Will Construction Lubricants Market Ever Rule the World?

 The construction lubricants market size is projected to reach USD 6.5 billion by 2026 from USD 5.6 billion in 2021, at a CAGR of 3.0%. Growing demand for construction industry is expected to support the growth of the construction lubricants market. However, huge investment in R&D and strict rules and technological advancement is restraining the growth of the market. On the other hand, innovation in product development has created opportunities for manufacturers.

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ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Chevron Corporation (US),  PetroChina Company Limited (China), FUCHS Petrolub SE (Germany), and Lukoil (Russia) are the major players in this market.

ExxonMobil Corporation is the largest publicly traded oil & gas company, which markets fuel and lubricants under four brands, namely, Esso, Exxon, Mobil, and ExxonMobil. The company operates through three business segments, namely, upstream, downstream, and chemical. The company operates in North America, Europe, APAC, the Middle East & Africa, and South America.

On February 2019, ExxonMobil Corporation expanded their business by setting up a lube blending plant in India.

Royal Dutch Shell plc commonly known as Shell, is an energy and petrochemical company. It is one of the world’s most valuable companies and one of the six oil & gas “supermajors.” The company operates through four segments, namely, integrated gas, upstream, oil products, and chemicals. The company operates in more than 70 countries of APAC, the Middle East & Africa, North America, Europe, and South America

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In October 2018, to remain competitive in the construction lubricants market, the company has made an agreement with Raizen (Brazil) for the downstream business segment, which, in turn, drives the construction lubricants business

BP Plc is an integrated oil & gas company. It offers various products such as crude oil, natural gas, aromatics & acetyls, asphalt, aviation and marine fuels, bitumen, petrochemicals, fuel cards, liquefied petroleum gas, marine fuel, oils & lubricants, photovoltaic solar electric products & systems, polymers, purified terephthalic acid, paraxylene, acetic acid, ethylene, propylene, solvents, and industrial chemicals. It has operations in APAC, Europe, the Middle East & Africa, North America, and South America.

BP Plc. Is currently focused on delivering reliable solutions to the customers. Their new strategy consists of three focus areas which are low carbon electricity and energy, convenience and mobility, resilient and focused hydrocarbons. They aim to be an advanced energy company till 2030 by investing in low-carbon and focusing majorly on oil & gas production.

MODULAR CONSTRUCTION MARKET – GLOBAL FORECAST TO 2026 (At A Compound Annual Growth Rate (CAGR) of 5.75%)

 The Modular Construction Market by Type, Module (Four-Sided Modules, Open-Sided Modules, Partially Open Sided Modules, Mixed Modules & Floor Cassettes, Modules Supported By a Primary Structure), Materal , End-Use Sector, Region – Global Forecast To 2026

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MarketsandMarkets: The  global modular construction market size is projected to grow from USD 87.0 billion in 2021 to USD 115.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 5.75% during the forecast year.

In terms of value and volume, steel is projected to be the fastest segment in the modular construction market from 2021 to 2026.

Steel, by material, is thefastest-growing segment for modular construction market from 2021 to 2026, in terms of value and volume. Steel frames are also lighter in comparison to other wall materials, which allows building structures created from them to be craned and transported into a place in a more efficient manner, resulting in less disturbance to the local area and reducing cost. It is also recyclable, and hence, buildings made from steel can be easily dismantled. It is one of the most popular materials for use in relocatable buildings used as commercial buildings, warehouses, and retail outlets.

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Study Coverage

The scope of the report covers detailed information regarding major factors, such as drivers, restraints, opportunities, and challenges influencing the growth of the modular construction market. A comprehensive analysis of the key players has been performed to provide insights into their business overviews, operational & financial assessments, products & services on offer, and key growth strategies adopted by them.

Contracts, new projects, and agreements accounted for the largest share of all the strategic developments that took place in the modular construction market between 2017 and 2020. Key players such as Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Kleusberg GmbH (Germany), Katerra (US), Bechtel Corporation (US), and Fluor Corporation (US) adopted these strategies enhance their market presence and strengthen their manufacturing and distribution capabilities in the modular construction industry.

Attractive Opportunities In Modular Construction Market (Global Forecast to 2025)

 The global modular construction market size is projected to grow from USD 82.3 billion in 2020 to USD 108.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.75% during the forecast year. The construction industry witnessed a significant change with the introduction of prefabricated technology, as it allows building more structures with reduced time and cost, as compared to the conventional on-site construction method. The modular construction method offers the benefits of greater flexibility and reuse, quality control, cost savings, faster build times, and environmental benefits.

