Over the five years to 2017, the remodelling business has continued with its upward pattern, as a few components have urged consumers to expand spending on home renovation. Over the five years to 2022, industry recuperation will be driven by growth in employment and per capita disposable income. Also, housing costs are required to keep rising, supporting interest for industry services. Regardless of tightening money related strategy, interest rates are anticipated to increase gradually. Accordingly, the homeownership rate is expected to just somewhat diminish over the five years to 2022. Thus, industry income is forecast to increase, but at a marginally slower rate than amid the past five-year time frame.
Stringent environmental regulations across the world especially in Europe are the major factors to boost renovation industry. There are a wide range of voluntary and regulatory initiatives or schemes that are designed to stimulate the energy efficient renovation of buildings in the EU. Moreover, more than two thirds of Europeans (68%) are making home improvement changes to increase the value of their home. The top projects priorities of European people are painting and decorating, gardening, lighting, and kitchen renovation. Among all priorities painting and coating is holding more than 40% of share followed by gardening and lighting. Decorative coatings are used in the remodeling of residential and commercial buildings. Increasing need for paints and coatings in the renovation will boost the decorative coatings market in near future.
IndustryARC is a global market research and business consulting firm based out of India. We have research centers across Asia and Europe with consultants experienced in the following verticals – Agriculture, Automotive, Chemicals and Materials, Energy and Power, Food and Beverages, ICT, Electronics, Life sciences and Healthcare, Automation and Instrumentation.
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