Low rental penetration in emerging nations drives the Construction Equipment Rental Market

The construction equipment rental market is projected to grow from USD 98.6 billion in 2019 to reach USD 121.6 billion by 2024, at a CAGR of 4.3% from 2019 to 2024. The major drivers for the market include the increasing demand for rental equipment due to various benefits, shift in trend towards rental, increasing infrastructure activities in emerging nations, and cost-benefits associated with the use of construction equipment on a rental basis rather than purchasing it.

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Rental penetration is an important measure to assess the opportunity in terms of potential markets versus the current market. A relatively low level of rental penetration suggests a significant market opportunity for rental companies to expand their business. On the other hand, a high level of rental penetration indicates the market is saturated and will only expand at the rate of overall fleet expansion. As compared to the global average among developed nations and even the BRICS countries, countries such as India and China have a marginal penetration of construction equipment rental

In today’s economy and considering the cyclical nature of the construction industry, the benefits of renting construction equipment are amplified. Many contractors, construction companies, and a wide variety of industries are more and more exploring rental options. As cited by Keith Homes, Vice President of operations at the equipment rental platform BigRentz, there has been a significant shift from purchasing new equipment to the rental model among the contractors and construction companies that use the site. Many economists and business leaders foresee economic recession to be on the horizon, which may further fuel the demand for equipment rental and push companies even further away from leasing and ownership. There are several costs associated with the purchase of new equipment, such as the cost of equipment ownership, the initial asset cost, and the tenure to pay off equipment financing, plus maintenance and repair costs.

Construction companies are wary of such costs and, on top of this cost factor, the cyclical nature of the construction industry and economic fluctuations can make it difficult for organizations to fully utilize the equipment they have purchased and obtain the most value, especially when that equipment is idle during slow business conditions. In this case, rental is an attractive alternative, particularly as some companies brace for economic recession and the potential implication of operational slowdown.

Key players in the construction equipment rental market, such as United Rentals Inc. (US), Ashtead Group Plc (UK), Loxam (Paris), Herc Holdings Inc. (US), Aktio Corporation (Japan), Nishio Rent All Co. Ltd. (Japan), and Kanamoto Co. Ltd. (Japan), among others, are considered for the study.

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Europe region is projected to account for the largest share in the rainscreen cladding market

The rainscreen cladding market is projected to grow from USD 10.1 billion in 2019 to USD 14.3 billion by 2024, at a CAGR of 7.1% from 2019 to 2024. Rainscreen cladding market is expected to grow in accordance with the growth of the construction industry across the globe. Factors such as increase in the residential and non-residential construction and innovation as well as remodeling activities, along with the demand for durability of rainscreen cladding with the ability to withstand various weathering actions and resist chemical attacks & deterioration are expected to support market growth during the forecast period.

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The Europe region is expected to lead the rainscreen cladding market in terms of both value and volume, from 2019 to 2024. Factors such as the increasing number of new housing units and huge investments in the infrastructural sector is expected to drive the rainscreen cladding market growth in the European region. Also, countries such as UK, Germany, France, Russia are considered to be developed markets in the construction sector as compared to the emerging markets such as Italy due to the tremendous growth of the construction opportunities in these countries has also driven the demand for rainscreen cladding .

The rainscreen cladding market has been dominated by large players such Kingspan Insulation (UK), SIKA (Switzerland), Rockwool International A/S (Denmark), Everest Industries Limited (Denmark), SFS Group AG (US). These players have adopted various growth strategies such as expansions, investments, new product developments, acquisitions, partnerships, agreements, and joint ventures to increase their market shares and enhance their product portfolios.

Kingspan Insulation Ltd (UK) is one of the key players in the manufacturing of fabricated & high-performance insulation as well as building envelope solutions. The company operates through its five business segments, namely, insulated panels, insulation boards, data & flooring technology, light & air, and water & energy. Its extensive product portfolio includes architectural façade , structural framing, metal facades, insulation boards, building services insulations, engineered timber , daylighting, smoke management, micro-wind , ventilation , energy storage solutions, and insulated panels. The company operates in the rainscreen cladding market via architectural façade . The company has more than 129 manufacturing sites and is present across more than 70 countries worldwide.

Sika AG (Sika) (Switzerland), is one of the global leaders in the specialty chemicals industry and operates through two business segments, namely, construction and industrial manufacturing. The company produces concrete & mixtures, mortar, sealants & adhesives, tooling resins, anti-static industrial flooring, and acoustic material. Under the construction segment, the company offers products and solutions for building components, cement industry, concrete technology, concrete refurbishment, elastic bonding, flooring & coating, gypsum & dry mortar, joint sealing, roofing, structural bonding, tiling , and waterproofing. The industry segment includes automotive, automotive aftermarket, building components, general industry, marine, renewable energies, and transportation industry. Sika AG has a presence in more than 50 countries, including Germany, India, Brazil, Chile, Morocco, and Australia, across five continents. Sika has subsidiaries in 95 countries worldwide and over 170 factories.

