The global residential remodeling market is expected to witness significant demand owing to increase in activities of repairing broken fixtures, structure, and functionality of the residential building. In addition, continuous changes in consumer behavior related to adding more space and enhancing the aesthetic appeal of the building are expected to drive the growth of global market over the forecast period.
The global residential remodeling market has seen a growth in recent years due to increasing expenditure on lifestyle due to rise in standard of living and income. Furthermore, the rising rates in real estate have led to increased focus on remodeling of properties owned by consumers rather than buying new houses. The increasing focus on changing the aesthetics of interiors and exteriors of houses has also helped in boosting the remodeling industry.
The residential remodeling industry requires raw materials from a wide range of areas such as lumber, cement, metals such as steel, aluminum, and copper, and various plastics. This has made the industry sensitive to any fluctuation in raw material pricing as change in any one industry may lead to differences in the price and profit of both manufacturers and distributors, as well as contractors who use the products.
The residential remodeling market is segmented based on material and application. Based on the material the segment includes wood, metal, plastic & composites, and concrete. The Plastics and composites segment is anticipated to witness high growth as they offer high durability, increased flexibility, low prices, easy maintenance, and high resistance to natural and other elements such as fire, sun, and water.
On the basis of application industries, the global residential remodeling market is segmented in flooring, walls, ceilings, porches, gardens, & garages, system and equipment, disaster repair, and others. The systems and equipment segment is the fastest growing industry owing to increase in a surge in the usage of consumer electronics in households in the country. This has contributed to the requirement for upgraded systems that help in grounding electrical connections in residential buildings.
North America is expected to dominate the global market on account of the shifting focus of customers toward home automation systems, such as smart homes, better temperature control, insulation from sound, vibration, pests, and heat, among other factors, are also driving the growth of the remodeling industry in North America.
Some of the key players in the global market includeDow Inc., Pella Corporation, JELD-WEN,IndustrieCottoPossagno S.p.A, Andersen Corporation, Seven Group Holdings Limited, Kohler Co., Kajaria Ceramics Ltd., Trex Company, Lutron Electronics Co. Inc., and Boise Cascade company. The competitive rivalry among players is high as the market is characterized by the presence of a large number of global and regional players.
The residential remodeling market is fragmented due to a large number of players who manufacture, distribute, install, and maintain different types of products and services. In turn, most of the players in the market have focused on forward integration by providing maintenance services to their products along with manufacturing. The companies also focus on providing customizations via online portals and on-site personnel as well as use both online and offline distribution networks to connect with their customers.
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