Industry - Global Industry Forecasts - Industrial & building materials

Industry - Global Industry Forecasts - Industrial & building materials

Global industrial & building materials is set to decline by 2% in 2023, driven by contractions in advanced economies, which are forecast to decline 4.9%. Quantitative tightening by most central banks to tackle above target inflation rates in 2023, increases the cost of financing key end-use construction projects, reducing derived demand for industrial and building materials. Emerging economies have remained resilient despite the weak global outlook, with India and China driving growth. Easing of rates in 2024, combined with increased public and private investment into infrastructure, will drive a recovery.