Market Size of Philippines Building System Components Industry
| 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 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 Size Summary
The Philippines building system components market is experiencing growth driven by the country's robust economic expansion and increasing urbanization. The real estate sector is a significant contributor to this growth, with substantial investments from both local and international players, particularly from Chinese investors. The government's Build, Build, Build (BBB) program is a pivotal initiative aimed at enhancing the country's infrastructure, which has been a longstanding challenge to economic development. This program is expected to significantly impact the real estate industry by increasing public infrastructure expenditure and addressing the infrastructure backlog. The demand for innovative building technologies, such as prefabricated housing components, is gradually rising, although traditional materials still dominate due to limited awareness and knowledge among the populace.
The market for light metal and light steel frames is gaining traction, particularly in engineering construction and non-residential sectors, as the government focuses on infrastructure improvements. These materials are becoming more popular due to their lightweight, airtightness, and thermal benefits, making them suitable for various applications, including housing and commercial buildings. The market is highly fragmented, with numerous regional and global players, and is witnessing an influx of technology-driven companies aiming to enhance productivity and efficiency in construction processes. Partnerships between construction firms and technology startups are becoming more common, further propelling the market's growth and adoption of advanced building system components.
Philippines Building System Components Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Overview of the Philippines Economic and Building System Components Market
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Market Opportunities
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1.5 Technological Innovations in the Building System Components Market
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1.6 Industry Policies and Government Initiatives to Boost Infrastructural Developments in the Country
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1.7 Insights on Building Management or Automation Systems Market in Philippines.
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1.8 Insights on the Key Imports and Exports of Building System Components by Country and by Product Type.
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1.9 Insights on Key manufactures, Suppliers, and Distributors of Building System Components in Philippines.
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1.10 Insights on the Construction Market in the Philippines
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1.11 Insights on Demand and Supply Analysis of Building System Components in Philippines.
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1.12 Insights on Building System Components by Usage Applications (Residential, Commercial, Industrial, and Transportation Buildings)
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1.13 Insights on Government's Build, Build, Build (BBB) Program and its Impact on the Philippines Building System Components Market
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Light Metal Frame
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2.1.2 Steel Deck
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2.1.3 Suspended Ceiling and Dry Wall System
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2.1.4 C Purlins / Z Purlins
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2.1.5 Ceiling Frames
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2.1.6 Studs and Tracks
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2.1.7 Decking for Flooring
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Philippines Building System Components Market Size 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.
