Written by The construction market has been impacted by the COVID-19 pandemic, with many construction projects being delayed or cancelled due to supply chain disruptions, labor shortages, and government restrictions on construction activity.
However, as the world begins to recover from the pandemic and economies reopen, the construction market is expected to pick up. Governments and private companies are expected to invest in infrastructure and construction projects to stimulate economic growth, which could provide a boost to the construction industry.
Additionally, the pandemic has highlighted the importance of resilient and sustainable buildings and infrastructure, which could lead to increased demand for construction projects that prioritize sustainability and energy efficiency.
Overall, while the COVID-19 pandemic has presented challenges for the construction industry, there are also opportunities for growth and innovation in the coming years.
Fastest Growing Regions
The fastest growing construction market can vary depending on various factors such as government policies, economic conditions, and infrastructure needs. However, according to some reports and projections, the Asia-Pacific region is expected to have the highest growth rate in the construction market in the coming years.
Southeast Asia Construction Industry
with the development of Southeast Asia’s economy, the infrastructure construction and real estate sectors continue to grow, contributing to the growth of the construction industry.
The development of the construction industry in Southeast Asian countries varies greatly, such as Vietnam and Indonesia, where the construction industry is growing rapidly. While the construction industry in countries such as Myanmar and Cambodia are relatively backward.
According to CRI forecast, the construction industry in Southeast Asia will continue to grow from 2023-2032. Relatively cheap labor and land costs have attracted a large number of foreign investors to shift production capacity to Southeast Asia, foreign trade has expanded, and the development of industrial real estate, commercial real estate and infrastructure sectors has boosted the construction industry. On the other hand, with the economic growth in Southeast Asia, the real estate industry is also growing rapidly, promoting the development of the construction industry.
Related Report:Research Report on Southeast Asia Construction Industry 2023-2032
This is due to several factors, including a rapidly growing population, increasing urbanization, and rising demand for infrastructure and housing. Countries such as China, India, and Indonesia are expected to be the primary drivers of this growth, as they continue to invest heavily in large-scale infrastructure projects.
It is worth noting that the Southeast Asian construction machinery market has become popular with electric products. Such as Komatsu (Japanese-owned enterprises) and Sany Heavy Industries (Chinese-owned enterprises) and other companies have begun to sell fuel and electric hybrid hydraulic excavators in Indonesia.
Research Report on Southeast Asia Construction Machinery Industry 2023-2032
Other regions such as the Middle East and Africa are also expected to experience significant growth in the construction market due to their focus on infrastructure development and modernization. However, the pace and extent of growth may depend on various factors such as political stability, investment policies, and market demand.
Construction Related Market
The trends for construction related industries can vary depending on the specific sector, but there are some common themes that are shaping the industry as a whole.
Construction Additives Market
Additives utilized in construction are synthetic mixtures and mineral powders that work on the exhibition of building supplies. Additives in the construction business are usually used to work on the strength and life span of concrete, mortar, and other structural materials. Concrete additives are intensifies used to expand the strength and execution of cement. For instance, some construction additives lessen how much water is utilized for concrete, assisting with safeguarding regular assets.
The Construction Additives market is projected to be worth USD 38.96 billion by 2030, enrolling a CAGR of 7.76% during the gauge time frame.
Construction Additives Market Report Forecast 2030
In 2021, the Asia-Pacific region held the greatest market share at 38.25%. One of the essential elements driving the construction additives market is the rising development in the construction area. The region’s popularity for private and non-private designs extensively affects the demand for construction additives, as they are utilized in the floors and walls of structures.
Construction Equipment Market
The global construction equipment market is anticipated to register a significant market expansion of 4.63% during the review period to reach a market value of USD 134,363.8 million by 2026.
Construction Equipment Market – Forecast to 2026
The global market growth is set off by different variables such as increment in foundation speculations post-COVID-19 pandemic is probably going to fuel the interest in developing hardware and expanding interests in the metropolitan framework is supposed to drive the development area, and accordingly is supposed to support the development gear market during the estimate time frame. Nevertheless, the accelerating raw material prices are expected to restrain the market during the forecast period.
