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Building Materials Market Analysis
The global building materials market is expected to witness spend growth of more than USD 200 billion between 2018-2023, with spend momentum accelerating at a CAGR of over 5%. This increasing procurement of building materials will be primarily driven by the steep rise in construction activities spurred by the rapid industrialization and urbanization in the developing nations. In a bid to achieve sustainability goals, organizations are exhibiting a large-scale procurement of green building materials that are expected to give a major boost to spend growth of the building materials market at a CAGR of nearly 12%.
Top Spending Regions in the Building Materials Market
The rise in construction of commercial spaces and the unveiling of a series of infrastructure construction projects will draw investments in the building materials market across geographies.
Home to the second-fastest-growing construction industry in the world, APAC will dominate the building materials market during the forecast period. The steadily increasing construction of commercial spaces in India, China, Indonesia, and South Korea will contribute to spend momentum of the market. The massive growth of the healthcare infrastructure in countries such as India and Vietnam is reflective in the number of hospitals that are mushrooming across the topography which is further supplementing the demand growth of the building materials market in APAC.
North America has a series of infrastructure construction projects such as Newark liberty international airport – regional plan association, and the Plaquemines project, among others, in the pipeline. This is indicative of a promising spend growth of the building materials market in the region. Out of the market segments, cement held a significant share in the overall category in the US last year owing to the Making it In America initiative. The initiative will lead to an increase in the construction of manufacturing facilities, which will further drive the demand for cement during the forecast period.
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Insights into Some of the Leading Building Materials Suppliers
Volatile building materials price trends coupled with sub-optimal supplier partnership is resulting in declining ROI of a majority of buyers in this market. In view of this, the building materials market procurement intelligence report has enlisted the top suppliers, best selection criteria, and negotiation strategies for such suppliers. These insights will aid buyers to take a collaborative approach with the building materials suppliers to identify areas where they can optimize their procurement spend. The top building materials suppliers highlighted in this report include:
Criteria to select suppliers in this dynamic building materials market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
SpendEdge presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.