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High demand contractors for environmentally friendly & sustainable construction products are driving the Fiber Cement Market

The global fiber cement market size is projected to grow from USD 16.4 billion in 2020 to USD 20.3 billion by 2025, at a CAGR of 4.4% from 2020 to 2025. The market is projected to grow in accordance with the growth of the residential and non-residential sector across the globe. Fiber cement products are known for their properties, such as high strength, durability, fire-proof, and resistance to deterioration from salt or UV rays. These properties of fiber cement products increase their preference in a wide range of applications.

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Portland cement is estimated to dominate the fiber cement market

Portland cement, by material, accounted for the largest market share in the fiber cement market. Portland cement is the most widely used type of cement, which is used for making concrete and mortar. The chief chemical components of Portland cement are calcium, silica, alumina, and iron. It is a reasonably priced material and is readily available, which makes it one of the widely used materials for construction globally.

Siding is estimated to lead the fiber cement market

Sding, by application, led the fiber cement market in 2019, in terms of value and volume. Siding is the major application of fiber cement in both residential and non-residential constructions. In this application, fiber cement is applied to the exterior sides of the walls to protect them from the effects of extreme weather conditions. Fiber-cement siding also improves the aesthetic appeal of the buildings. Fiber-cement siding is affordable and most suitable for regions having extreme weather conditions.

The APAC region is projected to lead the fiber cement market, in terms of both value and volume from 2020 to 2025. The countries in this region is expected to achieve high growth in the construction sector, and in turn, triggering a huge demand for fiber cement products. Growing construction sector, particularly in rapidly-growing countries such as China and India, huge foreign investments, and growing awareness about the ill-effects of using asbestos, drive the demand for fiber cement products.

R Etex Group NV (Belgium), James Hardie Industries PLC (Ireland), Evonik Industries AG (Germany), Toray Industries Inc (Japan), and CSR Limited (Australia), are the key players operating in the fiber cement market. Expansions & investments, and acquisitions are some of the significant strategies adopted by these key players to enhance their positions in the fiber cement market.

James Hardie is one of the leading player engaged in the production of fiber cement siding and backerboard. It operates through three business units, namely, North America Fiber Cement, Asia Pacific Fiber Cement, and Europe Building Products. The company’s fiber cement building materials serve a wide range of internal & external applications, such as external siding, internal walls, ceilings, floors, soffits, fences, facade, cladding, decking, and roofing. James Hardie’s strong global presence, coupled with the attractive portfolio of fiber cement, makes it a global player in the fiber cement market. Its expertise in fiber cement building materials, and significant investments in its plants and market development programs have contributed toward its significant position in the market.

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Demand for lightweight building structure, drive the pre-engineered buildings market

The pre-engineered buildings market is projected to reach USD 25.0 billion by 2024, at a CAGR of 11.5% from 2019. Factors such as rapid industrialization, growth in the infrastructural investments, an increase in the use of steel in building & construction, and rising demand for sustainable buildings drive the pre-engineered buildings market.

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Growth in new types of non-residential construction, such as healthcare, education, recreational and social infrastructure, and retail is also fueling the demand for single-story pre-engineered buildings. Furthermore, the lower price of single-story buildings and the benefits of creating large open spaces which are efficient, has easy maintenance, and has architectural flexibility, support the demand for single-story pre-engineered buildings.

Recent Developments

In March 2019, Nucor Corporation has planned to expand its steel plate production capacity by building a steel plate mill in Brandenburg, KY, US. The company has planned an investment of USD 1.35 billion in the mill. This mill has a planned production capacity of 1.2 million tons of steel products per annum. This is expected to strengthen the company’s steel plate product portfolio, which is further expected to support its pre-engineered buildings production, as steel plates are used as a raw material to manufacture pre-engineered buildings.
In August 2017, Zamil Steel Pre-engineered Building Company signed a contract with Agility Kuwait to build four air-conditioned warehouses in Mina Abdullah, Kuwait. This contract was valued at USD 6.7 million. Under this contract, the company would provide 4,600 metric tons of pre-engineered steel buildings and over 100,000 square meters of sandwich panels.

Asia Pacific accounted for the largest share in 2018 and is also projected to record the highest growth rate during the forecast period. The key factors driving the growth of the Asia Pacific pre-engineered buildings market are the growth in the residential and non-residential construction industry, huge investments in the infrastructural sector, and rapid industrialization in the developing countries of Asia Pacific. Furthermore, various benefits of these buildings, including time & cost efficiency and reduced environmental impact, as compared to cast-in-situ construction, are fueling the demand for these buildings in the developing countries of Asia Pacific.

