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The global construction market size reached a value of approximately USD 13.57 trillion in 2023. The market is further estimated to grow at a CAGR of 6.5% between 2024 and 2032 to attain a value of around USD 23.92 trillion by 2032.
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The Asia Pacific is Witnessing Rapid Growth, Supported by Favourable Government Initiatives
China has established its position as one of the largest construction markets in the world due to factors like a wide population base and rapid urbanisation. An increasing number of government-funded infrastructure projects, coupled with the rising foreign investments in the China construction industry, are also favouring the market expansion. Besides, the growing tourism sector and surging retail activities are further fuelling the market in the country.
India also accounts for a significant construction market share amid healthy economic development, the rising construction of smart cities, and growing infrastructural development activities. The robust growth of the construction and logistics sectors and the surging development of cold storage are also propelling the market growth in India.
Europe to Grow at a Healthy Pace in the Forecast Period
In Europe, countries such as the United Kingdom, Germany, France, and Italy are driving the market growth due to their healthy economic development. The UK construction market size, especially, is expanding amid the modernisation of ageing infrastructure and the growing housing demand. Currently, the United Kingdom exports most of its total building materials to European countries. It also imports a significant percentage of the complete construction building materials from other European countries.
According to the construction industry statistics, residential construction activities are significantly increasing amid the rising demand for housing and the improving living standards of the middle-class population. Meanwhile, the commercial construction market revenue is expected to rise amid the robust growth of sectors like hospitality, retail, leisure, and healthcare, among others. Further, evolving regulations regarding worker safety and sustainability are prompting key players to adopt innovative technologies in commercial construction activities.
Construction refers to the act of creating commercial, institutional, or residential infrastructures like bridges, buildings, roads, and other structures. The different materials used in modern-day construction include clay, stone, timber, brick, concrete, metals, and plastics, among others.
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The market for construction, based on end use, can be divided into:
The report also covers the regional markets for construction like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rapid Urbanisation and Growing Infrastructure Development to Aid the Market Growth
The global construction market growth is being driven by factors like rapid urbanisation. With the growing shift of individuals towards urban regions for better living standards and employment opportunities, the requirement for new construction activities of infrastructures such as roads, commercial buildings, and houses is rising.
An increase in infrastructure spending by governments across the globe is further fuelling the construction sector expansion. For instance, in November 2020, the United Kingdom government decided to invest £10 billion National Home Building Fund to build more affordable, sustainable, and beautiful homes across England and meet growing housing demands for the vulnerable population.
Increasing private sector investments, coupled with the expanding manufacturing footprint and rising foreign investments in emerging nations, are further aiding the construction market development. In developed regions, ongoing non-residential construction activities, such as education, healthcare, and industrial facilities, are expected to be the key drivers for the market in the coming years.
Rising Trend of Sustainability to Propel the Construction Sector Demand
As per the construction market analysis, there is a rising shift towards green construction and eco-friendly practices. Green materials like low-VOC paints, sustainable wood alternatives, recycled steel, and energy-efficient insulation are increasingly used in construction activities to enhance energy efficiency, lower carbon footprints, and improve indoor air quality.
Government initiatives towards the circular economy are leading to the efficient use of resources and the reduction of construction and demolition waste, thereby reducing costs and negative environmental impacts associated with construction. The growing focus of governments on the construction of net-zero buildings is also providing a positive construction market outlook. For instance, the Climate and Resilience Law adopted by the French government for 2021-2026 intends to accelerate the green transition, which includes a revision of thermal regulation for new buildings.
Technological Advancements and Innovations to Aid the Construction Market Expansion
The global construction sector demand is aided by the reduction in time enabled by the usage of technologies such as BIM (3D & 4D), laser scanning, 3D printing, and smart building systems.
The integration of digital technologies like artificial intelligence (AI), advanced analytics (AA), and machine learning (ML) by stakeholders like contractors, builders, and others, for better business outcomes and to overcome challenges like labour shortages are expected to aid the market for construction over the forecast period.