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The modular construction market has thousands of companies which thrive in their domestic market. A few of the major players are, Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Algeco Scotsman (UK), and Kleusberg GmbH (Germany). These players have adopted various growth strategies, such as acquisitions, investments, expansions, joint ventures, and partnerships to increase their market shares and enhance their product portfolios.

Contracts, new projects, and agreements accounted for the largest share of all the strategic developments that took place in the modular construction market between 2017 and 2020. Key players such as Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Kleusberg GmbH (Germany), Katerra (US), Bechtel Corporation (US), and Fluor Corporation (US) adopted these strategies enhance their market presence and strengthen their manufacturing and distribution capabilities in the modular construction industry.

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Laing O’Rourke is a global construction and engineering company. The company designs, constructs, funds, and maintains the built environment by providing the facilities to educate, accommodate, transport, employ, care for, and sustain communities. It owns a number of construction, manufacturing, engineering, and specialist service companies, which combine in order to provide its clients with comprehensive investment, development, as well as management capability. The company’s key services include building construction, engineering expertise, investment and development, infrastructure construction, modular manufacturing, and support services. Laing O’Rourke follows their 70:60:30 design for manufacturing assembly, where 70% of the construction is conducted offsite, leading to a 60% improvement in productivity, and a 30% improvement in the delivery schedule. Through its wide business portfolio, it serves numerous sectors comprising buildings, power, transport, water & utilities, oil & gas, and mining & natural resources.

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Red Sea Housing is a diversified organization offering affordable housing, industrial housing, and building material solutions to the world. It operates as a “Red Sea International Company” and comprises businesses of Red Sea Affordable Housing (RSAH), Red Sea Housing Services (RSHS), and Red Sea Building Materials (RSBM). Red Sea Housing Services is one of the most advanced and largest modular building solution provider throughout the Middle East & Africa, and Asia. The company operates through three business divisions: industrial housing, affordable housing, and building materials. Industrial housing involves supplying turnkey solutions in urban and remote places, worldwide. The affordable housing segment is engaged in producing modular building systems for customers in North Africa and the Middle East.

Red Sea’s building materials division complements the industrial housing products and is constantly growing by investing in new technologies. Its partnership with Sherwin Williams (US) has made the company the exclusive distributor of Sherwin William’s paint in the Middle East. The various sectors served by the company are infrastructure, government, building & construction, mining, defense, oil & gas, manufacturing, and hotels & hospitality.

Modular Construction Market Worth $108.8 Billion By 2025 - Rising Demand Growth Trend Insights for Next 5 Years

 The report “Modular Construction Market by Type (Permanent, Relocatable), Material (Steel, Concrete, Wood), Modules, End-Use (Residential, Retail & Commercial, Education, Healthcare, Office, Hospitality), and Region - Global Forecast to 2025”, The global modular construction market size is projected to grow from USD 82.3 billion in 2020 to USD 108.8 billion by 2025, at a CAGR of 5.75% from 2020 to 2025. The growth of this market is attributed to increase in concern towards work-zone safety, need for lower environmental impacts, and supportive government initiatives. Increase in population and rapid urbanization (translating to a large number of new construction projects) offer opportunities for the growth of the modular construction market. However, factors such as lack of awareness and volatility in transportation charges may inhibit the growth of the market.

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Recent Developments

• In June 2020, Algeco Group strengthened its Nordic presence by announcing the acquisition of Wexus Group AS (Norway) from Norvestor Equity AS and other shareholders. Wexus is a leading provider of high-quality modular building solutions in the Nordic region. Headquartered in Norway, Wexus also has operations in Sweden and a modern production facility in Estonia. Wexus operates a fleet of 1,600 units, had 110 employees and revenues of USD 33.6 million in FY2019.
• In December 2019, Fluor announced that its joint venture COOEC-Fluor Heavy Industries, Co., Ltd. fabrication yard in Zhuhai, China, safely completed the entire module program for the Kuwait Integrated Petroleum Industries Company (KIPIC) Al-Zour project in Kuwait. To achieve this, COOEC-Fluor delivered 188 modules in 20 separate shipments with a combined weight of 65,000 metric tons. In addition, the yard fabricated more than 95,000 pipe spools of carbon, alloy, and stainless steel pipe, which will be installed by the project team at the site.
• In October 2019, ATCO Structures & Logistics opened a custom-built manufacturing plant and hire yard facility on the Gold Coast, Queensland. The state-of-the-art factory is the latest in a series of new and modern ATCO facilities, including plants in Perth and Santiago, Chile…

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Key Questions Addressed by the Report:

• What are the global trends in the modular construction market? Would the market witness an increase or decline in the demand in the coming years?