The construction equipment market expansion is propelled by the technical advancements in the construction industry and their use. Additionally, the infrastructural expansion and rapid urbanization are enhancing market growth. The largest end-use market for this product is infrastructure, especially in developing countries such as India, China, and Brazil. Moreover, the highest growth is experienced by the construction equipment market due to the heavy investments done in the infrastructure market. Also, the aim of accommodating smart commercial and residential infrastructure is fuelling the market in the future.
Southeast Asia Construction Machinery Industry
The machinery and equipment used to complete various construction projects are collectively called construction machinery. Construction machinery is divided into several categories such as excavation machinery, earth-moving machinery, construction cranes, industrial vehicles, compaction machinery and concrete machinery.
According to CRI analysis, Southeast Asian countries generally have the problem of weak basic industry, so construction machinery products mainly rely on imports, such as low-end construction machinery from China, medium and high-end construction machinery imported from Japan and Germany.
CRI expects the construction machinery market in Southeast Asia to maintain growth in 2023-2032. On the one hand, the lower operating costs in Southeast Asian countries attract global construction machinery enterprises to transfer their production capacity to Southeast Asia and build factories in Southeast Asia. In addition, there are many companies will export construction machinery products to Southeast Asia.
Related Report: Research Report on Southeast Asia Construction Machinery Industry 2023-2032
Europe Construction Aggregate Market
Construction aggregates or aggregates are granular materials used in construction including crushed stones, gravel, sand, M-sand, and other aggregate materials. Furthermore, aggregates are a component of composite materials such as concrete and asphalt—the aggregate serves as reinforcement to add strength to the overall composite material.
The Europe construction aggregate market is projected to grow at 3.6% CAGR during the forecast period, 2018–2027.
Europe Construction Aggregate Market Research Report Forecast to 2027
The Europe construction aggregate market is rapidly growing due to rising investments in smart city projects and an increase in residential construction projects. However, the regional market’s growth is likely hampered by the heavy pollution created during aggregate production. On the other hand, the use of recycled construction aggregates from demolition waste in structural concrete is likely to present a growth opportunity for the players in the European market.
Silicone Water Repellent for Construction Market
Silicone water-repellent products offer technical solutions for masonry protection of different materials like brick, stone, concrete, cement cladding, granite, and marble. Silicone water repellent can provide durability and a deep-seated water-proof barrier while maintaining the breathability and porosity of the surface materials and has a low maintenance cost.
North America, Japan, & Europe silicone water repellent for construction market is projected to register a CAGR of 7.19% to reach USD 736.50 million by the end of 2030.
North America, Japan, & Europe Silicone Water Repellent for Construction Market Forecast to 2030
The North America, Japan, & Europe silicone water repellent for construction market is expected to register healthy growth during the forecast period, 2021–2030. The prominent factor driving the growth of the North AMERICA, JAPAN, & EUROPE silicone water repellent is the growth of the construction industry, which is resulting in increased demand for silicone water repellent in end-use applications.
Thermal Ceramics Market
The global thermal ceramics market’s expansion is mostly dependent on advancements in the building industry. The requirement to construct thermally insulated areas can only be satisfied by using thermal ceramics such as insulation bricks or ceramic fibers, which is driving market demand. The use of thermal ceramics in mining and metal processing has also played a significant role in market growth in the past and is expected to continue to do so in the future.
Global Thermal Ceramics Market to surpass USD 8.2 billion by 2030 from USD 4.5 billion in 2020 at a CAGR of 5.4% in the coming years, i.e., 2021-30.
Thermal Ceramics Market : Segmented by Type (Ceramic fabric and insulation brick), By End user (Mining & metal processing, chemicals & petrochemicals, construction, manufacturing, power generation, aerospace and Others), and Region – Global Analysis of Market Size, Share & Trends for 2019–2020 and Forecasts to 2030
Thermal ceramics have also been used extensively in the chemical sector for both testing and the production of critical products. The carcinogenic quality of ceramic fibres is a critical problem limiting the expansion of the thermal ceramics business. Various countries have enacted strict laws regarding the use of ceramic fibres and workplace exposure to alumina and silica.