The key players operating in the pre-engineered buildings market include BlueScope Steel (Australia), NCI Building Systems (US), Nucor Corporation (US), Kirby Building Systems (Kuwait), Zamil Steel Holding Company (Saudi Arabia), ATCO (Canada), Lindab Group (Sweden), PEBS Pennar (India), PEB Steel Buildings (Vietnam), and Everest Industries (India). These players have adopted various growth strategies to expand their global presence and increase their market share.

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Increasing demand for green buildings drives the growth of the pre-engineered buildings market

Pre-engineered buildings are steel buildings or structures fabricated away from the construction site, based on customer requirements. These buildings are first designed using specific software tools, and then individual elements are manufactured at the factory, which is further transported, assembled, and erected at the construction site, with bolted connections.

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The warehouses & industrial segment is projected to grow at the highest CAGR during the forecast period.

This is attributed to the growth in the manufacturing, logistics, and e-commerce sectors. Growth in these sectors generates the demand for factories, production plants, R&D centers, warehouses, and distribution centers, thereby supporting the pre-engineered buildings market growth. The infrastructure segment is projected to register the second-highest growth, owing to the infrastructural investments leading to the demand for metro stations’ sheds, airport hangers, airport terminal buildings, shipyards, highways and footbridges, and railway platform sheds.

In terms of geographical coverage, the pre-engineered buildings market has been segmented into five regions, namely, North America, Asia Pacific, Europe, the Middle East, and Africa, and South America. Asia Pacific accounted for the largest share in 2018 and is also projected to record the highest growth rate during the forecast period. Growth in the Asia Pacific region can be attributed to the increasing demand for pre-engineered buildings from the growing non-residential construction (including commercial and industrial) and infrastructural development in the region. The major demand for pre-engineered buildings in the region is contributed by India and China, owing to the growing population, economic growth, government investments, and demand for low-cost green buildings.

Furthermore, foreign investors are setting up their factories and distribution centers in the developing countries of Asia Pacific, owing to cheap labor, trade liberalization, and favorable government policies, further boosting the pre-engineered buildings market growth. This acts as an opportunity for the pre-engineered buildings manufacturers and suppliers.

The pre-engineered buildings market is dominated by major players such as BlueScope Steel (Australia), NCI Building Systems (US), Nucor Corporation (US), Kirby Building Systems (Kuwait), Zamil Steel Holding Company (Saudi Arabia), ATCO (Canada), Lindab Group (Sweden), PEBS Pennar (India), PEB Steel Buildings (Vietnam), and Everest Industries (India). These players adopt various growth strategies such as contracts/orders/project developments, new product developments, divestitures and expansions, and acquisitions to increase their market share.

Zamil Steel Holding Company (Saudi Arabia) is one of the key players in the pre-engineered buildings market. It offers pre-engineered buildings for a wide range of applications including warehouses, factories, offices, showrooms, shopping malls, aircraft hangars, power stations, and recreational infrastructures. It is among the few companies that offer complete building solutions. Contracts is the major growth strategy adopted by the company. For instance, in August 2017, Zamil Steel Pre-engineered Building Company signed a contract with Agility Kuwait to build four air-conditioned warehouses in Mina Abdullah, Kuwait. This contract was valued at USD 6.7 million. Under this contract, the company will provide 4,600 metric tons of pre-engineered steel buildings and over 100,000 square meters of sandwich panels. This contract is expected to enhance the pre-engineered buildings business and tap the untapped market.

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The roofing segment is projected to play a key role in the fiber cement market

MarketsandMarkets projects that the market for fiber cement will grow at USD 17.38 billion by 2021, at a CAGR of 4.80%. The market for fiber cement is segmented on the basis of material into Portland cement, sand, cellulosic fibers, and others. Portland cement dominated the market. However, the market for cellulosic fibers is projected to grow at the highest rate. With the emergence of new technologies, manufacturers are looking for advanced techniques to make fiber cement more effective.

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The siding segment is estimated to account for the largest share in the fiber cement market, on the basis of application and this trend is projected to continue during the forecast period. Fiber cement siding improves the aesthetic appeal of the buildings, making them look more expensive. Other applications such as molding & trim and roofing are projected to show potential growth. In fact, fiber cement roofing is projected to be the fastest growing application during the forecast period. Growing construction industry and strict regulations against the use of asbestos cement are important factors driving the market for fiber cement.

On the basis of end use, the residential segment held the largest share, in 2015 and is projected to grow at the highest rate during the forecast period. This is primarily due to favorable and lenient lending policies initiated by governments across all regions. Also, the residential construction spending is estimated to go up, particularly in the emerging Asia-Pacific and Latin American regions. Fiber cement products’ aesthetic appeal, along with properties such as durability and low maintenance, has also driven the residential sector.

