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Why India is the fastest-growing construction market

01 February 2024 4 minute read
Why India is the fastest-growing construction market

India is upgrading. This super-mega-plan to modernise the country is part of a compelling narrative of economic transformation that has greatly accelerated in the last decade.

One of the key drivers of this economic surge is the construction industry, whose remarkable expansion can be gauged from these impressive numbers:

  • The industry’s current market size is USD 639 billion, with a projected Compound Annual Growth Rate of 6% during the forecast period.
  • It is the fourth-largest construction market in the world, after the US, China and Japan.
  • It is the fastest-growing construction industry, globally. With an impressive 7-8% growth rate annually, India is expected to become the third-largest construction market in the world, valued at USD 1.4 trillion by 2025.
  • It accounts for 9% of India’s GDP.

The extraordinary growth in the construction industry is largely due to the government’s special focus on infrastructure development. This includes mega-projects in sectors such as urban infrastructure, transportation, roads, irrigation and real estate.

that growth in infrastructure has on employment, the Union Budget for 2023-24 raised the capital outlay for this sector by 33%, for the third year in a row, to Rs 10 lakh crore. This constitutes 3.3% of the country’s GDP.

In addition, the Budget announced the setting up of the Urban Infrastructure Development Fund (UIDF), allocating Rs 10,000 crore per year to public agencies, to create urban infrastructure in Tier 2 and Tier 3 cities.

Ambitious programmes like these are generating considerable demand for quality construction materials such as cement, steel reinforcement bars, all kinds of hardware, power control solutions, and paints and coatings, among other things. The Building Materials Division of several companies in India, including Sicagen, have been working hard to keep up with this escalating demand.

Why India is the fastest-growing construction market

Key projects driving growth


Transportation infrastructure in India is getting a major upgrade. To improve connectivity, enhance trade, and simply make travel easier, the government is implementing the Sagarmala Program and the Bharatmala Pariyojana, to enhance port and highway systems across the country.

The Sagarmala Program will invest USD 10.5 million in over 610 projects between 2015 and 2035, upgrading ports, promoting port-based industrialisation, and developing coastal communities. The Bharatmala Pariyojana focuses on highway development, building economic corridors, feeder routes and greenfield expressways. The blueprint includes India’s largest expressway, a 1,386-km-long super-highway between Delhi and Mumbai.

The Airports Authority of India is investing INR 61,000 crore in building new airports, expanding and upgrading existing ones, and strengthening runways, technical blocks and control towers. It will also expand the three PPP airports, in Delhi, Bengaluru and Hyderabad, with an investment of INR 30,000 crore by 2025.

Urban infrastructure

Two mega-infrastructure development projects that are fuelling the exponential growth in the construction industry are the government’s Smart Cities Mission and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT). While the first focuses on developing parts of cities as model areas so that this development can spread, the second programme aims to develop basic infrastructure in selected cities and towns, in the areas of water supply, sewerage, storm water drainage and green spaces.

Affordable housing

Robust economic growth has placed home ownership within the reach of the burgeoning middle and lower-income segments. At the forefront are government schemes for affordable housing such as the Pradhan Mantri Awas Yojana (PMAY), or Hosing For All scheme, which offers financial assistance to beneficiaries and incentives to builders. In the Budget for 2023-24, the outlay of the PMAY was increased by 66%, to over Rs 79,000 crore.

Moreover, by 2030, more than 40% of the population in India is projected to live in urban India, which will create a demand for 25 million additional affordable units, further boosting the construction industry.

Trends in the construction industry

Green building materials

Driven by concerns about the environment, there is a growing focus on using green building materials and sustainable construction practices. An India that is fast upgrading will also need energy-efficient power; and lighting, ventilation and air-conditioning systems. Companies specialising in green building materials and energy systems will benefit greatly from this trend.


