Major companies in the building construction market include China State Construction Engineering Co Ltd; D. R. Horton Inc; China Railway Construction Corporation Limited; Lennar Corporation and Kiewit Building Group.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Buildings Construction Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018927/?utm_source=GNW
The global buildings construction market is expected to grow from $5878.86 billion in 2020 to $6454.05 billion in 2021 at a compound annual growth rate (CAGR) of 9.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8751.56 billion in 2025 at a CAGR of 8%.
The building construction market consists of sales of buildings construction services and related goods by entities (organizations, sole traders and partnerships) that construct buildings. Establishments that prepare sites for new construction and those that subdivide land for sale as building sites are included in this market. The building construction market includes new work, additions, alterations, maintenance, and repairs. The buildings construction market is segmented into residential building construction and non-residential building construction.
Asia Pacific was the largest region in the global buildings construction market, accounting for 44% of the market in 2020. North America was the second largest region accounting for 27% of the global buildings construction market. Africa was the smallest region in the global buildings construction market.
Building construction companies are increasingly using green construction techniques to build energy efficient buildings and reduce construction costs. Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact. According to World Green Building Trends Survey 2015, about 51% of construction firms in the UK were involved in green construction projects. Certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies to develop high-performance, sustainable residential and commercial buildings, and also offer a variety of benefits, from tax deductions to marketing opportunities. Sustainable construction materials such as natural paints and steel beams made from recycled material are being widely used in the UK. Other green construction techniques such as cross-ventilation for more natural environment, green construction software such as Construction Suite to ensure green compliance, and Green Globes management tool are also being used in the construction industry. For instance, some, Major companies using green construction techniques include Turner Construction Co, Clark Group, AECOM, Hensel Phelps and Holder Construction.
Buildings construction costs have increased steadily due to rising material costs in the historic period. Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil, a key component of asphalt increased by 49%, softwood lumber, a major component used for buildings construction, which rose by 23% during historic period. In 2018, cement prices rose 2.5% and plumbing and fixtures increased by 3% in the US. High material prices adversely affected the buildings construction market during historic period.
The population profile of most countries is becoming older, increasing the demand for elderly friendly infrastructure. According to estimates based on the US Population Reference Bureau data, global population over the age of 65 increased by around 33% between 2013-2017, from 450 million to 601 million. So, the demand for infrastructural improvements which is ’elderly’ friendly increased during the historic period. Houses and the wider surroundings had to be adapted to be made safer and more inclusive. Better residential as well nonresidential buildings had to be made more accessible to the elderly. This resulted in increased buildings construction activity.
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