Selbyville, Delaware, Nov. 07, 2022 (GLOBE NEWSWIRE) --
Remodeling market is expected to cross a valuation of over USD 6 trillion by 2032, according to latest research report by Global Market Insights Inc..
The favorable government initiatives for the replacement and refurbishment of aging public infrastructure are a major driving force behind industry growth. Growing demand for energy efficiency, under global pacts such as the Paris Agreement, has given rise to projects such as the European Green Deal, which focus on renovating public and private buildings to make them more carbon neutral and energy efficient.
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Meanwhile, increasing social support initiatives such as the ICCARus project in Belgium’s Flemish region in Ghent are also contributing towards remodeling market expansion. ICCARus helps homeowners, living under poor-quality housing conditions, renovate their living spaces with the help of a one-time grant of up to €30,000.
High demand for interior addition and alterations in residential sector
The interior addition & alterations segment held around USD 1,400 billion in 2022, driven by the growing popularization of multiple interior designs and structures. The remodeling market is also shaped by consistent developments in construction materials and increasing government approvals for large renovation projects.
Increasing construction of commercial spaces in MEA
The MEA remodeling industry is expected to witness over 4% CAGR through 2032, fueled by the increasing number of office spaces, hotels, and educational institutions in the region. Countries such as South Africa, UAE, and Saudi Arabia are estimated to be growing rapidly. Heavy investments towards the tourism sector, particularly in the case of Saudi Arabia, are proving beneficial for the industry outlook.
New product developments to outline industry trends
Some of the most visible remodeling market players in the competitive landscape include Neil Kelly Company, Lutron Electronics, Masco Corporation, Kohler, Pella Corporation, and others. To cater to rising demand, many are focusing on new product launches to stand out from the competition. For instance, in April 2022, JELD-WEN Holding, Inc., a global leader in building products, unveiled its new line of Auraline® patio doors and composite windows. The Auraline line, currently under production, is a proposed alternative to wood and vinyl that addresses the rising demand for design-centric and sustainable building components.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Global remodeling industry 360° synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 End-use trends
2.1.3 Regional trends
Chapter 3 Remodeling Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2018 – 2032
3.3 Industry ecosystem analysis
3.4 Technology landscape
3.5 Consumer buying behavior
3.6 Raw material analysis
3.7 Global construction industry outlook
3.8 Regulatory landscape, by region
3.9 Industry best practices & key buying criteria
3.10 Pricing analysis
3.11 Cost structure analysis
3.12 Industry impact forces
3.12.1 Growth drivers
3.12.1.1 Change in consumer buying behavior owing to revolution in living styles
3.12.1.2 Rising replacement of aging infrastructure
3.12.2 Industry pitfalls & challenges
3.12.2.1 Limited availability of skilled labor to meet fluctuating consumer demand
3.12.2.2 Increasing cost and need to enhance supply chain visibility and efficiency
3.13 Innovation & sustainability
3.14 Growth potential analysis, 2022
3.15 Porter’s analysis
3.16 PESTEL analysis
3.17 COVID-19 impact on remodeling demand by end-use
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
