Trends Shaping the Building Products Industry

Trends Shaping the Building Products Industry

Building product manufacturers in 2024 are finding themselves in a unique position as the construction industry undergoes a series of significant changes, according to a detailed report from FMI, a leading consulting and investment banking firm that serves companies in the industry.

These changes are due to a combination of economic, demographic, environmental and societal trends that have the potential to reshape the building landscape. MRINetwork recruiters understand that to thrive in this changing landscape, manufacturers need to acquire talent that knows how to assess the ways in which sustainability initiatives, technological advances and acquisition activities will influence their success. The most sought-after candidates in this environment are not easy to access – most of them are already employed and not actively seeking new roles so it requires the experience of seasoned recruiters to find and attract them.

Energy efficiency and decarbonization remain top-of-mind considerations for companies focused on environmental, social and governance (ESG) initiatives. These owners continue to view building planning and design as opportunities to improve energy efficiency and reduce carbon emissions. As a result, building product manufacturers are adapting and developing products that align with these considerations. Product innovations highlighting sustainable materials and processes will be an opportunity for manufacturers to remain competitive and align with building owner priorities.

The integration of technology into construction building products is becoming more commonplace. Remote monitoring of products and the inclusion of internet-enabled products provide builders and owners with enhanced capabilities in terms of performance monitoring, predictive maintenance and energy management. Manufacturers are investing in research and development to incorporate these features into their offerings, but these initiatives demand talent that has different skill sets that the industry has seen in the past if they are to remain relevant and competitive.

Acquisition activity in the building products space is expected to be driven by a dual emphasis on adding sustainable products to portfolios and consolidation to enhance competitiveness, broaden product offerings and increase geographic reach. As the industry evolves, manufacturers are considering strategic alliances to secure their positions in the market, keeping an eye on emerging players and potential partnerships to stay ahead.

The construction industry today is ripe with opportunities for participants. To make the most of them, building product manufacturers need to consider the evolving market trends, invest in sustainable and technologically advanced products, identify attractive avenues for growth, and develop effective recruitment and retention plans.