Wilmington, Delaware, United States, May 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Modular Construction Materials Market was valued at US$ 101.3 Bn in 2022 and is projected to expand at a CAGR of 5.8% during the forecast period from 2023 to 2031.
Rise in awareness about the need for sustainable and eco-friendly construction practices is anticipated to propel market size in the next few years. Technological advances in modular construction are spurring demand in the global market.
Modular construction materials are increasingly becoming popular for commercial, residential, and industrial construction undertakings. This is due to their faster construction and greater efficiency in the building process.
These materials are pre-molded components that are put together off-site and are then transported to the construction site for final installation. These materials offer tangible benefits over traditional on-site construction techniques.
Modular construction materials are suitable for commercial, residential, and industrial construction processes. The selection of modular construction materials for a specific project depends on factors such as the location of the building, design, and intended use of the building. Steel, wood, concrete, and composites are the commonly used materials for modular construction.
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Market Scope:
| Market Revenue | USD 101.3 Bn | |
| Estimated Value | USD 168.2 Bn | |
| Growth Rate - CAGR | 5.8% | |
| Forecast Period | 2023 - 2031 | |
| No. of Pages | 325 Pages | |
| Market Segmentation | By Modular Construction Type, Material, End-use | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
Key Findings of Study
- Increase in Shift to Sustainable and Eco-friendly Construction Practices – Rise in awareness about environment preservation has induced the construction sector to increasingly shift to sustainable and eco-friendly construction practices. This is because traditional construction practices adversely affect the environment due to discharge of greenhouse gas emissions, excessive waste production, and resource depletion at various stages of construction.
On the other hand, modular construction materials are fabricated in a controlled manufacturing setting, where recycled materials can be used and waste can be reused. This is promoting the construction of modular buildings, which is spurring growth of the Modular Construction Materials Market.
- Technological Advancements in Modular Construction – Next-gen technologies, including building information modelling (BIM) and 3D printing, are increasingly gaining traction in the construction sector due to advantages such as improved quality, accuracy, and safety of modular construction undertakings. BIM helps to create computerized models for visual representation of the construction process and identifies possible issues even before construction commences.
3D printing enables manufacture of custom modular parts in a fast and efficient manner, and thus helps to reduce time and cost to market. Additionally, adoption of modular smart building systems, such as sensors and controls, during the modular construction process helps to construct buildings that are energy-efficient and have higher degree of sustainability. Therefore, adoption of technologically advanced modular construction process is propelling the Modular Construction Materials Market.
- Steel Segment Gaining Traction – According to recent market trends, the steel segment is anticipated to dominate the global Modular Construction Materials Market during the forecast period. Steel displays several distinctive properties, including high strength, durability, and flexibility, and is thus considered a key modular construction material. Furthermore, steel is a sustainable material, as it can be recycled and reused for various purposes after the lifespan of a building. Usage of steel in modular buildings facilitates faster and more efficient method of construction, and thus saves project costs and time.
Adoption of next-gen technology has enabled development of modular components fabricated of steel that are sustainable and energy-efficient.
The continual evolution of Modular Construction Materials Market underscores possibilities of other materials such as wood and plastic to gain prominence in the near future.
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Growth Drivers
- Increase in adoption of environmentally sustainable practices in the construction sector is driving the Modular Construction Materials Market
- Characteristics of modular construction materials to be used for wide range of construction projects augments market growth
Regional Landscape
- Asia Pacific is anticipated to account for the leading market share during the forecast period. Growth of the urban population and increase in adoption of sustainable and eco-friendly construction practices are fueling market expansion in the region.
- The Modular Construction Materials Market in North America is expected to expand at a significant growth rate in the next few years. Rise in demand for residential buildings and increase in adoption of sustainable building techniques are spurring Modular Construction Materials Market development in the region.
- Rise in government initiatives for the development of environmentally sustainable buildings and surge in demand for affordable housing units are driving the market in Europe.
Competition Analysis
- The competition landscape in the Modular Construction Materials Market is extremely consolidated, with a small number of key vendors holding majority of the market share. Major companies are focusing on investing significantly in research and development to create environmentally sustainable products in the Modular Construction Materials Market.
- Manufacturers are engaging in developing products using environmentally sustainable production techniques and renewable resources. This entails manufacture of modular components using novel resources such as bamboo. Companies are also utilizing recycled materials, such as plastic and steel, in order to reduce waste and the carbon footprint of manufacturing processes
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The Modular Construction Materials Market is segmented as follows;
Modular Construction Materials Market, by Modular Construction Type
- Permanent
- Relocatable
- Others
Modular Construction Materials Market, by Material
- Steel
- Wood
- Concrete
- Plastic
Modular Construction Materials Market, by End-use
- Residential
- Commercial
- Industrial
- Others
Modular Construction Materials Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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