The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2024, having grown by 1.7% in 2023. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest chemical and pharmaceutical construction projects initiated globally in Q2 2024, according to GlobalData’s construction projects database.
1. Nujioqonik Renewable Green Hydrogen Project
The project involves the construction of a hydrogen production and distribution facilities with a capacity of 250,000 tons per annum (1,200,000 tonnes of green ammonia) in Newfoundland and Labrador, Canada.
Construction work started in Q2 2024 and is expected to be completed in Q1 2029.
The project aims to play a significant role in accelerating the growth of green hydrogen, a new source of clean, transportable renewable fuel made from wind and water, of which world energy is on pace to become one of the first large-scale global suppliers in the region.
2. Clayton Fill and Finishing Manufacturing Facility Expansion
The project involves the construction of the 130,064m2 fill and finish manufacturing facilities on 23ha of land in Clayton, North Carolina, the US.
Construction work commenced in Q2 2024 and is expected to finish in Q4 2029.
3. Høvik Electrolyzer Manufacturing Plant
The project involves the construction of an electrolyzer factory with a 4,500MW consumption capacity on the existing DNV building in Høvik, Norway.
Construction work started in Q2 2024 and is forecast to complete in Q4 2026.
4. Polyvinylidene Fluoride Manufacturing Plant
The project involves the construction of a new Polyvinylidene Fluoride (PVDF) manufacturing plant with a capacity of 5 million batteries per year in Georgia, the US.
Construction work commenced in Q2 2024 and is expected to be completed in Q2 2026.
The project aims to meet the growing demand for electric vehicles in the region.
5. Phoenix Hydrogen Hub
The project involves the construction of a hydrogen hub with a production capacity of up to 11,000 tones per annum (TPA) of liquid green hydrogen on 64ha of land in Phoenix, Arizona, the US.
Construction work started in Q2 2024 and is expected to be completed in Q2 2026.
The project will establish Fortescue in one of the most attractive energy markets in the world, supported by the Inflation Reduction Act. Buy the profile here.
For more details on the latest construction projects, buy the profiles here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
