Pune, June 14, 2021 (GLOBE NEWSWIRE) -- Global Dry Construction Market was valued at USD 79.7 billion in 2019, and it is expected to reach USD 102.8 billion by 2027 at 5.1% CAGR during the forecast period (2020 - 2027).
The dry construction market outlook looks extremely promising. Factors such as the increase in the popularity of dry concrete in recent years and expansion in the construction sector drive the market growth. Besides, the rising adoption of dry construction methods for commercial constructions, alongside the high growth in the global economy and substantial investments in the development of the construction industry, influence the market landscape.
With the vast demand and uptake of dry construction techniques in building green buildings and sustainable structures, the market is estimated to accelerate further in the recent future. According to Market Research Future (MRFR), the global dry construction market value is poised to reach exponential heights by 2027, continually growing at an impressive CAGR during the assessment period (2020 to 2027).
Dry Construction Technique (DCT) refers to the advanced construction methods used to reduce the consumption of concrete and its impact on the environment. Dry construction technique is pioneering global standards in premium constructions. DCT involves the utilization of lightweight construction parts, such as interior walls, ceilings and floors, developed using plastered or microfiber boards assembled at the time of installing.
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Dry construction method is garnering significant popularity over other concrete materials, due to the rising demand for cost-efficiency, high durability, ease-of-maintenance, and cost-savings. The construction industry is fostering its efforts to manage and reduce its carbon footprint affecting the environment severely. CO2 footprint is a paramount challenge for the environment due to various chemicals used in concrete formulations.
Industry Trends
Favorable government initiatives to promote utilization and investments & adoption of advanced construction techniques in infrastructure development projects are major dry construction market trends. Moreover, huge R&D investments made by construction companies substantiate the dry construction market share. Emerging nations worldwide present many untapped opportunities for the market, heading with government mandates and updated policies.
On the other hand, the market still witnesses major setbacks, such as high initial investments required to implement these construction techniques. Nevertheless, favorable properties of dry construction methodologies allowing the optimization of construction works would support market growth throughout the assessment period. Also, sustainable, green practices followed in dry construction help to get construction permits faster.
Moreover, technological advancements that are increasingly bringing about software, easing construction processes efficiently and helping builders input design data for the project boost the dry construction market share. These factors, coupled with the inflations in traditional construction methods, are expected to contribute to the market growth, presaging that dry construction techniques are here to stay.
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Segmentation
The dry construction market forecast is segmented into material, type, system, application, and regions. The material segment is sub-segmented into plasterboard, metal, plastic, wood, and others. Among these, the plasterboard segment holds the largest market share attributing to the lightweight, superior aesthetics, flexibility, and durability of these materials. The segment is assessed to grow at a phenomenal CAGR during the review period.
The type segment is sub-segmented into supporting framework and boarding. Of these, the supporting framework segment holds a larger market share due to its properties, such as fire protection, sound installation, and stability. The system segment is sub-segmented into ceiling system, wall system, flooring system, and others. Among these, the ceiling system segment holds the largest market share due to water-resistant property, superior aesthetic appeal, and ease of installation.
The application segment is sub-segmented into residential and non-residential. Of these, the residential segment holds the larger market share due to the rise in various construction projects, mainly in emerging countries. The non-residential segment is further segmented into hospitals & healthcare centers, office spaces, hotels & restaurants, public utilities, educational institutes, and industrial. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global dry construction market. Factors such as the rapid economic growth increasing number of infrastructural projects backed by huge investments substantiate the region's dry construction market. The rapidly growing construction sector in the region is undergoing a massive transformation, with a number of mega building projects being planned currently.
The rising flow of foreign investment in India further encourages the dry construction market growth in the region. The APAC dry construction market is expected to expand at a healthy CAGR over the forecast period.
North America stands second in terms of dry construction market value globally. The market growth is driven by the growing consumer awareness of the benefits and adoption of dry construction techniques for commercial building construction. Additionally, increased construction of residential and commercial complexes boosts the region's dry construction market size.
Europe is a lucrative market in terms of dry construction market revenue. The high growth potential and increasing uptake of dry construction methods propel the market growth. The region has seen increased interest in modern construction techniques. Besides, the booming construction sector witnessing constant renovation activities substantiates the region's dry construction market share.
Additionally, the well-defined infrastructure and growing economy create significant market opportunities. Germany, Italy, and France are major dry construction markets in the region, holding sizable shares. Furthermore, increasing green building structures create substantial demand for ready-mix concrete.
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Competitive Analysis
The dry construction market witnesses several strategic initiatives, such as mergers & acquisitions, collaboration, expansion, and product launches. Leading industry players make strategic investments in R&D activities and expansion plans.
For instance, recently, on June 02, 2021, The Central Public Works Department (CPWD) in India announced adopting dry construction, a non-polluting and environment-friendly technology, for building two major office blocks in the national capital. Overall, dry construction technology forms about 80% of the total work. Besides,
other environment-friendly practices promoting energy and water efficiency have been adopted to make the buildings green. The foundation consists of reinforced cement concrete with crystalline admixture and zinc cathodic protection system to reduce the porosity of concrete and corrosion of reinforcement bars, thus increasing its durability.
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