LONDON, July 1, 2013 /CNW/ -
China, India and U.S. will account for almost 60% of all global growth
Emerging Asian markets taking advantage of China slowdown
Construction market in Western Europe will be almost 5% smaller by 2025
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 and India.
"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 Construction Perspectives.
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
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 China.
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.
SOURCE: Global Construction Perspectives Ltd
For further information:
Shauna McCarthy +44(0)203-047-2287