Is Thailand’s decoration industry well-developed
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The decoration industry in Thailand is relatively developed and showing a thriving trend, which is reflected in the following aspects:
The market size is growing rapidly: With the sustained growth of the Thai economy and the acceleration of urbanization, the market size of the construction and decoration industry is constantly expanding, with an average annual growth rate of 5% in recent years. In 2019, the total output value of the industry was about 300 billion Thai baht (approximately 9.5 billion US dollars), and it is expected to grow to 400 billion Thai baht by 2024.
Strong corporate strength: Thailand has multiple well-known decoration related enterprises. For example, Siam Cement Group (SCG) is one of the largest building materials suppliers in Thailand, and its products are widely used in various building decoration projects. TCC (Thai Building Decoration Company) is one of the largest building decoration contractors in Thailand, with business covering multiple fields such as architectural design, construction, and decoration, and has completed numerous well-known projects both domestically and internationally.
Intense industry competition: In major cities such as Bangkok, numerous well-known decoration companies have gathered, which have high competitiveness in service quality, design level, and customer satisfaction, promoting the continuous improvement of quality throughout the industry.
The mature building materials market: Almost every city in Thailand has large chain building materials self selection supermarkets, such as Thai Watsadu, a giant in the building materials home decoration retail market, which has a total of about 91 branches in 81 locations in Thailand. Market competition continues, and various brands are accelerating their adjustment speed to adapt to market changes.
Strong policy support: The Thai government has introduced a series of measures to promote the development of the domestic construction industry, including tax incentives, fiscal subsidies, and opening up to foreign enterprises, attracting more investment into the construction sector and promoting international exchanges of technology and management experience.
Emerging fields are developing well: With the improvement of people’s living standards and environmental awareness, emerging technologies such as the integration of smart home systems and the use of green building materials are gradually becoming the new favorite of the market, bringing new growth points to the decoration industry.
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