Asia Pacific Prefabricated Construction Industry Report 2023: Rising Inflation and Subsequent Surge in Construction Material Prices to Support Prefabricated Construction Market Growth
DUBLIN, May 19, 2023 /PRNewswire/ -- The "Asia Pacific Prefabricated Construction Industry Business and Investment Opportunities Databook - 100+ KPIs, Market Size & Forecast by End Markets, Precast Products, and Precast Materials - Q1 2023 Update" report has been added to ResearchAndMarkets.com's offering.
This report provides a detailed data-centric analysis of the prefabricated construction industry at Asia Pacific and country level, covering market opportunity, and industry dynamics by prefabricated materials, methods, and products across various construction sectors.
In addition, it provides market size and forecast of the prefabricated industry covering end markets along with demand analysis. With over 100 KPIs at the country level, this bundled offering provides comprehensive understanding of market dynamics at a more granular level.
Prefabricated construction activities are growing at a steady rate in the Asia Pacific. In China, the government undertook many different prefabricated construction projects, to build makeshift hospitals, in their fight against Covid-19. Building developers, such as Broad Group, have also undertaken prefabricated construction projects in China, thereby supporting the growth of the industry in the Asia Pacific region.
In other nations, for instance, in India, the government is considering the usage of prefabricated materials for the construction of roads. This, coupled with the investment from traditional construction firms in the prefabricated segment, is projected to keep supporting the industry growth. Overall, the publisher maintains a positive outlook for the prefabricated construction market in the Asia Pacific region over the next three to four years.
The adoption of prefabricated modules and materials is expected to grow significantly in India
The public and private investment in the Indian construction market has increased significantly over the last few years. With the government investing billions towards the development of roads and highways, the publisher expects the investment to also support the growth of the prefabricated construction industry.
In January 2023, the Ministry of State for Road Transport and Highways announced that prefabricated materials would be used for the development of road infrastructure. The use of prefabricated materials is part of the government's strategy to increase the pace of highway construction in India. In 2023, the government is planning to build 100 kilometers of the road every day, up from the 33 kilometers at present.
Apart from government initiatives, the private sector is also undertaking various prefabricated construction projects in India. L&T, for instance, constructed a 12-storey residential tower using prefabricated construction materials in 2022. Going forward, the publisher expects more such projects to be launched in the country, thereby supporting industry growth from the short to medium-term perspective.
Traditional construction and venture capital firms are foreseeing growth and investing in the prefabricated construction segment
With the demand for prefabricated modules and materials expected to grow significantly over the next five years, traditional construction firms are also seeking to expand their footprint in the segment. As a result, they are making an investment in innovative prefabricated startups in the Asia Pacific region.
In October 2022, Saint-Gobain, one of the leading global players in the construction industry, announced that the firm had made an investment in C-CUBE, the Vietnam-based modular cGMP facility firm. The Vietnam-based firm specializes in the development of innovative prefabricated construction solutions for the life sciences industry. The collaboration between the two firms is projected to allow them to further strengthen their position in the segment.
In Southeast Asia, prefabricated construction firms are gaining strong momentum and traction from venture capital firms as well. Amoda, for instance, raised an undisclosed amount of sum from East Ventures in Indonesia in July 2022. The prefabricated construction tech startup provides customers with prefabricated materials to reduce construction time and costs. In H1 2022, the firm tripled its revenue and announced that it plans to use the funding for launching a new manufacturing facility.
From the short to medium-term perspective, the publisher expects more prefabricated construction firms to raise a funding round in the Asia Pacific region, as the sector continues to record strong growth.
Rising inflation and subsequent surge in construction material prices to support prefabricated construction market growth in Asia Pacific
In 2022, many countries in the Asia Pacific region have experienced inflation rising to multi-year highs. With inflation rising and construction material prices being much higher compared to pre-pandemic levels, consumers are no longer finding new home purchases affordable. Consequently, the demand for prefabricated houses has grown substantially over the last few quarters in Asia Pacific.
With the trend projected to further continue in H1 2023, the publisher expects the prefabricated construction market to benefit from the surge in inflation and construction material prices in the short to medium-term perspective.
Furthermore, the reduced supply of affordable housing units will also force the government to implement policies in support of the prefabricated construction segment over the next three to four years. As a result, the publisher expects the prefabricated construction market to become the major beneficiary of the current macroeconomic environment in the Asia Pacific region.
A Bundled Offering: 13 Reports - 13 Country Reports
- Australia Prefabricated Construction Industry Databook Series
- Bangladesh Prefabricated Construction Industry Databook Series
- China Prefabricated Construction Industry Databook Series
- India Prefabricated Construction Industry Databook Series
- Indonesia Prefabricated Construction Industry Databook Series
- Malaysia Prefabricated Construction Industry Databook Series
- Philippines Prefabricated Construction Industry Databook Series
- Singapore Prefabricated Construction Industry Databook Series
- South Korea Prefabricated Construction Industry Databook Series
- Country Report 10 - Sri Lanka Prefabricated Construction Industry Databook Series
- Taiwan Prefabricated Construction Industry Databook Series
- Thailand Prefabricated Construction Industry Databook Series
- Vietnam Prefabricated Construction Industry Databook Series
Scope
Precast Market Size and Forecast by Building Construction Sector, 2018-2027
- Residential
- Single-Family
- Multi Family
- Commercial
- Office
- Retail
- Hospitality
- Other
- Institutional
- Industrial
Market Size and Forecast by Prefabrication Methods, 2018-2027
- Panelised construction
- Modular (Volumetric) construction
- Hybrid (Semi-volumetric) construction
By Prefabricated Material
- Aluminium
- Wood
- Iron & Steel
- Concrete
- Glass
- Other
Market Size and Forecast by Prefabricated Product, 2018-2027
- Building Superstructure
- Roof Construction
- Floor Construction
- Interior Room Modules
- Exterior Walls
- Columns & Beams
- Other
Market Size and Forecast by Prefabricated Material X Product, 2018-2027
- Aluminium (Building Superstructure, Roof Construction, Floor Construction, Interior Room Modules, Exterior Walls, Columns & Beams, Other)
- Wood (Building Superstructure, Roof Construction, Floor Construction, Interior Room Modules, Exterior Walls, Columns & Beams, Other)
- Iron & Steel (Building Superstructure, Roof Construction, Floor Construction, Interior Room Modules, Exterior Walls, Columns & Beams, Other)
- Concrete (Building Superstructure, Roof Construction, Floor Construction, Interior Room Modules, Exterior Walls, Columns & Beams, Other)
- Glass (Building Superstructure, Roof Construction, Floor Construction, Interior Room Modules, Exterior Walls, Columns & Beams, Other)
- Other (Building Superstructure, Roof Construction, Floor Construction, Interior Room Modules, Exterior Walls, Columns & Beams, Other)
Market Size and Forecast by Prefabrication Product X Construction Sector, 2018-2027
- Residential (Building Superstructure, Roof Construction, Floor Construction, Interior Room Modules, Exterior Walls, Columns & Beams, Other)
- Commercial (Building Superstructure, Roof Construction, Floor Construction, Interior Room Modules, Exterior Walls, Columns & Beams, Other)
- Industrial (Building Superstructure, Roof Construction, Floor Construction, Interior Room Modules, Exterior Walls, Columns & Beams, Other)
- Institutional (Building Superstructure, Roof Construction, Floor Construction, Interior Room Modules, Exterior Walls, Columns & Beams, Other)
For more information about this report visit https://www.researchandmarkets.com/r/ix81p9
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