Philippines Building System Components Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.54 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Philippines Building System Components Market Analysis
- The Philippines is the thirteenth largest country in the world by population (more than 104 million) and the fourth-largest English-speaking country. It also has one of the youngest populations in the world, with about 41% of the population aged under 20. About 90% of Filipinos between the age of 10 and 64 are functionally literate. Relatively high population growth (nearly two percent annually) is expected to continue to help drive economic growth for the next several years, while also increasing the strain on social spending and the country’s infrastructure.
- There are few countries in the world that registered a growth rate of 6-7% in the last decade. The rapidly growing economy is driving the real estate sector, with increasingly more Chinese investors and companies operating in the Philippines.
- The robust growth of real estate industry in 2018 highlights the emerging cities’ developments outside Metro Manila, together with the current administration’s Build, Build, Build (BBB) Program which consists of 75 flagship infrastructure projects in the entire country that will eventually lead to significant effects on the real estate industry.
- The Philippine property market is expected to achieve double-digit growth in 2019, with real estate values seen scaling all-time highs across all sectors. Transaction values are expected to continue to increase in the office markets, as well as the residential and industrial segments. According to industry sources, around 2.1 million square meters of office space is estimated to be added until 2020, where a majority will be dedicated to Makati, Pasig, and Taguig.
- Although the Philippines' constitution and the government agencies encourage the use of innovative technology, such as prefabricated housing components, its demand remained low in early 2000 and is picking up slowly with the current government’s infrastructural developments. However, at another side, many people in the Philippines had limited knowledge about these components and used conventional materials, such as concrete hollow blocks (CHB), galvanized sheets, ply-wood, etc.
- In the present era, the Philippines is dealing with the consequences of frequent flooding daily, which embarks the need for prefabricated homes and building structures in the country.
Philippines Building System Components Market Trends
This section covers the major market trends shaping the Philippines Building System Components Market according to our research experts:
Government’s Build, Build, Build (BBB) Program Impacting the Building System Components Market in Philippines
- The Build! Build! Build! (BBB) program is the centerpiece program of the Duterte administration that aims to usher the “Golden age of infrastructure” in the Philippines. Lack of infrastructure has long been cited as the “Achilles’ heel” of Philippine economic development.
- The BBB program seeks to accelerate public infrastructure expenditure from an average of 2.9 % of gross domestic product (GDP) during the Aquino regime to about 7.3 % at the end of the Duterte administration. This will cost around PHP 8 trillion to PHP 9 trillion from 2016 to 2022, to address the huge infrastructure backlog in the country.
- The BBB program is anchored on the implementation of 75 infrastructure 5 flood control projects, 4 energy facilities, and 3 social infrastructure.
- These IFPs, which have a combined indicative cost of PHP 2.2 trillion, are high-impact projects intended to help bring down production costs in the country, facilitate the efficient movement of goods and people, improve rural incomes, encourage countryside development, and create 1.7 million jobs by 2022.
Light Metal Frame is Accounting Largest Market Share
- Demand for the light metal frame and light steel frame market mainly concentrates on two aspects: One is engineering construction, mainly for the renovation and construction of workshops, etc.
- In the Philippines, the light metal frame accounts for 70% in engineering construction and 30% in non-residence or the building under 2-story. In many industrially developed countries, such as the United States, Japan, the United Kingdom, and Australia, etc., the steel structure residence has been already popularized.
- The usage ratio is expected to grow in the non-residential sector, as the current government’s projects are mostly into improving the country’s infrastructure. Industrial buildings are majorly expected to capture more market opportunities soon.
- Fundamental to offsite construction, light steel is ideal for an array of building applications from housing to medical, commercial, and leisure sectors. Typically used in building structures, steel framing may be used in panelized or volumetric systems, as well as hybrid structures. Light steel's lightweight, airtightness, and thermal benefits make it a frequently specified material across all sectors.
Philippines Building System Components Industry Overview
- The Philippines building system components market is highly fragmented in nature, with none of the major players having a significant share to influence the market.
- Apart from the global players, there are some major regional companies who provide building components in the major cities across the country, with a local office in several cities.
- Furthermore, technology-based companies are increasingly entering the Philippines construction sector. The prefabricated and building components industry is also embracing technology at a faster pace. Owing to this, construction companies are partnering with technology startups to increase productivity and efficiency.
Philippines Building System Components Market Leaders
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Power Steel Corporation
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USG Boral Building Products
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Zamil Industrial Investment Co.
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United Steel Technology Int'l Corporation
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iSteel Inc.
*Disclaimer: Major Players sorted in no particular order
Philippines Building System Components Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Overview of the Philippines Economic and Building System Components Market
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Market Opportunities
- 4.5 Technological Innovations in the Building System Components Market
- 4.6 Industry Policies and Government Initiatives to Boost Infrastructural Developments in the Country
- 4.7 Insights on Building Management or Automation Systems Market in Philippines.
- 4.8 Insights on the Key Imports and Exports of Building System Components by Country and by Product Type.
- 4.9 Insights on Key manufactures, Suppliers, and Distributors of Building System Components in Philippines.
- 4.10 Insights on the Construction Market in the Philippines
- 4.11 Insights on Demand and Supply Analysis of Building System Components in Philippines.
- 4.12 Insights on Building System Components by Usage Applications (Residential, Commercial, Industrial, and Transportation Buildings)
- 4.13 Insights on Government's Build, Build, Build (BBB) Program and its Impact on the Philippines Building System Components Market
5. MARKET SEGMENTATION
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5.1 By Product Type
- 5.1.1 Light Metal Frame
- 5.1.2 Steel Deck
- 5.1.3 Suspended Ceiling and Dry Wall System
- 5.1.4 C Purlins / Z Purlins
- 5.1.5 Ceiling Frames
- 5.1.6 Studs and Tracks
- 5.1.7 Decking for Flooring
6. COMPETITIVE LANSDCAPE
- 6.1 Market Concentration Analysis
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6.2 Company Profiles
- 6.2.1 Power Steel Corporation
- 6.2.2 USG Boral Building Products
- 6.2.3 Zamil Industrial Investment Co.
- 6.2.4 United Steel Technology Int'l Corporation
- 6.2.5 iSteel Inc.
- 6.2.6 Cornerstone Building Brands
- 6.2.7 JEA Steel Industries Inc.
- 6.2.8 Kirby Building Systems
- 6.2.9 Sekisui Chemical
- 6.2.10 Lindab International AB
- *List Not Exhaustive
7. FUTURE OF THE MARKET
Philippines Building System Components Industry Segmentation
A complete background analysis of the Philippines Building System Components Market, which includes an assessment of the parental market, emerging trends by segments and regional markets, Significant changes in market dynamics and market overview is covered in the report. The report also features the qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
Philippines Building System Components Market Research FAQs
What is the current Philippines Building System Components Market size?
The Philippines Building System Components Market is projected to register a CAGR of greater than 6.54% during the forecast period (2024-2029)
Who are the key players in Philippines Building System Components Market?
Power Steel Corporation, USG Boral Building Products, Zamil Industrial Investment Co., United Steel Technology Int'l Corporation and iSteel Inc. are the major companies operating in the Philippines Building System Components Market.
What years does this Philippines Building System Components Market cover?
The report covers the Philippines Building System Components Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Philippines Building System Components Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Philippines Building System Components Industry Report
Statistics for the 2024 Philippines Building System Components market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Philippines Building System Components analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
