With global population expected to reach 9.8 billion by 2050 and two out of three people predicted to be living in urban areas according to the United Nations, construction is seeing greater demand than ever before. With the increase in population, more people are shifting to cities and this is increasing the congestion in urban regions. Hence, construction of residential units with sustainable and efficient solutions (products) has become highly important. Construction products is a broad category and includes equipment, raw materials etc. With rapid growth in construction industry worldwide, demand for construction products is anticipated to mount at a considerable rate.
The global construction products market is expected to witness steady growth in the near future. Rapid growth in middle class population due to increase in disposable income has led to a surge in construction of housing units and other residential activities. This has led to the increase in demand for construction products. Rising environmental concerns have led to growth in demand for sustainable infrastructure by adoption of eco – friendly construction materials which in turn is driving the growth of the construction products market. Additionally, government initiatives to increase the number of smart cities globally are also impacting the growth of the construction products market. Increased demand for public services such as public transport, road networks, drainage and sewage systems etc. is also enhancing the growth of the market. However, uncertain macro-economic conditions such as material crisis, price fluctuation of construction products, government instability in specific countries etc. are some of the key factors that restraint the growth of the construction products market. Increase in the number of mergers & acquisitions and collaborations of overseas based companies with local companies to cover untapped markets are key opportunities for growth of the construction products market.
One of the prominent trends emerging in the global construction products market is adoption of advanced technologies to increase efficiency. Application of new technologies and materials is helping to increase the productivity in the construction industry. Prefabricated modular building blocks, high-performance concrete, durable bricks, condensed silica fume, mineral admixtures, and high-volume fly ash concrete are some of the examples of technologically advanced construction products. Usage of drones, virtual reality, augmented reality, BIM, and project management are revolutionizing the construction products market.
The global construction products market can be segmented on the basis of product type, end-use application, and geography. Based on product type, the construction products market can be segmented into equipment and other products. Equipment can be further sub segmented into light and heavy equipment. Examples of light equipment includes machinery for concrete mixing, compaction, dewatering, heating, sanding and grinding, welding and drilling etc. whereas heavy machinery includes earthmoving, material handling, heavy construction vehicles etc. Construction products include cement, concrete bricks, metals, construction aggregates, and other associated materials. According to end-use application, the construction products market can be segmented into industrial, residential, and commercial construction. In terms of geography, the construction products market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific region is acquiring a major market share in terms of application of construction products due to growth of the construction industry in China, India, and many Southeast Asian countries. However, in terms of application of technology, the Middle East, U.S. and Europe acquiring major market share.
Some of the prominent players operating in the global construction products market include LafargeHolcim, HeidelbergCement, China National Building Material Company, CEMEX, Aditya Birla Group, OKUTAMA KOGYO, James Hardie Building Products, Ambuja Cements, DALMIA BHARAT, Vulcan Materials, Cementir Holding, Shandong Shanshui Cement Group (Sunnsy), China Resources Cement Holdings, Athabasca Minerals, Beijing Jinyu Group etc. These players compete with each other with respect to technological advancements, new product designs, etc. in order to have a competitive edge in the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.