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.
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.
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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.