Why India is the fastest-growing construction market

The increasing use of technology is another trend shaping the construction industry in India. Many construction firms are adopting new technologies, such as Building Information Modeling (BIM), 3D printing and prefabricated technology, to enhance the efficiency and quality of their work. These technologies reduce costs and improve the speed of construction projects.

The availability of quality building materials is a crucial factor in the growth of India’s construction industry. Tamil Nadu is home to various companies that specialise in producing construction materials, including cement and steel suppliers, pipe and fittings suppliers, and paint and coatings manufacturers. Roofing material manufacturers in Chennai and flooring solutions providers in other parts of South India are also playing a significant role in the expansion of the construction industry in India. Kerala too is a key state supplying steel reinforcement bars and plumbing materials for construction projects.

India’s construction industry, the second-largest employer in the country, is expected to maintain its upward trajectory for several years. The market is very competitive due to the presence of major local and international players, but consolidation is unlikely. Developers who are tech-savvy, future-focused and commit to sustainability will be leading the charge into a future full of promise for this sector.

Reimagining India’s construction sector: The tech revolution

12 January 2024 3 minute read
Reimagining India’s construction sector: The tech revolution

The construction sector is at the core of the economy and serves as the nation’s robust backbone.

Accounting for 9% of the GDP, the construction industry is a job powerhouse, employing a staggering 51 million people. It attracts massive foreign investment as well, drawing in $32 billion from April 2000 to September 2023. The future is even brighter, with the sector poised to hit a towering $1.4 trillion by 2025 in India.

The industry is however a largely unorganised one and faces several challenges. Amidst the rapid growth, it faces an unstructured approach, a crunch in skilled manpower, and a slow pace in adopting tech innovations. This results in project delays, budgets ballooning out of control, and operational hiccups. Companies like Sicagen stand out in this important sector as one of the few organized players that provide quality construction materials, combining value-engineering, R&D, and innovation.

The way forward for the industry lies in adopting new technology to improve performance and competitiveness.

Reimagining India's construction sector: The tech revolution

Tech innovations: The new frontier

The construction industry in India is changing and traditional methods are making way for tech-infused ones. It’s moving to advanced construction technologies like 3D printing, artificial intelligence (AI), and drones. It’s an exciting shift that promises to propel the industry ahead by leaps and bounds.

3D printing, not building: 3D printing in construction is no longer restricted to the imagination; it’s now a reality. 3D printing not only slashes construction time and costs but also enables the use of sustainable building construction materials. India’s first 3D-printed post office in Bengaluru is a marvel of this innovation.

Crafting digital masterpieces with BIM: Building Information Modelling (BIM) is transforming project management. It’s like having a digital twin for every building, representing its physical and functional form. It’s immensely useful when it comes to design, construction, and management, as it streamlines coordination, reduces errors, and increases efficiency. It’s not just a tool; it’s a game-changer that helps develop more sustainable and efficient building processes.

BIM is already in use in India at the Bengaluru Airport, Nagpur Metro, Delhi International Airport, and the Rapid Transit system in Amritsar, and it is expected to gain much more significance in the coming years.

Reimagining India's construction sector: The tech revolution

Blurring realities with VR and AR: The lines between the real and virtual worlds are blurring in the construction industry. With virtual reality (VR), architects can create 3D models of projects and clients can step inside them to take a look long before it is built. Through augmented reality (AR), projects can be visualised as they would appear in the real world. AR can overlay digital projections onto physical objects to provide direction, reduce errors, and increase productivity.

Making construction smart with AI: AI is redefining how we design and manage buildings. It’s not just about creating smarter, more efficient, more sustainable, user-centred spaces, but doing it all in a much shorter period of time.

Removing limitations via drones: Drones are more than just flying cameras; they’re transforming how we see and manage construction sites. They bring efficiency, safety, a bird’s-eye view and easy mapping of the construction site.

Blending tradition with innovation

India’s construction sector is at a crossroads of tradition and technology. The aim is to preserve time-honoured craftsmanship in building materials with the zest of modern tech. This balance is key to a future where heritage meets innovation.

