LONDON, July 1, 2013 /CNW/ -
-- China, India and U.S. will account for almost 60% of all global
-- Emerging Asian markets taking advantage of China slowdown
-- Construction market in Western Europe will be almost 5% smaller
by 2025 than 2007
A new report released today forecasts the volume of construction output will
grow by more than 70% to $15 trillion worldwide by 2025.
The benchmark global study - the third in a series from Global Construction
Perspectives and Oxford Economics - shows the meteoric growth, which outpaces
that of global GDP, will be concentrated in three countries - China, the US
"World construction markets are at a tipping point already with 52% of all
construction activity in emerging markets today. We expect to see this
increasing to 63% by 2025, with China and India contributing most to growth in
emerging markets," says Graham Robinson, Executive Director, Global
China overtook the US to become the world's largest construction market in
2010, and is expected to increase its global share from 18% today to 26% in
2025, despite an expected slowdown.
"China and India will need to build another 270 million new homes by 2025 -
mostly affordable homes", says Mike Betts from Global Construction
Significant opportunities have arisen for a new generation of 'Asian Tigers'.
Indonesia, Vietnam and the Philippines are becoming increasingly attractive
for export-oriented manufacturing and represent a $350 billion construction
market growing at more than 6% annually.
"While China is the key market, it would be a mistake to ignore the
transformations happening elsewhere in Asia, which will help boost
construction in Asia Pacific" says Jeremy Leonard, Director of Industry
Services at Oxford Economics.
India will overtake Japan as the third-largest construction market with annual
growth averaging 7.4% annually in construction expected to exceed that of
The construction market in Western Europe is expected to be almost 5% smaller
in 2025 than its pre-recession peak in 2007, whilst North America is forecast
to be almost 40% larger.
"By 2050, there'll be two billion additional city dwellers - sustainable
urbanization will be a major construction challenge and the industry must
strive to find innovative new products and solutions, to contribute to
building better cities", says Bruno Lafont, Chairman and Chief Executive of
global building products Lafarge.
Shauna McCarthy +44(0)203-047-2287
SOURCE: Global Construction Perspectives Ltd
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-0- Jul/01/2013 04:02 GMT
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