Modular Construction Materials Market is expected to hit USD 157.56 Bn by 2029 at a CAGR of 5.9 percent – says Maximize Market Research

Pune, June 13, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, a renowned Material & Chemical consulting firm has recently released a comprehensive market intelligence report titled "Modular Construction Materials Market" The report offers a conscientious analysis of the Modular Construction Materials Market using a combination of primary and secondary data sources and insights from domain experts. It presents a comprehensive outlook of the market at both regional and global levels. According to Maximize Market Research, the Modular Construction Materials industry is expected to exhibit a robust growth trajectory, with the market value expected to grow from USD 105.48 billion in 2022 to USD 157.56 billion by 2029, representing a notable compound annual growth rate of 5.9 percent over the forecast period.

Modular Construction Materials Market Report Scope and Research Methodology

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• The Modular Construction Materials Market report includes PORTER, PESTEL analysis, and the potential macroeconomic factors and their impact on the market.
• The report is carved using a bottom-up market sizing approach to calculate the precise market size by considering a macro and micro analysis of all potential customers, revenue, and the current market.
• The report is a microanalysis of the Modular Construction Materials Market, which caters to the needs of stakeholders in the industry. It also, represents a comprehensive overview of the past and current status of the industry, along with the market size and trends, using simple language.
  

Modular Construction Materials Market Overview

The modular construction materials market is expected to gain traction within the forecast period due to its advantages and benefits over the traditional construction method. Modular construction involves the use of pre-manufactured components that are produced off-site and then transported to the construction site for assembly.

The modular construction approach is faster, cost-saving, improves quality, and mainly reduces environmental impact. Also with the increasing demand for affordable housing, infrastructure development, and sustainable building practices market is expected to boost the market. However, challenges and restraints such as limited design flexibility and the required skilled worker in the assembly process. Overall established market players and emerging companies capitalize on the growing demand for innovative construction solutions.

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Modular Construction Materials Market Dynamics:

The construction industry is the largest worldwide still it is one of the slowest-growing sectors, the market is expected to boost with the advantages attributed to cost-effectiveness, waste reduction, and shorter construction timelines associated with modular construction techniques. The hotels and motels are expected to witness the highest growth rate. Also, the awareness among developers, architects, and general contractors creates a high demand for modular construction materials. Also, modular construction fulfills evolving needs such as relocatable buildings and constructions that are refurbished to meet new trends which are significant savings compared to traditional construction methods. Furthermore, increasing investments in infrastructure development is expected to present lucrative growth opportunities for market key players in the Modular Construction Materials Market.

The shortage of construction materials has led to increased prices, posing a major restraint to market growth. In 2022 the study reported that construction material prices for non-residential projects will rise by approximately 17 percent since 2021. While modular construction may not be suitable for every project, its applications, and accompanying techniques are increasingly diversifying. They can be assembled in less time required than traditional projects of comparable scale, regardless of the materials used. While modular construction may not be suitable for every project, its applications, and accompanying techniques are increasingly diversifying. All of these trends are expected to fuel the global Modular Construction Materials Industry in the forecast period, particularly in providing affordable housing solutions.

Modular Construction Materials Market Regional Insights

North America held the largest market share of the modular construction materials market, thanks to the increasing adoption of modular construction in new projects. The region has witnessed significant growth in the modular construction market, creating a demand for modular construction materials. Despite rising raw material prices and interest rates, the construction output has increased due to rapid expansion in the residential housing sector. Federal construction and infrastructure programs, along with substantial investments, are further expected to contribute to regional market growth. Also, the Asia Pacific is expected to dominate the global market during the forecast period, the Asia Pacific Modular Construction Materials Market is driven by factors such as population growth, urbanization, expanding industries, and significant investments in the construction sector. The Indian government's focus on infrastructure development, as outlined in the budget for 2023, will propel the construction sector and subsequently boost demand for building materials.

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Modular Construction Materials Market Segmentation

By Material:

• Steel
• Concrete/Cement
• Wood
• Plastic

By Modular Construction Type:

• Permanent
• Temporary        

The Modular Construction Materials Market is segmented into Permanent and Temporary modular construction. In 2022, the Permanent segment held the largest market share and is expected to grow at a high rate within the forecast period. The demand for modular construction materials in permanent modular houses is driven by their ease of construction and cost-effectiveness. The Temporary segment is also anticipated to witness significant growth, owing to the flexibility and relocation options offered by temporary modular buildings.

By Application:

• Residential Buildings
• Commercial Buildings
• Industrial Buildings
  

Key Competitors include:

Steel

• ArcelorMittal

• Nippon Steel & Sumitomo Metal Corporation (NSSMC)

• A-1 Alloys

• Tata Steel Limited

• China Baowu Steel Group Corp., Ltd

• Nucor

Concrete/Cement

• Cemex

• Vulcan Materials Co.

• Holcim

• HeidelbergCement

• UltraTech RMC

• JK Cement

Wood

• WOODCHUCK USA

• Excel Dowel & Wood Products LLC

• Richwood Industries

• Jaywood Pallet Mfg. Co.

Plastic

• LyondellBasell

• BASF

• Dow Chemical Company

• SABIC

The Modular Construction Materials Market features key competitors with insights into their pricing, financial positions, growth strategies, and regional presence. The report provides in-depth knowledge about recent developments, ventures, mergers, acquisitions, and others. As the market continues to grow, new entrants are attracted to the sector. Notable players in the market include China Baowu Steel Group Corp., Ltd, Nucor Corporation, ACC Limited, Holcim Group, and Adani Group.

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Key questions answered in the Modular Construction Materials Market are:

• What growth strategies are the players considering to increase their presence in the market
• Modular Construction Materials Market?
• What is the Modular Construction Materials Market?
• What is the expected Modular Construction Materials Market size during the forecast period?
• Which segment dominated the Modular Construction Materials Market growth?
• What are the global trends in the Modular Construction Materials Market?
• What are the major restraints for the Modular Construction Materials Market?
• What was the Modular Construction Materials Market size in 2021?
• Which region dominates the largest market share in Modular Construction Materials Market?
• What is the demand pattern for the Modular Construction Materials Market?
• What are the upcoming industry applications and trends for the Modular Construction Materials Market?
• Who are the leading companies and what are their portfolios in Modular Construction Materials Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, Organization Size, Application, and Industry Vertical
• Market Segmentation – A detailed analysis by Material, Modular Construction Type, and End-User
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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Brick Making Machines Market- The market size is expected to reach USD 2.83 Bn by 2029 at a CAGR of 4.4 percent during the forecast period. The increase in demand for efficient, improved, and economic machinery for construction purposes has increased the demand for brick-making machinery across the world.

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Off-site Construction Market - The market size is expected to reach USD 369.72 Bn by 2029 at a CAGR of 5.8 percent during the forecast period. Smart and Emerging technologies shaping the future of the Industry and off-site construction Market.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.