North America Remodeling Market Share was USD 931.10 billion in 2019 and will grow at a CAGR of more than 3.7 % up to 2026.
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Propelling expenditure in the regional construction industry coupled with the growing number of public & private sector investments for the development of residential & non-residential buildings is expected to drive demand for concrete sealers in North America. Additionally, the growing demand to remodel aging infrastructure will further aid market demand over the coming years.
Growing innovations in building interiors along with the availability of custom designs in residential & commercial buildings are also projected to drive the market in the coming years. Moreover, the growing demand for aesthetic value, especially in the residential sector, is anticipated to further boost market revenue. However, the cost associated with remodeling activities along with inefficiency in the supply chain is anticipated to a major downside to the overall market revenue.
Based on end-user, the market has been segmented into residential & commercial. Residential was the largest segment in 2019 and is projected to grow at a CAGR of over 4%, in terms of revenue, throughout the assessment period. The increasing demand for aesthetic value in residential interiors is one of the major factors driving the overall market. Moreover, aging residential infrastructures in the region along with the prevalence of do-it-yourself processes will further aid the market growth.
In the residential sector, the interior addition & alterations segment held the largest share in 2019 and is projected to continue leading by 2026. Increasing demand for kitchen and bath remodeling is anticipated to generate ample revenue for the segment. The others segment held the second-largest share of over 19% in 2019. The others segment includes system & equipment remodeling, disaster repair, and property remodeling, among others. According to Harvard University, the home remodeling industry in the U.S. has grown over 50% since 2010 and has accounted for a revenue of over USD 400 billion in 2017. These growing trends are projected to further attribute to the market growth throughout the review period.
Key participants involved in the industry are Masco, Power Home Remodeling Group, Owens Construction ROCKWOOL International, The Sherwin-Williams Company Pella Corporation, Dreamstyle Remodeling, Inc., Dow Building Solutions, Ferguson Enterprises, Kohler, Lutron Electronics, Harvey Building Products, Henkel Construction, Neil Kelly Co, State-wide Remodeling, American Exteriors, Steves and Sons, Robert Bowden, Andersen Corporation, The Home Depot JELD-WEN, Case Design/Remodeling, Inc., and Builders FirstSource.