The size of the global home improvement market is expected to record steady growth by 2027. Home renovation projects are adding to the U.S. construction sector with a growing emphasis on rebuilding exterior structures, including lawns, garages and gardens. Citing U.S. government data, the National Association for Home Builders claims that new single-family and multi-family construction used about $ 94.9 billion in construction products in 2019.
Both the Millennium and ZZ populations have tended to take on home projects ranging from gardening and reorganization to rearrangement. The global COVID-19 outbreak has forced the public to take social distances from home, giving them ample opportunity to rearrange and renovate projects they have postponed.
Do-it-yourself or DIY-projects have become a sought-after innovative solution to make homes comfortable, functional and attractive. Adopting a smart home upgrade would be a trendsetter for a more practical home with enhanced security, which in turn, would drive the trend in the home improvement industry. Due to the extra leisure time, canceled social travel and business shutdowns during the coronavirus crisis, DIY enthusiasts have resorted to solutions to complete home projects.
It has been speculated that worldwide Home improvement market By 2027 the size will reach USD 1,009.9 billion. Future participation will depend on extended garden practice, wood and landscape management, painting and use of fancy building materials. Online shopping has received a big push due to DIYers looking for seamless digital services. Garden makeovers will add space to the home as residential improvement options continue to dominate the world.
The United States remains a major market for cement and concrete materials
The United States is one of the leading countries in the use of building materials. Citing input-output accounts generated by the US Bureau of Economic Analysis, NAHB reported that 2019 88.8 billion of building materials used in the country were produced in 2019.
Cement and concrete products are the most widely used building materials in the United States. New residential construction in 2019 saw an investment of about $ 11 billion in cement and concrete products. Also, architectural and structural metal and wood products have gained wide predominance in this region. Items such as metal windows, sheet metal ductwork, fences and rails are some of the most popular metals in the country. Over the years, hard surfaces such as tiles, wood and laminate have been adopted higher.
Floor options to provide win-win situation
The world of interior design and architecture is watching an earthquake shift towards flooring to bring spaces and buildings to life. This trend has greatly affected the home improvement sector, accelerating the trend of flooring options. As reconstruction continues across North America, Europe, and the Asia-Pacific, the trend toward flooring has become apparent.
High quality and durable floor surfaces such as tiles, laminate and wood are strengthening the market trend of home improvement. The current dynamic indicates the demand for waterproofing products. For example, carpet tiles, handmade rugs and pile plush textures have been introduced in a variety of styles due to their features such as eco-friendly nature, waterproofing and easy installation options.
Tile floors like concrete are in vogue because homeowners and interior designers have shown great interest in the material. Concrete tiles are enabling more versatility, including 3D sculptural designs, painted patterns, embedding and cutouts. Industry leaders are counting on tile as an eco-friendly floor alternative. Recycled materials such as recycled aggregates, crushed glass and silica smoke have witnessed an unprecedented demand for the production of concrete tiles.
Marble-look tiles have gained more momentum in the flooring industry as they can add value to buildings. Marble look for bathrooms is popular, ceramic tiles have gained popularity for their affordable and durable properties. Homeowners are investing in marble tiles because of their remarkable appearance, light-reflecting and insulating properties. This dynamic will encourage interior designers and homeowners to explore many flooring options, which will be a good start for the global home development industry.
Energy efficiency is needed to increase the demand for home automation
Over the years, home automation has become one of the most compelling innovations. So much so that connected homes are gaining momentum with the adoption of sensors and smart thermostats Smart thermostats are used to enhance the ability to sense, communicate, learn and respond to the surrounding conditions. Smart thermostats will be installed to upgrade HVAC systems and enhance home efficiency. Also, the sensors are asked to enhance the features that enhance the HVAC system.
Automatic homes are deeply using sensors to expand their entertainment portfolio by adopting smoke detectors, smart plugs, smart meters, smart locks and smart window blinds. The advent of voice-controlled smart speakers like Amazon Echo and Google Home has driven global home automation market value.
There is an increasing need for remote home monitoring and the trend of smart devices such as automated security and lighting systems is leading the development of the home improvement industry. That said, the potential cyber security breach aspect is denting. It is worth noting that an unsecured wireless connection or security error may cause Home Automation to be prone to security breaches.
Meanwhile, a strong government approach to reducing energy costs has given good guidance to leading companies to use opportunities in the landscape. Europe, for example, is paving the way for net-zero greenhouse gas emissions by 2050. Their climate-neutral approach is ready to stimulate the market for smart energy-efficient home products. Legacy players and emerging companies are expected to inject funds into sustainable building materials and fight to explore trends in the flooring portfolio, strengthening the home improvement market.