Dubai, UAE, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Global Modular Construction Market Report Forecast 2032:
According to a recent market research report published by Extrapolate, the global Modular Construction Market size was valued at USD 101.3 billion in 2022 and is anticipated to reach a valuation of USD 168.7 billion by 2032, recording a CAGR of around 5.8% during the projection period 2023-2032.
Modular construction is gaining popularity in developing economies due to rapid urbanization, cost-effectiveness, time efficiency, minimal site interruptions, and reduced waste. Construction work conducted inside plants reduces weather-related risks, increases flexibility, and saves energy. Demand for modular construction has increased, especially in the residential and commercial sectors. The release of the I-Class Kitchen by Panasonic in November 2022 is an example of marketing initiatives driving growth. Reduced prices, increased supply, population growth, novel manufacturing techniques, and urbanization are fueling this growth. AMANA Investments' DuPod and DuBox platforms are introducing innovative manufacturing methods, and increased investment in infrastructure projects is expected to further expand the industry.
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In February 2023, Roy Vitteril, a business development manager at RCM, made a statement declaring that modular construction technology has reached an inflection point and is so powerful that it is transforming society. He believes that prevailing foundational beliefs are being unraveled and that organizations are now determining the future through intentional design. One of the major design trends he sees is the increasing adoption of modular construction due to its fixed price, lump-sum costs, minimal job site interruptions, single source responsibility, and shorter schedules.
Competitive Landscape
The competitive landscape for the modular construction industry consists of key players such as Red Sea International, Petroliam Nasional Berhad (PETRONAS), Bouygues Construction, Northgate Industries Ltd., and ATCO LTD. For instance, a consortium of investors led by Trinity Capital Inc. and Horizon Technology Finance Corporation provided money to Nexii Building Solutions in the amount of USD 35 million in July 2022. With the aid of this financing, Nexii was able to establish a cutting-edge, efficient, and environmentally friendly facility that accelerated its manufacturing capacity and ongoing expansion.
Key Players:
- Red Sea International
- Petroliam Nasional Berhad (PETRONAS)
- Bouygues Construction
- Northgate Industries Ltd
- ATCO LTD
- Kleusberg GmbH & Co KG
- Laing O'rourke
- Ramtech Building SystemsInc
- VESTA Modular
- Sika AG
- Panasonic Corporation
- MiTek Inc
- Nexii Building Solutions Inc
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The global modular construction market is segmented as follows::
Segmentation By Material
- Wood
- Steel
- Concrete
- Others
Segmentation By Type
- Relocatable
- Permanent
Permanent Modular Construction Segment to Generate over 63.9% Market Revenue
The permanent modular construction segment dominated the sector in 2021 and is expected to continue holding its significant modular construction market share over the predicted period. The segment accounts for more than 63.9% of the total revenue share. Additionally, it is anticipated to increase at the fastest rate between 2022 and 2030. Compared to on-site construction, it provides superior quality control. These modules can be created to stand alone or be integrated into an existing building.
The permanent modular construction segment is experiencing the fastest growth as it can be delivered quickly and affordably as a turnkey solution or retrofitted into existing buildings. These structures were created with the intention of being relocated to other project locations and then reused and repurposed. Given the growing relevance of temporary housing for emergency and relief operations over the past few years, relocatable modular construction is anticipated to experience steady expansion.
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Segmentation By Module Type
- Open-sided
- Partially Open-sided
- Four-sided
- Mixed Modules & Floor Cassettes
- Others
Segmentation By Application
- Commercial
- Residential
- Healthcare
- Hospitality
- Others
Residential Segment to Dominate Global Modular Construction Market Owing 52.60% of Overall Revenue
In 2021, the residential segment accounted for the biggest portion of overall revenue (52.60%), and from 2022 to 2030, it is predicted to expand at the fastest growth rate.
The demand for the residential segment is attributable to driving factors such as quick construction, the practicality of difficult designs, and the construction of distinctive and adaptable dwellings that meet community needs. Single-family homes, multi-story residential structures, and rental housing complexes are all included in the residential application section. The capacity of modular construction to considerably reduce building costs and time is driving its fast adoption in residential applications.
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Europe Captured Over 45.60% of Revenue, Conferring Dominance in the Modular Construction Market
Europe accounts for more than 45.60% revenue share of the global modular construction market. High market penetration in Germany, Finland, the United Kingdom, and Sweden is contributing to the market growth. Additionally, the growing number of migrants is expected to stimulate the building of both temporary and permanent housing structures in the area. The regional market in Europe is also being driven by elements such as heavy investments and the adoption of cutting-edge technologies.
The European Commission created a funding initiative worth USD 4.08 billion in 2020 with the objective of fueling the construction of green modular buildings. The program's goals include increasing modular construction by 25% by 2025 while lowering energy use and greenhouse gas emissions. The funding will be used to create novel building methods and technologies as well as to retrofit existing structures with modular building systems for greater resilience and sustainability.
