Prefabricated buildings are structures whose components are prefabricated in a factory before being brought to and erected on-site. Prefabricated structures are made of a variety of materials such as steel, wood, or concrete, and they are designed to be durable and good performing. These structures are composed of pre-engineered components such as walls, floors, roofs, and modules that are intended to slot together effortlessly, like puzzle pieces, during on-site construction. They are also used in a variety of industries, including as residential, commercial, and industrial, to meet needs ranging from modest storage areas to complicated, multi-story constructions.
Vietnam Prefabricated Buildings Market Driving Factors and Challenges
Driving Factors- The Vietnam prefabricated buildings market is expected to grow significantly, driven by rising demand for housing units across the country. This demand is being driven by fast urbanization and a growing population, notably in large cities like Ho Chi Minh City and Hanoi. The market includes several types of prefabricated housing, such as manufactured, modular, precut, and panelized housing, which are increasing popularity in both the commercial and residential sectors. The government's initiatives, such as the proposed credit package for low-cost homes and the push for increased automation in the building materials sector, are projected to bolster market growth. Furthermore, international trade agreements such as the CPTPP and EVFTA are expected to increase Vietnam's exports of prefabricated buildings, improving the market's growth prospects.
Challenges-
- Limited Skilled Workforce: The use of prefabricated building systems demands specialized skills that may differ from typical construction methods. However, there is frequently a shortage of skilled individuals trained in off-site production and assembly methods. This talent gap creates issues in satisfying the increased demand for prefabricated construction projects, potentially slowing industry growth.
Impact of COVID-19 on Vietnam Prefabricated Buildings Market
Global construction initiatives have been significantly impeded by the COVID-19 outbreak. The lack of raw resources has led to a number of difficulties for industrial businesses. This is because the international adoption of lockdown in many countries has disrupted the supply chain. The market growth for prefabricated structures was also hindered by the termination of construction contracts. Apart from disruptions in the supply chain, the expiration of cost management contracts and a scarcity of suppliers and subcontractors have also hindered market growth. Additionally, construction and building projects have been temporarily put on hold. Due to the fall in building and construction activity, there is now much less demand for prefabricated building systems, which has had a significant negative impact on market growth.
Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Zamil Steel Buildings Vietnam Co. Ltd, DTH Prefab, Dai Dung Corp, TLC Modular, Lien Son Thang Long Joint Stock Company, Steel Buildings and Equipment Industries JSC, QH Plus Corp, Tran Duc Corp.
Vietnam Prefabricated Buildings Market Segmentation:
By Material Type: Based on the Material Type, Vietnam Prefabricated Buildings Market is segmented as; Concrete, Glass, Metal, Timber, Others.
By Application: Based on the Application, Vietnam Prefabricated Buildings Market is segmented as; Residential, Commercial, Industrial.
By Region: This research also includes data for North Vietnam, South Vietnam, East Vietnam, West Vietnam.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.