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India’s Construction Sector Forecast to Boom

13th Jun 2016 Concrete Industry News, Kryton Buildmat Co. Pvt. Ltd. by Anandita Kakkar

Price Waterhouse Cooper (PwC), GCP Global and Oxford Economics came together to release a new report – Global Construction 2030. The report showcases the acceleration, deceleration, growth, and stagnation of the global construction markets up to 2030.

The report highlights India as one of the most promising growth economies in the construction sector across the world, and forecasts that the volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030, with three countries, China, US and India , leading the way and accounting for 57% of all global growth.” The report also concludes that the Indian construction market will grow at an average rate of 8.5% annually.

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Forecasts estimate huge growth for India construction.

With this expected growth in the construction market, the construction chemicals market is also set to grow exponentially. According to this study, the Indian construction chemicals market is set to grow consistently at 15% to reach INR 7,000 crores by 2018-2019. This boom is credited to the development of smart cities across the country. The study also concluded that there is a need-gap, which will soon be filled by the Indian manufacturing industry.

The Indian economy has definitely seen a drastic change in the process and products used in construction over the past two decades. The international market is certainly steeped in knowledge, and with products & systems that actually work. Indian manufacturing has kept up with demand and competition by producing products that are customised to the harsh Indian weather conditions and lack of skilled labour available on construction sites.

The coming decade has positive signs of development and is painting a picture for the future of the Indian construction market.Compared to the rest of the world the Indian construction market seems poised to not just be sustainable in growth, but further, aggressive in growth.

A summarised video of the Global construction forecasts is available below.

*For specific mentions of the Indian construction market in the video please look at minute 2:30 – 3:00 & 4:10 – 4:25.

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