What’s the trend for construction related industries?
One major trend is the increasing focus on sustainability and green building practices. With a growing awareness of the impact of construction on the environment, there is a demand for more sustainable building materials, designs, and construction methods. This trend is expected to continue, with more emphasis on reducing carbon emissions and promoting energy efficiency.
Another trend is the use of technology and innovation in the construction industry. From Building Information Modeling (BIM) to 3D printing and drones, technology is transforming the way construction projects are planned, designed, and executed. This trend is expected to accelerate, with more companies investing in digital tools and solutions to increase efficiency, reduce costs, and improve safety.
The COVID-19 pandemic has accelerated the adoption of remote work and digital solutions in the construction industry. As a result, there is a growing focus on virtual collaboration tools, remote site monitoring, and other technologies that can help companies stay connected and productive in a remote work environment.
Global Construction Software Market
Software used in the construction industry processes data to carry out various tasks inside buildings or to gather a design or framework that helps the client increase its productivity, seriousness, and efficiency. It facilitates planning and scheduling various tasks for building projects as well as implementing the planned techniques to fabricate the design. Additionally, construction software systems can handle tasks that were formerly controlled by general project workers, building owners, plan engineers, design subcontractors for hire, and specialty contractors for hire.
The market for construction software is anticipated to register a healthy CAGR of 9.5% during the review period.
Global Construction Software Market Research Report- Forecast till 2030
Applications across industries have demonstrated the value of innovation reception. The technology solutions specifically designed for the construction industry include cloud-based executives and project board software, to name a few examples combined with virtual and augmented reality, independent equipment, AI and artificial intelligence, IoT, vision analysis, and other technologies. As a result, the business’ operating society has undergone a significant shift from pen and paper to specific and committed software arrangements. This computerised change process has temporarily halted and is having a significant negative impact on the IT company that provided specific solutions for the building industry.
3D Reconstruction Technology Market
3D reconstruction is the procedure of catching the shape and look of genuine articles in PC vision and PC illustrations. Dynamic or aloof strategies can be utilized to finish this cycle. Non-unbending or Spatio-worldly reconstruction happens when the model is allowed to alter its shape after some time.
High reception of 3d technology in the support of social legacy and exhibition halls: High reception of 3D reconstruction technology in the upkeep of social legacy and historical centers and the making of movies and games is a key element driving the market development of the global 3D reconstruction technology market over the figure period. The use of 3D reconstruction technology, remembering the utilization for different historical centers and displays to improve the guest experience by offering augmented reality encounters, is supposed to fuel the market development.
The global 3D reconstruction technology market is anticipated to witness an approximate CAGR of 14.1 % to surpass the largest market value of USD 1,864.26 Million by the end of 2028.
3D Reconstruction Technology Market Forecast 2028
AI in Construction Market
There are several examples of projects that fall due to inaccurate planning, particularly in large construction projects such as infrastructure buildings. This is where generative design, an exploration process based on AI technology, comes into play.
An AI-based system, with access to a database of many previously built building plans, can develop alternative designs based on the knowledge gained from the database plans. Designers and engineers may simply insert design objectives into the generative design software along with parameters such as spatial specifications, efficiency, materials, cost constraints, and many more.
Global AI in the construction market is estimated to exceed USD 2638.53 million by 2030 from USD 406 million in 2019 at a CAGR of 18.94% during the forecast period i.e. 2020-2030.
Global AI in Construction Market Analysis and Forecast Report 2030
Artificial Intelligence has been very beneficial to the construction industry in recent years, particularly in pre-construction phases such as planning and design, allowing for advanced capabilities in building information modeling and generative design.
Furthermore, major developments in surveillance, monitoring, and maintenance systems that use AI capabilities to predict and warn of adverse circumstances are increasingly increasing the role of AI-based technology in the construction sector.