At Sicagen, we’re investing in new technologies and processes, marrying traditional values with modern innovation. Combining ERP-driven insights with strategic decisions, we are committed to contribute to a new technology-driven era in construction.

In essence, as India’s construction industry strides towards a tech-savvy future, it’s the harmonious blend of legacy and innovation that will script a new chapter of sustainable and dynamic growth.

5 things to look for when buying building materials

11 December 2023 3 minute read
5 things to look for when buying building materials

When beginning any construction project, selecting the right building materials is a critical step that can define the success of your endeavours.

Here are a few things to keep in mind when selecting building and construction materials.

1. Genuine quality assurance: Trust begins here

Every construction project demands high-quality materials, whether it is pipes and tubes, construction steel, cables and wires or cement. As quality construction materials ensure durability and safety, look for suppliers that provide trusted quality across their range. Consider suppliers who have quality certification accreditations and robust quality check systems in place. A good supplier will not just sell products but also guide you on the best materials for your project’s needs.

Whether you are looking for electric resistance welded (EWR) pipes or roofing materials, Sicagen offers its legacy of trusted quality for all building material needs.

2. Speed and timeliness: Keeping your project on schedule

Time is a crucial factor in construction. Delays in the delivery of building materials can derail your project’s timeline. Opt for suppliers known for their speed and timely service, whether it’s for steel or plumbing supplies. Efficient delivery can keep your project on track and within budget.

Aside from speed, suppliers should also be evaluated on their ability to deliver building materials in the right quantities and specifications. Consistent and accurate deliveries prevent wastage of material and resources and streamline the construction progress.

5 things to look for when buying building materials

3. One-stop solutions: Simplifying choices

From pipes and fittings to electrical components, it’s prudent to go for a one-stop solution for all your building material needs. A one-stop solution streamlines logistics and ensures consistency in quality across many aspects of a building project.

The convenience of one-stop solutions is quite crucial when working on complex projects requiring a variety of specialised materials.

Having a single point of contact makes it easy to communicate and coordinate, making the procurement process more efficient. With 30 offices and warehouses across the country, Sicagen is a one-stop solution provider for building materials.

4. Ethical practices: Working with transparency and trust

Ethics in business translates to delivering what is promised. It’s crucial to partner with suppliers who are transparent and ethical when it comes to communication, pricing, and commitments. Choose suppliers known for their integrity. Additionally, ethical suppliers actively work towards sustainable practices, ensuring that the materials are sourced and produced responsibly. This not only aligns with global environmental standards but also enhances the overall value of your project.

Ethical practices ensure that what you get aligns with what was promised, be it in construction steel, electrical accessories or painting and construction chemicals.

5. Comprehensive product range: Flexibility for every design

The diversity of a supplier’s product range can significantly impact the flexibility and customization of your project. Select suppliers that offer everything under one roof. This is important for customising solutions for your project, ensuring that all aspects, from the basic structure to the finishing touches, are covered. Also, a supplier with a comprehensive range often has the expertise to advise on the latest trends and technologies in building materials, providing you with innovative solutions that can add value to your project.

For instance, as Sicagen caters to a wide range of industry needs, it has a vast range of products from steel to cement and, paints & coatings. This gives the company insights into the latest trends and technology in construction material.

Building a strong future

5 things to look for when buying building materials

Selecting the right and the best building construction material involves careful considerations of quality, timeliness, diversity, ethics and product range. Making informed choices in this area has a positive impact on efficiency, cost-effectiveness and success of construction projects.

Sicagen stands as a beacon of quality, reliability, and diversity. With a focus on customer centricity, innovation, and engineering, we provide solutions tailored to your unique requirements, whether it’s pipes and tubes or CR/HR sheets. When you chose us, you build with confidence and the promise quality that has been trusted for over decades.