Among regions, Asia-Pacific is projected to grow at the highest rate during the forecast period. Growing economy and rapid growth in the infrastructure sector in the Asia-Pacific region have significantly impacted the growth of fiber cement. The North American region, which is seeing a rebound in its residential construction sector, is projected to be the second-largest market.

Fiber Cement is used in Various Construction Applications Such as Siding, Roofing, Molding & Trim, Backer Boards, and Countertops

Fiber cement is used in various construction applications such as siding, roofing, molding & trim, backer boards, and countertops. MarketsandMarkets projects the global fiber cement market to grow from USD 13.75 Billion in 2016 to USD 17.38 Billion by 2021, at a CAGR of 4.80% from 2016 to 2021. Growing construction industry and stringent regulations against the use of asbestos cement have propelled the growth of the fiber cement market, globally.

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The growth of fiber cement was largely influenced by expansions of global players in the past five years. The year 2014 experienced a large number of investment strategies being used by top players in this market. Agreements, contracts, and partnerships also formed an essential part of their strategies, which led to the flow of considerable income within the company. Most players in the market hold long-term contracts with their clients to expand their fiber cement business. New product and technology developments were one of the key strategies adopted by companies in the past 3 years to gain considerable market share and focus on core operations of the business. Considerable investments were made in technology upgradations and servicing facilities across developed and emerging markets.

Expansions & divestitures and new product developments were the major strategies adopted by most of the players in the fiber cement market. Companies such as Etex Group NV (Belgium), James Hardie Industries PLC (Ireland), Evonik Industries AG (Germany), Compagnie de Saint Gobain SA (France), Toray Industries Inc (Japan), CSR Limited (Australia), The Siam Cement Public Company Limited (Thailand), Nichiha Fiber Cement (Japan), Plycem USA, Inc. (U.S.), and Cembrit Holding A/S (Denmark) were the key players who adopted these strategies to increase the reach of their offerings, improve their product portfolio, and establish focus on core operations.

Etex Group NV (Belgium) held the leading position in the global fiber cement market. The company has maintained its leadership position through its strong distribution network across Europe, Americas, and emerging markets. The company is among the leading manufacturers of products for many of the markets it serves. The year 2014 saw a lot of expansions and investments by key players to increase their geographic presence and expand their product portfolio to untapped markets. Etex Group NV expanded its fiber cement business in Indonesia by inaugurating a new factory in Karawang. The company strengthened its position in the emerging Asia-Pacific region with this expansion, which costed the company more than USD 70 Million.

James Hardie Industries PLC, an Ireland-based manufacturer of fiber cement products expanded its fiber cement siding and trim business in the U.S. by increasing distribution at Dixie Plywood & Lumber Company (U.S.) and Weyerhaeuser (U.S.) locations in the Texas market. This expansion increased the company’s reach on the American continent.

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Plastics as a raw material to play a key role in the plumbing fixtures & fittings market

The plumbing fixtures & fittings market size is estimated to grow from USD 74.72 Billion in 2015 to USD 102.07 Billion by 2021, at a CAGR of 5.45%. The base year considered for the study is 2015 and the market size is projected from 2016 to 2021. The fixtures & fittings report aims to study the fixtures & fittings market on the basis of material, product, end-use, and application.

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Factors such as increasing demand in Asia-Pacific due to rapid urbanization, building renovations due to disasters and upgradations, rising construction activities in emerging economies, and large-scale investment in industrial and infrastructure sectors are some of the drivers for the growth of the plumbing fixtures & fittings market.

The report defines and segments the plumbing fixtures & fittings market on the basis of raw material into vitreous china, metal, and plastics. The vitreous china segment is projected to contribute the largest market share as it is the most economical material for domestic fixtures such as toilet bowls, urinals, and washbasins. Plastic plumbing fixtures & fittings, made from a wide range of polymers such as fiberglass, cast polymer, and acrylic, is projected to grow at the highest rate from 2018 to 2027.

Target Audience

Plumbing Product manufacturers
Raw material suppliers
End users
Consulting firms

The market ecosystem includes various stakeholders involved in the supply chain of the plumbing fixtures & fittings industry starting from raw materials suppliers, research & development, and manufacturing. Post this, the marketing and sales of the products take place which is only possible if an efficient distribution channel is developed. Finally, the end products are made available to the consumers. The global market for plumbing fixtures & fittings is dominated by players such as Geberit AG (Switzerland), Kohler Co. (U.S.), Jacuzzi Inc. (U.S.), Masco Corporation (U.S.), LIXIL Group Corporation (Japan), Fortune Brands Home & Security, Inc. (U.S.), TOTO Ltd. (Japan), and Roca Sanitario, S.A. (Spain). The other players in the market are Elkay Manufacturing Company (U.S.) and MAAX Bath Inc. (Canada).