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.