• What is the estimated demand for different end-use sectors of modular construction?
• Where will the strategic developments take the industry in the mid to long-term?
• What are the upcoming industry applications and trends for modular construction?
• Who are the major players in the modular construction market globally?

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Modular Construction Market worth $108.8 billion by 2025 (At a CAGR 5.75%)

 The report "Modular Construction Market by Type (Permanent, Relocatable), Material (Steel, Concrete, Wood), Modules, End-Use (Residential, Retail & Commercial, Education, Healthcare, Office, Hospitality), and Region - Global Forecast to 2025", The global modular construction market size is projected to grow from USD 82.3 billion in 2020 to USD 108.8 billion by 2025, at a CAGR of 5.75% from 2020 to 2025. The growth of this market is attributed to increase in concern towards work-zone safety, need for lower environmental impacts, and supportive government initiatives. Increase in population and rapid urbanization (translating to a large number of new construction projects) offer opportunities for the growth of the modular construction market. However, factors such as lack of awareness and volatility in transportation charges may inhibit the growth of the market.

53 market data Tables
50 Figures
220 Pages

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In terms of value & volume, Permanent modular building is estimated to dominate the modular construction market in 2019.

Permanent modular buildings, by type, accounted for the largest market share in the modular construction market. Permanent modular construction saves time and labor which are required for construction, thereby reducing the construction cost significantly. It also offers high quality control in comparison to on-side construction. These factors drive the demand for this construction technique.

In terms of value and volume, steel is projected to be the fastest segment in the modular construction market from 2020 to 2025.

Steel, by material, is thefastest-growing segment for modular construction market from 2020 to 2025, in terms of value and volume. Steel frames are also lighter in comparison to other wall materials, which allows building structures created from them to be craned and transported into a place in a more efficient manner, resulting in less disturbance to the local area and reducing cost. It is also recyclable, and hence, buildings made from steel can be easily dismantled. It is one of the most popular materials for use in relocatable buildings used as commercial buildings, warehouses, and retail outlets.

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♦ Key Market Players

Key players, such as Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Kleusberg GmbH (Germany) have adopted various growth strategies, such as acquisitions, contracts, agreements, and new projects to increase their market shares and enhance their product portfolios.

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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In-depth Analysis of the COVID-19 Impact on Modular Construction Market (Global Forecast to 2023)

The modular construction market was valued at USD 106.15 billion in 2017 and is projected to reach USD 157.19 billion by 2023, at a CAGR of 6.9% during the forecast period. Additionally, the market is expected to reach 1.50 billion square feet by 2023, at a CAGR of 6.37%. The report aims at estimating the market size and growth potential of the market across different segments based on type, material, module, end-use sector, and region. It also provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and industry-specific challenges.

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Key Market Players

Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), ATCO (Canada), Bouygues Construction (France), Vinci (France)

Recent Developments

• In July 2018, Bouygues Construction acquired AW Edwards Pty Limited (Australia) to strengthen its position in the construction market. The acquired company will be part of Bouygues Bâtiment International.
• In June 2018, KEF Infra entered into a strategic merger with Katerra (US), i.e., a technology company focused on revolutionizing the design and construction industries. The partnership between the companies expanded their manufacturing capacity, geographical reach, and market expertise. The partnership firm was named KEF Katerra.

Modular Construction is an offsite and resource-efficient method to construct code-compliant buildings in a factory-controlled environment. In this innovative construction method, buildings are produced in modules and are assembled on-site to create the desired facility structure. It offers numerous benefits in terms of quality control, faster build times, greater flexibility and reuse, cost savings, and environmental benefits. The various materials generally employed for modular construction include precast concrete, steel, wood, plastic, and others (comprising aluminum, glass, expanded polyurethane foam, and wallboards). Modular construction is widely applicable in housing, commercial, healthcare, educational & institutional buildings, and industrial.

♦ Modular Construction Market by Type (Permanent, Relocatable), Material (Steel Precast Concrete, Wood, Plastic), End-Use Sector (Housing, Commercial, Education, Healthcare, Industrial), and Region - Global Forecast to 2023

♦  MnM helped a European chemical company to assess its competitors in the construction market. This was done to help the client develop strategies that would enable it to have a stronger presence in the construction industry.

