According to Triton’s market research report, the increasing cohorts of smart cities is a key factor which would propel the growth of the global construction materials market in the coming years.
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With increasing populations, a staggering number of people are migrating to cities, which is increasing congestions in urban areas. This, in turn, is mandating the development of smart cities. According to Triton’s market research report, the increasing cohorts of smart cities is a key factor which would propel the growth of the global construction materials market in the coming years.
Adopting new technologies and materials is another key trend that is gaining traction and will continue to do so in the coming years. Productivity levels in the industry will also increase with the use of new construction materials and shift the focus towards the utilization of prefabricated building blocks. The companies would also need to stay updated about the latest technological advancements for enhancing their customer base and increasing their revenue shares. Also, players in this industry are striving to improve their efficiency. The construction industry is cyclically affected by relatively low margins due to reduced productivity. The lack of appropriate skill level in some markets and the increased price inflation level is also forcing the industry to focus on the fundamentals which have been in place for quite some time.