactive initiatives to create awareness among people about green roofs and it taking necessary steps to boost green roof market.
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.
Figure-1 The green roof market estimated size growth for the year 2019 to 2027
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.
The global green roof market is driven by the surged demand to adapt to greener methods and resources for the sustainable development of our environment. The rapid urbanization accompanied with a massive increase in carbon emission and urban waterlogging has led to the growth of many environmental-related problems. The deteriorating air quality and an increased greenhouse effect are creating a rising demand for environmentally friendly technologies like green roof, further aiding the 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.