♦ Browse 90 market data Tables and 36 Figures spread through 151 Pages and in-depth TOC on “Modular Construction Market
By Module:

• 4-Sided Modules
• Open-Sided Modules
• Partially Open Sided Modules
• Mixed-Modules and Floor Cassettes
• Modules Supported By A Primary Structure
• Others

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By End-use Sector:

• Housing
• Commercial
• Education
• Healthcare
• Industrial

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Some of the Major Market Players are, AkzoNobel N.V. (Netherlands), PPG industries, Inc. (U.S.), RPM International Inc. (U.S), in the Construction Repaint Market

The global construction repaint market is projected to reach USD 93.72 Billion by 2026, at a CAGR of 6.5% from 2016 to 2026. The market is driven by the requirement of the repaint for aging paints in existing buildings, and the increased demand for repair & maintenance in the construction sector such as, residential and non-residential buildings including infrastructure, oil & gas, chemical & petrochemical, mining, pharmaceutical, and manufacturing.

Expansions was the key strategy adopted by the major players to achieve growth in the global construction repaint market between 2012 and 2016. This strategy accounted for the major share of all development strategies adopted from 2012 to 2016. Some of the major market players are, AkzoNobel N.V. (Netherlands), PPG industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), RPM International Inc. (U.S), Asian Paints Ltd. (India), Nippon Paint Holdings Co., Ltd. (Japan), The Valspar Corporation (U.S.), and Axalta Coating Systems (U.S), among others.

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In November 2016, Nippon Paint Holdings Co., Ltd. invested USD 582.4 thousand for the production of 80 kilotons per annum of water-based paint. This expansion will enhance the production capacity of the company, thereby catering to the increasing demand for waterborne paints. The company also increased its production of building paints by investing USD 284 Million in China, in July 2016. This expansion is helping the company to cater to the increasing demand for inorganic paints in the region. In April 2016, AkzoNobel N.V. started the production of decorative paints at its manufacturing facility worth USD 55.4 Million in China. The expansion is helping the company to cater to the growing demand for paints in China and other Asia-Pacific region countries.

Besides expansions, new product launches, mergers & acquisitions, and joint ventures are the other key strategies adopted by market players to enhance their market shares and expand their geographical reach.

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In April 2016, PPG Industries, under its brand, HOMAX, launched two new water-based aerosol ceiling textures for orange-peel and knockdown repair projects. This new product would help decrease the time taken to repair ceilings. It would also provide the company a competitive advantage over others. Strategies, including, expansions, acquisitions, and new product launches have been adopted by the company between 2014 and 2016. This has resulted in enhancing the global reach as well as the product portfolio of the company.

In August 2015, Nippon Paint Holdings Co., Ltd. launched a new antivirus and antibacterial paint, Nippon VirusGuard Paint. The company is involved in several repaint projects and seminars in addition to the adoption of strategies such as, new product launches, expansions, and mergers & acquisitions.




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Steel Segment to Be the Largest in the Modular Construction Market, By 2023

The modular construction market was valued at USD 106.15 billion in 2017 and is projected to reach USD 157.19 billion by 2023, at a CAGR of 6.9% during the forecast period. The base year considered for the study is 2017 and the forecast period is 2018-2023.

The market for modular construction is led by major players such as Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), ATCO (Canada), Bouygues Construction (France), VINCI (France), Skanska AB (Sweden), Algeco Scotsman (US), KLEUSBERG GmbH & Co. KG (Germany), KEF Katerra (India), and Lendlease Corporation (Australia).

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Browse 90 market data Tables and 36 Figures spread through 151 Pages and in-depth TOC on "Modular Construction Market by Type (Permanent, Relocatable), Material (Precast Concrete, Steel Wood, Plastic), End-use Sector (Housing, Commercial, Education, Healthcare, Industrial), and Region - Global Forecast to 2023"

https://www.marketsandmarkets.com/Market-Reports/modular-construction-market-11812894.html

The report aims at estimating the market size and growth potential of the modular construction market across different segments on the basis of type, material, module, end-use sector, and region. It also provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report further aims to study individual growth trends, prospects, and contribution of various segments to the overall market. The study also analyzes the opportunities in the market for stakeholders and provides details of the competitive landscape of the market. It strategically profiles key players and comprehensively analyzes their core competencies.

Permanent buildings are projected to grow at the highest CAGR during the forecast period.

The modular construction market, on the basis of type, is segmented into permanent modular buildings and relocatable modular buildings. Permanent modular construction led the global market with a larger market share in 2017, in terms of both value and volume, and is projected to be the fastest-growing segment during the forecast period. Permanent modular construction saves time and labor that are required for construction, thereby reducing the construction cost significantly.

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Steel, as a material for modular construction, to witness the highest demand through the forecast period.

The modular construction market was dominated by the steel segment, which held the largest share in 2017. It is also projected to grow at the highest CAGR during the forecast period. The design flexibility, strength, structural integrity, durability, security, fire resistance, and reduced need for repairs and maintenance throughout a building’s life have contributed toward the extensive use of steel in modular construction.


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