Building Construction Market – Global Opportunity Analysis and Industry Forecast, 2021-2031
PORTLAND, OR, USA, July 18, 2022 /EINPresswire.com/ — The building market size was valued at $5,412.80 billion in 2021 and is projected to reach $11,121.90 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031. Building construction refers to any physical activity on site involved in formwork which are the forms in place to keep the concrete wet until set, exterior finish, coating and erection of the structure. The increase in government expenditures for the development, reconstruction and repair of infrastructure in various countries leads to an increase in the demand for various building materials and elements.
In addition, certain construction materials, such as ready-mixed concrete and precast products, reduce construction time, which, in turn, reduces project costs and time. In addition, these products are cost effective and reduce wastage of raw materials. In addition, innovation in manufacturing technology improves quality and production capacity. These factors are expected to propel the growth of the market.
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However, the initial investment costs are high to set up a building materials production plant. This leads customers to buy products in bulk at discounted rates. In addition, environmental awareness has increased, leading to the adoption of sustainable and environmentally friendly building materials for the construction of homes and offices. These factors are hampering the growth of the building construction market.
On the contrary, rapid urbanization and industrialization in developing countries has given rise to construction activities, which is a major building construction market opportunity.
Building construction market segmented on the basis of type, end-user, construction type, application and region. Based on the type, it is further categorized into residential and non-residential. By end user, it is divided into private and public. By type of construction, it is classified into owned and leased. By application, it is classified as new construction and renovation. Regionally, the market is analyzed in North America (United States, Canada and Mexico), Europe (Germany, France, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan , South Korea, India, and Rest of Asia-Pacific) and LAMEA (Latin America, Middle East and Africa).
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Key players profiled in the Global Building Construction Market analysis are ACS, Actividades De Construction Services, Bouygues SA, China Evergrande Group, China State Construction Engineering Corporation Ltd., Country Garden Holdings Co. Ltd., Daiwa House Group , DR Horton Inc., Greenland Holding Group, HOCHTIEF, Lennar Corporation, Power Construction Corp of China, Skanska, Sunac China Holdings Ltd., The Metallurgical Corp of China and VINCI.
Major companies in the market have adopted product launch, partnership, business expansion, and acquisition as the main development strategies to offer better products and services to customers in the building construction market.
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