Several trends currently shaping the metal construction industry in Asia include: Green Building Practices, Prefabrication and Modular Construction, Innovative Architectural Design, High-Rise Construction, Resilient Construction Practices, Smart Building Technologies, and Mixed-Use Developments, to name a few.
According to Research and Markets, in the Asia Pacific construction market, India is expected to outperform other nations from the short to medium-term perspective. The rising infrastructure investment, coupled with the growing private sector funding, will be the primary growth driver for the market in India in Q1 2024. Other markets like Indonesia and Singapore are expected to pose steady growth over the next three to four years, with China and Australia lagging behind.
Asia’s Green Building Practices
According to FastMarkets, “Decarbonization of the steel industry in Asia is set to accelerate, with steelmakers pressed to export more amid weak local demand and oversupply, necessitating the increase of low-carbon steel supply.” Builders are increasingly incorporating green building practices into their projects, and this includes the use of metal construction materials that are energy-efficient, recyclable, and environmentally friendly. Metal roofing and cladding systems, for example, offer excellent thermal performance and can help reduce energy consumption in buildings.
The demand for flat steel products is expected to increase in 2024, due to growth in the energy sector on the back of China’s decarbonization efforts and the country’s leading position in the shipbuilding sector.
What is Fueling Asia’s Prefab and Modular Construction?
Asia Pacific’s Modular Construction market is being propelled by rapid urbanization; a growing focus on cost efficiency, time savings, and sustainability; and an increasing number of infrastructure projects fostering market growth and innovations. Metal components lend themselves well to prefabrication due to their precision engineering and ease of assembly. Prefabricated metal structures, such as steel frames and panels, allow for quicker construction timelines and reduced on-site labor requirements.
The modular construction industry has been experiencing significant growth in the Asia-Pacific region over the past few years and is expected to continue. According to Fortune Business Insights, the Asia Pacific market for modular construction is projected to grow from USD 38.30 billion in 2023 to USD 60.74 billion by 2030, at a CAGR of 6.8%. One of the key drivers lies in the increasing adoption of modular solutions in the non-residential sector. From commercial spaces to industrial facilities, the versatility and efficiency of modular construction are reshaping the region’s urban landscape.
According to the Asia Pacific Construction Industry Databook 2023, with more than half of the Indian population is under the age of 30 in India, the young generation will propel the demand for housing over the next decade in India, making the residential construction market the leader for the need for steel and metal over the next few years.
High-Rise Construction
Historically, China has outpaced all countries when it comes to supertall buildings, with more than 3,000 buildings taller than 150m – the next closest country is the US with approximately 900. A combination of factors including population density, economic growth, cultural values, and technological advancements, have contributed to the popularity of high-rise construction in Asia as a practical and often necessary solution to urban challenges. Recently, however, allegations of illegal permits and a cap on the height of skycrapers of 500m introduced in 2021 has slowed skyscraper growth.
While there are still several high-rise projects currently underway, a study done in 2011 on Chinese residential construction predicting that steel use would not peak until 2024 is now being realized. Residential construction is currently the key driver of Chinese economic growth and, given its high use of steel
Finding the Best Construction Metal Products at METALCON
Based on material, Asia Pacific Modular Construction Market is divided into steel, wood, and concrete segments. The steel segment stands out as the largest, due to the robust structural properties, cost-effectiveness, and rapid construction capabilities offered by steel modular construction. The demand for efficient and durable building solutions, coupled with the versatility of steel in various construction applications, positions it as the leading segment in the dynamic Asia Pacific Modular Construction Market.
METALCON hosts a diverse exhibition showcasing a wide range of metal products, equipment, and services from leading manufacturers and suppliers. Leading steel makers exhibit annually at the show so attendees can explore innovative solutions, compare products, and source high-quality materials and technologies to meet the specific needs of construction projects in Asia. Additionally, the latest in steel framing technology, roll forming, insulated metal panels, metal roofing, rain screens, and more will all be on display.
How METALCON Can Benefit the Metal Construction Market in Asia
Attending and exhibiting at METALCON can provide invaluable opportunities for stakeholders in Asia’s construction market to enhance their knowledge, network with industry experts, and explore cutting-edge metal products and technologies. By participating in METALCON, attendees from Asia can:
Gain Insights
METALCON features educational sessions, workshops, and panel discussions led by industry leaders and experts, offering valuable insights into the latest trends, innovations, and best practices in metal construction. Attendees can learn about new technologies, materials, and techniques that can improve the quality, efficiency, and sustainability of their projects in Asia.
Forge Connections
METALCON provides a platform for networking and building relationships with manufacturers, suppliers, architects, engineers, and other professionals in the metal construction industry. By connecting with industry peers and forging strategic partnerships, attendees from Asia can access new business opportunities, collaborate on projects, and expand their market reach both domestically and internationally while international exhibitors can benefit by connecting with distributors to open new channels, grow market and generate revenue globally.
Stay Ahead of the Curve
By attending METALCON, stakeholders in Asia’s construction market can stay abreast of emerging trends, regulations, and market dynamics in the global metal construction sector and can leverage this knowledge to make informed decisions, adapt to changing market conditions, and position themselves as leaders in the industry.
As the sole event in North and South America dedicated exclusively to the metal construction industry, METALCON offers unparalleled opportunities for international networking and collaboration. This year’s event is conveniently located in Atlanta, one of the easiest US cities to visit from overseas, and METALCON provides seamless access for attendees to attend from around the globe. Request a visa letter to streamline your visa application process and access a customizable justification letter, complete with a comprehensive worksheet outlining costs, benefits, and objectives. Visa approvals can be time-consuming, so we recommend initiating the process without delay. Secure your spot at METALCON and grab the chance to forge invaluable connections on a global scale.
Are you an international manufacturer or supplier in search of U.S. based partners and distributors? Does your government have a program to help you grow your market share globally? METALCON’s international sales agents can help. Visit this www.metalcon.com/international-exhibitors to connect with an agent.