Some other crucial construction market trends are technological advancements such as virtual and augmented reality, digital twin, blockchain, and 3D printing to create lightweight yet high-strength components and structures, stimulate and predict decisions based on real-world conditions, facilitate efficient procurement strategies, and enable collaboration, communication, and safety.
The report gives a detailed analysis of the following key players in the market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Report Features | Details |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by End-Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Construction Market Analysis
8.1 Key Industry Highlights
8.2 Global Construction Historical Market (2018-2023)
8.3 Global Construction Market Forecast (2024-2032)
8.4 Global Construction Market by End-Use
8.4.1 Commercial
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Residential
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Industrial
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Education and Research
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Medical and Healthcare
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Others
8.5 Global Construction Market by Region
8.5.1 North America
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Europe
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Asia Pacific
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Latin America
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Middle East and Africa
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
9 North America Construction Market Analysis
9.1 Market by End-Use
9.2 Market by Country
9.2.1 United States of America
9.2.1.1 Historical Trend (2018-2023)
9.2.1.2 Forecast Trend (2024-2032)
9.2.2 Canada
9.2.2.1 Historical Trend (2018-2023)
9.2.2.2 Forecast Trend (2024-2032)
10 Europe Construction Market Analysis
10.1 Market by End-Use
10.2 Market by Country
10.2.1 United Kingdom
10.2.1.1 Historical Trend (2018-2023)
10.2.1.2 Forecast Trend (2024-2032)
10.2.2 Germany
10.2.2.1 Historical Trend (2018-2023)
10.2.2.2 Forecast Trend (2024-2032)
10.2.3 France
10.2.3.1 Historical Trend (2018-2023)
10.2.3.2 Forecast Trend (2024-2032)
10.2.4 Italy
10.2.4.1 Historical Trend (2018-2023)
10.2.4.2 Forecast Trend (2024-2032)
10.2.5 Others
11 Asia Pacific Construction Market Analysis
11.1 Market by End-Use
11.2 Market by Country
11.2.1 China
11.2.1.1 Historical Trend (2018-2023)
11.2.1.2 Forecast Trend (2024-2032)
11.2.2 Japan
11.2.2.1 Historical Trend (2018-2023)
11.2.2.2 Forecast Trend (2024-2032)
11.2.3 India
11.2.3.1 Historical Trend (2018-2023)
11.2.3.2 Forecast Trend (2024-2032)
11.2.4 ASEAN
11.2.4.1 Historical Trend (2018-2023)
11.2.4.2 Forecast Trend (2024-2032)
11.2.5 South Korea
11.2.5.1 Historical Trend (2018-2023)
11.2.5.2 Forecast Trend (2024-2032)
11.2.6 Australia
11.2.6.1 Historical Trend (2018-2023)
11.2.6.2 Forecast Trend (2024-2032)
11.2.7 Others
12 Latin America Construction Market Analysis
12.1 Market by End-Use
12.2 Market by Country
12.2.1 Brazil
12.2.1.1 Historical Trend (2018-2023)
12.2.1.2 Forecast Trend (2024-2032)
12.2.2 Argentina
12.2.2.1 Historical Trend (2018-2023)
12.2.2.2 Forecast Trend (2024-2032)
12.2.3 Mexico
12.2.3.1 Historical Trend (2018-2023)
12.2.3.2 Forecast Trend (2024-2032)
12.2.4 Others
13 Middle East and Africa Construction Market Analysis
13.1 Market by End-Use
13.2 Market by Country
13.2.1 Saudi Arabia
13.2.1.1 Historical Trend (2018-2023)
13.2.1.2 Forecast Trend (2024-2032)
13.2.2 United Arab Emirates
13.2.2.1 Historical Trend (2018-2023)
13.2.2.2 Forecast Trend (2024-2032)
13.2.3 Nigeria
13.2.3.1 Historical Trend (2018-2023)
13.2.3.2 Forecast Trend (2024-2032)
13.2.4 South Africa
13.2.4.1 Historical Trend (2018-2023)
13.2.4.2 Forecast Trend (2024-2032)
13.2.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ACS, ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS, S.A.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 HOCHTIEF Aktiengesellschaft
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 VINCI SA
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 China Communications Construction Company Limited
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Bouygues SA
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 STRABAG International GmbH
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Power Construction Corporation of China
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 China State Construction Engrg. Corp. Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Skanska AB
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Ferrovial SE
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Fluor Corporation
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 PCL Constructors Inc.