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Modular Construction Market
Chapter 5. Global Modular Construction Market Overview, By Type, 2018 - 2032 (USD Million)
Continued…….
Part II: Global Construction Chemicals Market Outlook To 2032:
As per the latest research report released by Extrapolate, the global Construction Chemicals Market size was valued at USD 37.9 Bn in 2022 and is projected to reach USD 69.1 Bn by 2032, exhibiting a CAGR of 6.1% during the projection period of 2023-2032.
The growth of the construction chemicals market is expected to be driven primarily by the expanding new construction and repair & rehabilitation sectors in developing economies. The industry's growth is likely to be fueled by the increasing demand for residential and non-residential buildings in several nations, owing to the rapid population increase. As a result, the use of cement has also increased, which has led to a high demand for various construction chemicals.
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Key Insights
- Based on the product, the concrete admixtures segment is anticipated to hold the largest share of the global construction chemicals market.
- Based on the end-user, the residential segment is expected to grow at a rapid CAGR throughout the projection period.
- The growing construction sector in developing economies is contributing to market growth.
- By region, the market is expected to be dominated by North America.
The global construction chemicals market is segmented as follows:
Segmentation By Product
- Protective Coatings
- Industrial Flooring
- Waterproofing
- Concrete Admixture
- Surface Treatment
- Adhesives & Sealants
- Others
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Concrete Admixture Segment to Account for Maximum Revenue of Global Construction Chemicals Market
The concrete admixture segment is anticipated to hold the largest market share during the projection period. Concrete admixtures improve the concrete by offering numerous advantages such as a low cement-water ratio, a quicker setting time, less segregation, and improved permeability leading to the rising use of concrete admixture in the construction industry. The growing construction sector in nations such as the United Kingdom, and Germany is the major factor in the increasing use of concrete admixtures, which is ultimately bolstering the growth of the segment.
Additionally, the waterproofing segment is projected to experience steady growth during the forecast period. The increasing utilization of waterproofing chemicals at the construction stage as a maintenance and preventative waterproofing element is anticipated to support the segment's growth in the forthcoming years.
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Segmentation By End-user
- Commercial
- Industrial
- Residential
Residential Segment to Hold Largest Share of Global Construction Chemicals Market
The residential segment is predicted to dominate the market share throughout the projection period. The segment is likely to grow in the upcoming years owing to several factors such as comfort, prestige, and privacy. A lot of locals have shown a great deal of interest in purchasing luxury residences worldwide. The segment's growth has eventually been aided by the growing number of elite housing projects across the globe.
The demand for luxury residences is anticipated to rise in several nations such as the United States, Canada, Germany, and the United Kingdom due to the expanding economic strength and significant investments made by the elite class. As a result, the market for construction chemicals is likely to gain from it. For instance, the Sao Paulo State Housing Union (Secovi-SP) reported that 5,555 brand-new luxury homes were sold in Sao Paulo in October 2021. As a result of the consumer expenditure on residential housing, the number is more likely to rise. In addition, the sector for residential construction is anticipated to be supported by Brazil's expanding single-family housing trend in the upcoming years.
North America to Dominate Global Construction Chemicals Market
According to Extrapolate, North America is projected to dominate the market during the forecast period. The rapid industrialization of the developing economies leads to significant growth opportunities in developing nations throughout the North American region. The growth of the North American market is primarily supported by rising government investments as well as foreign investments related to construction activities. Recent years have experienced significant growth in the regional construction sector due to favorable government initiatives in nations such as the US and Canada to support the infrastructure sector, along with the booming residential sector.
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The global market for construction chemicals is being driven by the rapidly rising demand for public, commercial, and residential structures as well as the technologically advanced construction sector. Moreover, the regional market is being driven by demand for structures, including dams, highways, bridges, and tunnels, to improve the nation's infrastructure. As a result of this trend, construction chemical sales are estimated to rise in the forthcoming years.
Competitive Landscape of Global Construction Chemicals Market
The global construction chemicals market is highly competitive with the presence of local and international market players. To enhance their overall market share, industrial participants are primarily concentrating on mergers and acquisitions as well as strategic alliances. Also, most firms are investing in the development of novel and innovative products to provide themselves with a competitive edge in both domestic and international markets.
For applications in both new and old infrastructure, prominent market players also provide a wide range of construction chemicals. For instance, Sika AG offers a variety of chemical building products that are utilized in flooring, insulation, repair & rehabilitation, cement, and other applications.
Key Players
- Arkema
- Ashland
- BASF SE
- DuPont
- JSW Cement
- M&I Materials Ltd
- Nippon Paint
- Pidilite Industries Ltd.
- RPM International Inc.
- Sika AG
Browse Complete TOC: https://www.extrapolate.com/toc/chemicals-and-advanced-materials/construction-chemicals-market/87424
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Global Construction Chemicals Market
Chapter 5. Global Construction Chemicals Market Overview, By Product, 2018 - 2032 (USD Million)
Continued…..
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