Market Trends of Southeast Asia Concrete Admixtures Industry
This section covers the major market trends shaping the Southeast Asia Concrete Admixtures Market according to our research experts:
Increasing Consumption of Concrete Admixtures in the Residential Sector
- Growth in population, migration from hometowns to service sector clusters, and the growing trend of the nuclear family are some factors driving residential construction worldwide. Besides, the decreasing land-to-population ratio and the growing trend of constructing high-rise residential buildings and townships have been driving the application of concrete admixture in the residential construction segment across the world.
- Increasing government initiatives propelling the demand for affordable housing stimulates market expansion. Various residential construction projects are initiated in the Southeast Asia region in 2022.
- In addition, the rising household income levels, combined with the population migrating from rural to urban areas, are expected to continue to drive the demand for the residential construction sector. The increased focus on affordable housing by both the public and private sectors is driving the growth in residential construction.
- According to Bank Indonesia, in the first quarter of 2022, almost 70% of consumers in Indonesia used a house ownership loan to finance their residential property acquisition. In comparison, approximately 8% of those polled paid cash for their home.
- The government allotted a large sum for infrastructure projects in the 2022 Budget to promote the economy. Residential construction owing to Malaysia's growing population, expanding urbanization, and government investment in affordable housing schemes is anticipated to increase.
- The Astrum Ampang Residential Development project is valued at USD 350 million, with plans to construct a six-block residential complex on 2.7 hectares of land in Ampang, Selangor. Construction started in the third quarter of 2022 and is scheduled to be completed in the third quarter of 2025. The initiative seeks to improve the region's residential, commercial, and retail amenities.
- The Jernih Residence project in Kajang, which costs USD 112 million, consists of the development of a residential complex with two building blocks, 1,605 serviced apartments, and 41 retail shophouses on 2.1 hectares of land in Kajang, Selangor. Construction began in the third quarter of 2022 and is scheduled to finish in the second quarter of 2026. The program aims to improve the residential and retail amenities in the neighborhood.
- The Goodwood Residence Mixed-Use Complex is another USD 200 million project that comprises the creation of a mixed-use complex in Sungai Ara, Penang. Construction began in the second quarter of 2022 and is expected to be finished in the fourth quarter of 2024. The initiative intends to improve the neighborhood's residential and commercial facilities.
- Numerous residential projects are also being developed in the Philippines. The Ortigas Hills Condominium project costs USD 75 million and will consist of three condominium buildings constructed on 1.7 hectares of land in Rizal, Calabarzon, Philippines. Construction started in the third quarter of 2022 and is scheduled to be completed in the third quarter of 2025. Another project, Glade Residences, is worth USD 50 million and involves the construction of 11 residential structures in Jaro, Iloilo, Philippines. Construction started in the third quarter of 2022 and is scheduled to be finished in the second quarter of 2026. The project's goal is to improve the region's residential facilities.
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Indonesia is Anticipated to Hold a Major Share
- In Southeast Asia, Indonesia dominates the overall market share. As construction activities expand, the demand for concrete admixture also increases.
- The construction sector is Indonesia's fourth-biggest contributor to GDP, and construction investments in Indonesia are among the greatest of all construction investments in Asia. The sector has been expanding due to the government's goal of developing the archipelago's infrastructure to improve connectivity.
- According to Statistics Indonesia, in 2022, Indonesia had roughly 148.6 thousand small construction establishments operating. Indonesia's construction sector expanded due to increasing infrastructure construction.
- For decades, Indonesia's infrastructure development has been centered on Java Island, the country's most populous island and the site of the country's present capital city, Jakarta. Despite expansion on neighboring islands, the value of its total completed construction is still more than forty times that of Bali and thirty times that of Papua. In recent years, the Indonesian government has attempted to decrease development disparities by constructing toll highways around the country.
- The Gilimanuk-Mengwi Toll Road project is valued at USD 1,722 million and involves the construction of a 96.21-kilometer road in Bali from Gilimanuk to Mengwi. Construction began in the third quarter of 2022 and is projected to be completed in the fourth quarter of 2025. The project's purpose is to develop the western section of Bali and enhance communication from Gilimanuk Port to Metropolitan Sarbagita, which is currently congested.
- Antasari Place Apartment Complex is a USD 246 million project in South Jakarta that consists of the construction of two 33-story apartment towers with 1,601 residential flats on 2.5 hectares of Indonesian land. Construction began in the second quarter of 2022 and is projected to be finished in the second quarter of 2025. The project's purpose is to improve the area's residential facilities.
- Okura Residences and Hotel is a USD 195 million project in Jakarta that is being built as a 46-story mixed-use skyscraper with 353 housing units on 33 stories and 181 hotel rooms on 13 floors. The project started in the first quarter of 2022 and is expected to be completed in the second quarter of 2025. The project's purpose is to improve the region's commercial and residential amenities.
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