In 2022, global management consultancy McKinsey & Company highlighted the potential for disruption in the construction industry. As one of the largest sectors worldwide, the industry has embraced innovative technologies, to adapt and thrive over the past two years. In a recent report, McKinsey further emphasized that the construction industry is likely to emerge after the pandemic, with a greater focus on sustainability and increased digitization, resulting in a leaner and more technologically advanced sector.
Globally speaking, the construction industry has witnessed the adoption of new technologies and innovations, through various large-scale projects and developments. Seasoned industry professionals have devised roadmaps to integrate innovation, throughout their digital transformation journeys. In fact, there is a constant development of technologies to support green building initiatives, with companies like Terraco actively working towards incorporating sustainable and eco-friendly practices through continuous innovation of their products.
When companies refer to innovation, they typically mean the process of transforming an idea or concept into a solution that brings tangible value to stakeholders such as property owners, applicators, the environment, or other relevant parties. Terraco, for instance, believes that green buildings can mitigate negative environmental impacts, preserve resources, and enhance the quality of life through thoughtful design, construction, and operation. The company’s commitment to innovation is exemplified by their Ecolife range of products, which are verified by third-parties, water-based, solvent-free, and free of harmful chemicals. These innovations comply with the most rigorous international health and environmental regulations.
Terraco recognizes the need for continuous innovation and has established a structured process that has served its global customers for over four decades. The Terraco Technical Centre in Ireland serves as the company’s hub for research and development, facilitating ongoing improvement and development of cutting-edge technology. The company prioritizes high-quality, sustainable solutions for the construction industry, carefully using selected raw materials to ensure superior performance. Additionally, Terraco emphasizes the importance of sourcing environmentally friendly raw materials locally, reducing lead times, freight costs, and carbon footprints.
Terraco acknowledges that factors such as climate, culture, tradition, and economic and environmental conditions, influence the design and construction of green buildings. The company’s global Technical Centre collaborates closely with regional technical centers in the UAE, China, and Korea to assess market requirements, understand local needs, and develop leading products suitable for diverse markets. This collaborative approach enables Terraco to optimize the performance of their Exterior Insulation Finishing Systems (EIFS) in varying conditions, such as extreme heat in the Middle East and sub-zero temperatures in Europe.
Terraco’s Global Innovation Process involves collaboration between global marketing, technical, and other functional teams, streamlining the efforts of cross-functional teams, international technology partners, and stakeholders. This process ensures that customer insights are incorporated and local commercial teams remain informed about the latest industry technologies and trends. Academic collaborations are also integral to the Global Innovation Process, as Terraco actively engages with researchers and scientists from different institutions worldwide, to evaluate innovations and remain up to date, in regard to new technological developments in construction.
Government initiatives, such as the UAE 2040 masterplan and Saudi Arabia’s 2030 vision, also play a crucial role in driving innovation in the construction industry. These initiatives act as catalysts for bolder and more aggressive approaches to innovation and sustainability. However, the industry faces the challenge of ensuring that the entire value chain can effectively implement and adopt these innovations at scale and within set timelines.
