Thailand Construction Market Size

Market Size of Thailand Construction Industry

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 *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 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

Thailand Construction Market Size Summary

The Thailand Construction Market is expected to see significant growth in the coming years. The expansion is anticipated to be driven by increased consumer and investor confidence, government spending on housing, transportation, renewable energy, and rail projects, as well as investment in the Southern Economic Corridor (SEC) and Eastern Economic Corridor (EEC) programs. The market is also expected to benefit from private investment in the EEC. Furthermore, the construction industry is seeing a concentration of office space projects in the Bangkok Metropolitan Region, particularly in the central business area. Key trends in the Thailand Construction Market include an increase in road infrastructure projects and a surge in infrastructure projects driven by the government. The government's spending plans are focused on significant investment in projects across key sectors, with the majority of funding going towards the expansion of mass rapid transit networks and the rail sector. The government has also committed to accelerating infrastructure development, which is expected to boost economic growth and increase connectivity throughout the country. The market is dominated by major players, with the top five firms holding a significant market share.

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Thailand Construction Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Market Overview
2. 1.2 Market Drivers
3. 1.3 Market Restraints
4. 1.4 Value Chain / Supply Chain Analysis
5. 1.5 Porters 5 Force Analysis
  1. 1.5.1 Threat of New Entrants
  2. 1.5.2 Bargaining Power of Buyers/Consumers
  3. 1.5.3 Bargaining Power of Suppliers
  4. 1.5.4 Threat of Substitute Products
  5. 1.5.5 Intensity of Competitive Rivalry
6. 1.6 Market Insights
  1. 1.6.1 Current Economic and Construction Market Scenario
  2. 1.6.2 Technological Innovations in the Construction Sector
  3. 1.6.3 Impact of Government Regulations and Initiatives on the Industry
  4. 1.6.4 Impact of COVID-19 on the market
2. MARKET SEGMENTATION
1. 2.1 By Sector
  1. 2.1.1 Residential
  2. 2.1.2 Commercial
  3. 2.1.3 Industrial
  4. 2.1.4 Infrastruture (Transportation)
  5. 2.1.5 Energy and Utilities
2. 2.2 By Type
  1. 2.2.1 New Construction
  2. 2.2.2 Addition
  3. 2.2.3 Alteration

Thailand Construction Market Size FAQs

What is the current Thailand Construction Market size?

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

Who are the key players in Thailand Construction Market?

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 Market Size (2024 - 2029)