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Construction in Thailand - Key Trends and Opportunities to 2017

Thailand construction market: 6.7% CAGR expected between 2012-2017

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2014-02-18 05:42:04 - Construction in Thailand - Key Trends and Opportunities to 2017 - a new market research report on

The Thai construction industry suffered a double blow in the review period, firstly from the global economic crisis in 2008–2009 and then from the record breaking floods in 2011, with activity levels declining by 5.3% in 2008 and 2.3% in 2011. The industry recorded a quick recovery in 2012, registering a growth of 7.6%. The construction industry is expected to continue to progress at a steady pace over the forecast period and register a CAGR of 6.67%. Growth in the industry will be largely supported by measures initiated by the government to develop the industry, with an intention to become the regional hub of the proposed ASEAN Economic Council (AEC) in 2015.

Thailand is no longer regarded as a low-cost manufacturing



hub, but it remains a key player in the region in various sectors, such as automotive and high-tech manufacturing. Growth will also be supported by the introduction of Real Estate Investment Trusts (REIT), the need to set up special care centers for the rapidly aging population and the rising attractiveness of Thailand as a preferred destination for tourists from across the world, with purposes spanning leisure, business and medical care activities.

Key Highlights

• Thailands economy grew by 6.4% on an annual basis in 2012, up from just 0.1% growth in 2011 as severe floods late in the year resulted in a sharp 8.9% annual contraction in GDP in the fourth quarter. The expansion in 2012 was mainly driven by private consumption, which accounts for around 55% of total GDP and grew by 6.6% in 2012.

• Thailands economic growth is not expected to sustain the rapid annual pace recorded in 2012, as the flood-induced low base of comparison effect ebbs away. However, the economy is still anticipated to grow at a healthy rate in the forecast period. The increase in the national daily minimum wage to THB300 will support private consumption, while export growth is likely to regain momentum once the global economic perspective turns positive in the near future. Gross fixed investment will be boosted by government-led infrastructure projects such as high-speed railways.

• Consumer price inflation recorded an annual rate of 3% in 2012, down from 3.8% in 2011. However, the rate of inflation is expected to pick up due to the rise of the national minimum wage of THB300 in early 2013, as well as a faster pace of economic expansion.

• The formation of the ASEAN Economic Community (AEC), with an objective to create a common production base and market for all the ASEAN countries by 2015, represents a huge opportunity for different companies in the construction industry, as the market would serve around 600 million people from the region. The proposed AEC is expected to facilitate free flow of goods, services, labor and investment in the ASEAN region. The AEC would benefit Thailands construction industry tremendously as several industrial, commercial and residential projects would be taken up to cater for the needs of the huge single market.

• There is a need to increase electricity generation capacity in Thailand due to a significant rise in demand. The government has initiated measures to increase electricity generation capacity twofold; to take the figure to 70 GW by 2030. The need to match generation capacity with rising demand is expected to drive growth in energy infrastructure.

Report Scope

This report provides a comprehensive analysis of the construction industry in Thailand:

• Historical (2008-2012) and forecast (2013-2017) valuations of the construction market in Thailand using the construction output and value-add methods
• Segmentation by sector (commercial, industrial, infrastructure, institutional and residential) and by project type
• Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
• Analysis of key construction industry issues, including regulation, cost management, funding and pricing
• Assessment of the competitive environment using Porters Five Forces
• Detailed profiles of the leading construction companies in Thailand

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