This report, sponsored by PwC, predicts that the volume of construction output will grow by more than 70% to $15 trillion worldwide by 2025. The meteoric growth, which outpaces that of global GDP, will be concentrated in three countries: China, the US and India.
World construction markets are at a tipping point already with 52% of all construction activity in emerging markets today. This is expected to increase to 63% by 2025, with China and India contributing most to growth in emerging markets.
China overtook the US to become the world's largest construction market in 2010, and is expected to increase its global share from 18% today to 26% in 2025, despite an expected slowdown.
Significant opportunities have arisen for a new generation of 'Asian Tigers'. Indonesia, Vietnam and the Philippines are becoming increasingly attractive for export-oriented manufacturing and represent a $350 billion construction market growing at more than 6% annually.
India will overtake Japan as the third-largest construction market with annual growth averaging 7.4% annually in construction expected to exceed that of China.
By 2050, there'll be two billion additional city dwellers − sustainable urbanisation will be a major construction challenge and the industry must strive to find innovative new products and solutions, to contribute to building better cities.