The COVID-19 pandemic will go down in the books of history causing some of the biggest disruptions the world has ever witnessed before. The business industry and the world economy at large has undergone immense changes since the outbreak in December 2019. And as far as everything is concerned, this is not about to change anytime soon. Businesses will continue to change for as long as the pandemic is around and even after it is gone, some might take longer to recover from the effects.
To better understand the effects of the pandemic on businesses, let us take a closer look at the paint finishing equipment market.
Between December 2019 and now, the paint finishing equipment market has gone through different stages in business depending on the pandemic. Below is a detailed breakdown:
- The Covid-19 Outbreak
The demand for residential, commercial, and industrial painting is growing creating a high demand for paint finishing equipment. But coronavirus hits the global business economy real hard. With most of the countries being on lockdown, the global economy is at a standstill. At this point, nothing is going on in the market.
- Issues with the Supply Chain Further Worsen the Market
There is a shortage of supplies in the construction industry as contractors rely on expensive Chinese imports. Later the businesses experience serious challenges in the supply chain as a result of the global tariffs applied to border closures, production stoppages, and workforce reductions. This worsens the market for the paint finishing equipment market and many other industries in business.
- Home Improvement affects the Paint Finishing Equipment Market
In early May 2020, there was a significant drop in the remodeling expense and this was predicted to continue until early in the year 2021. These are the possible reasons
- Unemployed homeowners could not afford to pay for home renovations
- Consumers were worried about the future, thus withholding money
- Homeowners were concerned about their safety and were not willing to let strangers enter their houses due to the coronavirus.
- There was a slowdown in the working pace due to the coronavirus regulations such as social distancing, cleaning of equipment, and any other mandates that increased the time needed to complete a job.
- Shortage in building materials due to the reduced demand in supplies.
- The shipments of the ordered materials were experiencing delays due to transport issues.
- DIY Home Improvements on the Rise- Finally some Hope
Until late May, the situation in home improvements remained worse and a report revealed that most homeowners had canceled their contracts. Another report revealed that there was a significant increase in DIY sales for home improvement equipment. At this time, people had so much time in their hands and were looking for ways to kill time. Some of the things they did include:
- Installing decks,
- bathroom painting
- Cabinet installation
- Floor installation etc.
Slowly the paint and finishing equipment market was adapting to the coronavirus. An important to note is that the online market had a lot to do with the sudden popularity of DIY projects. With so much time to spend, some of it was spent on the internet and the rest on DIY projects.
- Face Painting Finishing Equipment Post-COVID-19 Market Recovery
By mid-June, most industries in the market had adopted COVID-19 and this includes the paint finishing equipment market. With the significant increase in demand for home improvement services, the best painters in Brisbane were at the forefront in increasing the paint finishing equipment market share.
According to reports, this trend is expected to continue for the rest of the year. Projects that are helping the home improvement industry gain momentum include
- Outdoors improvements
- General home improvements
- Kitchen remodeling
- Bathroom repairs
The COVID-19 pandemic has affected the business industry in so many ways. For most businesses, the outbreak was a huge blow, and recovering from it will take years. One thing that is for sure is that there are positive signs that businesses are moving ahead and maybe sometime soon business will normalize.
The paint finishing equipment market breakdown explains what the global business economy has been going through since the COVID-19 outbreak. Although the circumstances are different, almost all business industries in the world went through the same.
In a nutshell, the pandemic affected the economy globally in three ways.
- By disrupting the market supply chain- shortly after the outbreak when borders were closed and countries went on lockdown to prevent the spread of the virus.
- The financial impact on businesses and financial markets- business firms went through huge losses
- Impact on production and demand-when countries went on lockdown, most businesses were forced to stop all operations. Also due to the lockdown and the closing of the borders, the demand for some products dropped significantly. Especially those who relied on the international market