Asia Pacific Remodeling Market size exceeded USD 1,389.5 billion in 2019 and is anticipated to register a growth rate of 4.5% between 2020 and 2026. The market growth can be attributed to the increasing number of aging buildings and the growing need to construct energy-efficient buildings.
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The APAC remodeling industry growth is driven by an aging infrastructure and an increasing necessity to renovate or remodel the buildings. The growing construction industry owing to the increasing expenditure and rising investment on new construction projects is also positively influencing the market revenue.
The availability of a comprehensive range of customizable designs for both residential and commercial structures along with a robust demand by property owners for aesthetic interiors are some of the other factors significantly contributing to the popularity of remodeling. The residential construction in the region is showing promising growth which is also propelled by the aesthetic value demanded by customers. The future growth is also supported by the vigorously recovering construction sector.
Remodeling projects, however, are linked to high costs due to the usage of modern renovation practices and technologies, therefore, creating restraints to the market growth. Also, the covid-19 outbreak had a severe toll on the market growth, and a sudden downfall in the number of construction projects was witnessed. Also, delay in the availability of raw materials due to halted supply chain and restricted trade operations further affected the manufacturing operation of the industry players, resulting in the declined revenues. But, following an unprecedented decline, dynamic growth in the construction sector has been observed. China – the major raw material supplier in the region has also entered a recovery phase.
Based on end-users, the interior addition & alterations segment dominated for over 41% remodeling market share in 2019 due to the increasing demand for aesthetic value in residential construction. The other key factors driving the growth of the market include an upsurge in the quantity of projects for kitchen and bath renovation.
Based on the commercial segment, retail space renovation among the end-use held the largest share of more than 44% in 2019 and has been predicted to register a growth of over 4.5% through 2026. The growth of the commercial segment is driven by increasing office space and restaurant renovation and remodeling projects across the region.
The prominent players in the market include Sumitomo Mitsui Construction Co., Ltd., Hometyme.in, Housejoy, Indian Mason, International Construction Co., Toymoku Corporation, Tokyu Construction, Donnellan Constructions, Aghapy Constructions Pty Ltd, Easy Reno, and Renofix Building Group.