Thailand Construction Industry Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Report Covers Construction Companies in Thailand and the Market is segmented by Sector (Residential, Commercial, Industrial, Infrastructure (Transportation), Energy and Utilities) by type (New Construction, Additions, Alteration)

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Thailand Construction Market Size

Thailand Construction Market Summary
Study Period 2019 - 2028
Base Year For Estimation 2021
Forecast Data Period 2024 - 2028
Historical Data Period 2019 - 2020
CAGR 6.50 %
Market Concentration High

Major Players

Thailand Construction Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Thailand Construction Market Analysis

· The Thailand Construction Market is estimated to grow at a CAGR of approximately 6.5% during the forecast period.

· In 2018, Thailand’s construction industry, including both public and private construction, was valued at THB 1.3 trillion. Positive private construction outlooks stem from prospects of new buildings, such as office and residential projects. For office buildings, a new supply is expected, as the current occupancy rates are as high as 90%. As for residential projects, large developers are eyeing new mixed-used projects with anticipated high returns, coupled with the continuing trends of condominiums built along the electric train route

· Private sector construction spending rose to THB 290bn in 1H19, growing only 2.5% YoY (vs +6.9% YoY in 2H18). The major drag was a decline in residential construction jobs following tighter loan-to-value ratios effective April 2019. Consequently, property developers focused on selling inventory units instead of launching new projects. Public-sector construction spending grew at a faster rate of 5.7% year on year to THB377.5bn as work moved forward on largescale projects, including the MRT Green Line (Mo Chit-Saphan MaiKhu Khot) and Orange Line (Bangkok Cultural Center-Minburi), and the dual-track railway. This progress was facilitated by a 1.6% YoY increase in disbursements for public construction projects in 1H19

· Public sector work to lead the market, large infrastructure projects will drive activity in the industry. Nine megaprojects, worth 276.5 billion baht, began construction in 2018. Consequently, growth was marginal in the first nine months of 2018, at only 1.9% year-on-year. Residential property recovering, residential property development has always accounted for most of the construction activity in the private sector, averaging a 56% share from 2013-17.

Thailand Construction Market Trends

This section covers the major market trends shaping the Thailand Construction Market according to our research experts:

Increase in GDP contribution from Construction Industry:

The rising of industrial construction in Thailand is expected to be around the corner soon construction on the industrial sector will be the backbone of Thailand's future economic dominance in the region. The construction sector itself will play a critical role in developing the nation's economy. Despite the downturn of the sector during the 2014-2015 economic slowdown, the construction sector will experience an improvement parallel to the increase in the industrial sector. The government's plan to develop infrastructure in several economic zones has been a great opportunity that could boost the growth of the industrial construction sector.

Thailand Construction Market: Gross domestic product (GDP) from the construction sector in Thailand from 2014 to 2018 (in billion Thai baht)

Increase in Number of Building Permits:

The pace of construction works is largely influenced by trends in the real estate sector. While the office segment sees steady demand, new supply does not quickly reach the market. At the same time, the residential segment is dealing with oversupply at some levels and the withdrawal of speculators. As such, construction is somewhat limited and developers are selective, especially as the price of land rises. Retail space, for its part, is witnessing overbuilding and weak demand. Thailand’s construction industry is at a turning point, and prospects for the sector are largely positive. Although it contracted in 2017, the sector is poised to accelerate on the back of significant public infrastructure investment. Indeed, growth over the medium term is expected to be steadier, with large-scale works planned under the EEC and sprawling transport projects taking place across the country.

Thailand Construction Market: Number of Building Permits in Thailand 2014-18

Thailand Construction Industry Overview

The report covers the major players operating in the Thailand Construction Market. The market is Consolidated, with over 10,000 contractors, according to registrations with the Department of Business Development. But big contractors dominate, with the top five firms holds 70% market share.

Thailand Construction Market Leaders

  1. Italian Thai (ITD)

  2. Ch. Karnchang (CK)

  3. Sino-Thai (STEC)

  4. Uniq Engineering (UNIQ)

  5. Nawarat (NWR)

*Disclaimer: Major Players sorted in no particular order

Thailand Construction Market Concentration
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Thailand Construction Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain / Supply Chain Analysis

    5. 4.5 Porters 5 Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Market Insights

      1. 4.6.1 Current Economic and Construction Market Scenario

      2. 4.6.2 Technological Innovations in the Construction Sector

      3. 4.6.3 Impact of Government Regulations and Initiatives on the Industry

      4. 4.6.4 Impact of COVID-19 on the market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Sector

      1. 5.1.1 Residential

      2. 5.1.2 Commercial

      3. 5.1.3 Industrial

      4. 5.1.4 Infrastruture (Transportation)

      5. 5.1.5 Energy and Utilities

    2. 5.2 By Type

      1. 5.2.1 New Construction

      2. 5.2.2 Addition

      3. 5.2.3 Alteration

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Italian Thai (ITD)

      2. 6.3.2 Ch. Karnchang (CK)

      3. 6.3.3 Sino-Thai (STEC)

      4. 6.3.4 Uniq Engineering (UNIQ)

      5. 6.3.5 Nawarat (NWR)

      6. 6.3.6 Christiani&Nielsen (CNT)

      7. 6.3.7 Syntec Construction (SYNTEC)

      8. 6.3.8 TTCL

      9. 6.3.9 Power Line Engineering (PLE)

      10. 6.3.10 Pre-Built (PREB)

    4. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. APPENDIX

    1. 8.1 Number of permits, type of construction and by region

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Thailand Construction Industry Segmentation

The Thailand construction market covers the growing construction projects in different sectors, like commercial construction, residential construction, industrial construction, infrastructure (transportation construction), and energy and utility construction and by type (New Construction, Additions, Alteration). Along with the scope of the report also it analyses the key players and the competitive landscape in the Thailand Construction Market.

By Sector
Residential
Commercial
Industrial
Infrastruture (Transportation)
Energy and Utilities
By Type
New Construction
Addition
Alteration
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Thailand Construction Market Research FAQs

The Thailand Construction Market is projected to register a CAGR of 6.5% during the forecast period (2023-2028).

Italian Thai (ITD), Ch. Karnchang (CK), Sino-Thai (STEC), Uniq Engineering (UNIQ) and Nawarat (NWR) are the major companies operating in the Thailand Construction Market.

Thailand Construction Industry Report

Statistics for the 2023 Thailand Construction market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thailand Construction analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Thailand Construction Market Report Snapshots

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