Thailand’s construction industry is poised for a 2% expansion this year, heralding the advancement of sustainable green building materials.
Against the backdrop of an escalating global clamor for sustainable development, Thailand’s construction sector is welcoming fresh opportunities. Industry experts predict a yearly growth rate of approximately 2% in 2024, with the market scale expected to reach 1.4 trillion Thai Baht.
This upward trajectory owes much to government-led infrastructure endeavors, such as the ongoing progression of projects like high-speed railways, dual-track railways, electric trains, and expressways.
In response to the worldwide trend towards environmental preservation and sustainable growth, the Federation of Thai Industries (FTI) is actively championing the development of green building practices. It has convened a series of seminars and exchange activities to bolster the competitiveness of the building materials industry.
During a recent seminar titled “Green Building Towards ESG Achievement,” Mr. Aphichit Prasopparat, Vice Chairman of FTI, underscored the prospective mainstream commercial status of green building in Thailand’s future. He highlighted that prioritizing sustainable development or ESG principles (encompassing environmental consciousness, social responsibility, and governance integrity) has become a direct influencer of global business and investment trends.
Mr. Vikrom Watcharakupt, Chairman of the Thai Building Materials Association, emphasized that with the heightened awareness of environmental concerns, green building will emerge as a pivotal developmental orientation for Thailand’s construction industry. He stressed that entrepreneurs must acclimatize to elevated global requisites for environmental preservation and sustainability, adopting ESG frameworks to validate that their business operations prioritize not solely profitability but also environmental preservation and social responsibility.
FTI plays a proactive role in bolstering the development of the building materials cluster. Through its ONE FTI policy, the federation has amalgamated 13 industrial groups related to manufacturers, encompassing glass and mirrors, granite and marble, chemicals, ceramics, biotechnology, cement, plastics, electrical, and electronics, along with five regional industrial committees, forging a comprehensive integrated industrial ecosystem.
Furthermore, FTI encourages collaboration between the public and private sectors to enhance the supply chain efficiency and innovation capability of the building materials industry. Through partnerships with relevant agencies, FTI assists building material enterprises in staying attuned to industry shifts and addressing potential future challenges, particularly those pertaining to environmental and sustainable development issues.
