Market Size of ASEAN Prefab Wood Buildings Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
ASEAN Prefab Wood Buildings Market Analysis
The ASEAN Prefab Wood Buildings Market is expected to grow at a CAGR of more than 5.5% during the forecast period. During the COVID-19 outbreak, the workers fled to their home countries. Due to labor shortage, timely completion of the projects also became a major challenge for developers. Moreover, due to the supply chain disruption, developers faced the problem of obtaining cheap input materials as the production units were closed.
Countries such as Indonesia, Philippines and Thailand are expected to experience significant urbanization growth. Most countries in Southeast Asia are facing growing environmental problems-the natural consequence of economic development. Sustainable construction has been growing in Southeast Asia, including Malaysia. Recently, many new developers and contractors have switched from traditional buildings to prefabricated buildings to adapt to this new trend in the Thai residential market. As sustainable building initiatives continue to be a main discussion topic around the world, green sustainable building standards are progressively becoming the norm, and for here in Vietnam, it is expected that these green buildings to quickly become the most sought-after buildings and spaces in the market to occupiers.
Prefabricated wooden buildings have an opportunity to grow as the cost of traditional construction has increased in the region as a result of a labor shortage and rising fuel and construction material prices. In Thailand housing prices are projected to rise by 5-10% this year 2023 as the standard home construction price index continued an upward trend, with a year-on-year increase of 5.6% in the fourth quarter of 2022 amid a labour shortage. In Malaysia all building materials recorded increases in May 2022 as compared to a year ago. The unit price index of building materials increased between 4.1 per cent to 19.9 per cent. The price index per unit of steel and steel & sections increased by 19.9 per cent and 18.1 per cent respectively in May 2022 as compared to May 2021. In addition, the price index per unit of cement also increased by 12.4 per cent during the period. In March 2022, Vietnam Association of Building Materials stated that due to the sharp increase in input costs, especially petroleum, businesses are forced to increase prices.