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 Eiffage S.A. (Eiffage Construction)
15.2.13.1 Company Overview
15.2.13.2 Product Portfolio
15.2.13.3 Demographic Reach and Achievements
15.2.13.4 Certifications
15.2.14 Bechtel Corporation
15.2.14.1 Company Overview
15.2.14.2 Product Portfolio
15.2.14.3 Demographic Reach and Achievements
15.2.14.4 Certifications
15.2.15 Kiewit Corporation
15.2.15.1 Company Overview
15.2.15.2 Product Portfolio
15.2.15.3 Demographic Reach and Achievements
15.2.15.4 Certifications
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Construction Market: Key Industry Highlights, 2018 and 2032
2. Global Construction Historical Market: Breakup by End-Use (USD Million), 2018-2023
3. Global Construction Market Forecast: Breakup by End-Use (USD Million), 2024-2032
4. Global Construction Historical Market: Breakup by Region (USD Million), 2018-2023
5. Global Construction Market Forecast: Breakup by Region (USD Million), 2024-2032
6. North America Construction Historical Market: Breakup by Country (USD Million), 2018-2023
7. North America Construction Market Forecast: Breakup by Country (USD Million), 2024-2032
8. Europe Construction Historical Market: Breakup by Country (USD Million), 2018-2023
9. Europe Construction Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Asia Pacific Construction Historical Market: Breakup by Country (USD Million), 2018-2023
11. Asia Pacific Construction Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Latin America Construction Historical Market: Breakup by Country (USD Million), 2018-2023
13. Latin America Construction Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Middle East and Africa Construction Historical Market: Breakup by Country (USD Million), 2018-2023
15. Middle East and Africa Construction Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Global Construction Market Structure
In 2023, the market attained a value of approximately USD 13.57 trillion.
The market is projected to grow at a CAGR of 6.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 23.92 trillion by 2032.
The major drivers of the market include the growing global population, rapid urbanisation, rising disposable incomes, increasing modernisation of ageing infrastructure, rising private sector investments, increased investments in construction activities, and growing housing demand.
Growing expenditure on infrastructure projects by various governments and the rise in domestic manufacturing are the key trends in the market.
The major regions in the market are North America, Latin America, Europe, Middle East and Africa, and Asia Pacific.
Commercial, residential, industrial, education and research, and medical and healthcare, among others, are the various end uses of construction.
The major players in the market are ACS, ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS, S.A., HOCHTIEF Aktiengesellschaft, VINCI SA, China Communications Construction Company Limited, Bouygues SA, STRABAG International GmbH, Power Construction Corporation of China, China State Construction Engrg. Corp. Ltd., Skanska AB, Ferrovial SE, Fluor Corporation, PCL Constructors Inc., Eiffage S.A. (Eiffage Construction), Bechtel Corporation, and Kiewit Corporation.
The global construction market attained a value of USD 13.57 trillion in 2023, driven by growing expenditure on infrastructure projects by governments. Aided by the rapid urbanisation and increasing modernisation of ageing infrastructure, the market is projected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 6.5% to attain approximately USD 23.92 trillion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. Based on end use, the global construction market can be segmented into commercial, residential, industrial, education and research, and medical and healthcare, among others. The major regional markets for construction are North America, Latin America, Europe, Middle East and Africa, and Asia Pacific, with Latin America. The key players in the above market include ACS, ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS, S.A., HOCHTIEF Aktiengesellschaft, VINCI SA, China Communications Construction Company Limited, Bouygues SA, STRABAG International GmbH, Power Construction Corporation of China, China State Construction Engrg. Corp. Ltd., Skanska AB, Ferrovial SE, Fluor Corporation, PCL Constructors Inc., Eiffage S.A. (Eiffage Construction), Bechtel Corporation, and Kiewit Corporation.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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