Construction material market

In Thailand, basic construction supplies such as cement and construction steel are essential materials. In 2020, construction steel and cement together held the biggest share in the construction material market, accounting for 40 percent combined. This was followed by ready-mixed concrete. However, ceramic tiles had the highest year-on-year growth in terms of domestic sales as of the first quarter of 2021. In contrast, the COVID-19 pandemic was expected to impact the retail trade of construction materials in Thailand heavily, resulting in a decline of the construction material retail market in 2020. It was however estimated that this market would start to recover as the demand rebounds.

Leading construction contractors in Thailand

As of 2018, there were approximately 80 thousand registered construction contractors in Thailand, out of which only 55 played a major role, accounting for about half of the income. These key players in the construction industry are registered in the Stock Exchange of Thailand. The three leading construction companies are Italian Thai Development PCL, Ch. Karnchang PCL, and Sino Thai Engineering and Construction PCL. In 2020, Italian Thai (ITD) generated the highest revenue in the market, amounting to around 55 billion Thai baht. The company also held the largest market share in the construction industry in the previous year.

Impact from COVID-19

Like most of the world. the pandemic heavily impacted the Thai economy. Interestingly, most of the Thai construction contractors were not as affected as ongoing construction projects. This was primarily due to binding contracts and the possibility of continued work. New constructions, on the other hand, in heavily-affected markets were held off or delayed. As for the construction works of the public sector, the Thai government planned to promote public construction investments such as public utilities, communication, and irrigation. The aim was to create more job opportunities and encourage the growth of construction material trading. This plan reflected in growth for this sector of the construction industry and is forecast to further grow in the next year.

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