About Repair Construction
Repair materials are used in construction when damage occurs in the structure. The repair material is selected on the basis of numerous parameters. The material must be compatible, non-hazardous, durable, and have good bonding strength, low air and water permeability, low shrinkage, and the similar coefficient of thermal expansion. For non-structural repairs, water repellents, mortar admixtures, bonding agents, waterproofing compounds, paint additives, polymer-based crack fillers, and rust removers are used, considering the future life of the building. Specialized products and services are utilized for structural repairs. These products are inclusive of styrene butadiene rubber, rust removers, ready-made polymer plasters, plasticizers-based repair compounds, acrylic copolymers, and epoxy bonding agents.
Technavio’s analysts forecast the global repair construction market to grow at a CAGR of 8.35% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global repair construction market for 2017-2021. To calculate the market size, the report considers the value market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Repair Construction Market 2017-2021
Technavio recognizes the following companies as the key players in the global repair construction market: 3M, BASF, The Dow Chemical Company, Sika, and W.R. Grace.
Other Prominent Vendors in the market are: AkzoNobel, Bechtel, Bostik, CHRYSO, CICO Group, CONMIX, DuPont, MuHu, Pidilite, RPM International, Selena, and Terraco.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing complications in contracting. Repair contracting is changing in multiple ways, of which, one clear shift is the migration to lump sum contracts. These contract firms bear the project repair and cost risks and also guarantee operational readiness. Clients in both the private and public sectors are becoming savvier about what repairs should actually cost and what material quality is used. This trend will continue and accelerate during the forecast period. Some leading construction firms are getting better at working with contractors, while others are still trying. For instance, some firms are bearing the risks but not effectively including the additional incidental costs into their bids.”
According to the report, one of the major drivers for this market is Affordable pricing of renovated housing. A shortage of homes for sale, along with rising prices, is encouraging home renovation, repair, and remodeling activity. Presently, the strength of the remodeling market can be attributed majorly to economic factors such as low mortgage rates, favorable stock market, good job opportunities, strong existing home sales, and wage gains. With household incomes on the rise, homeowners potentially will have to spend more on fixing up their homes. As the economic cycle reaches maturity, the housing rates are likely to increase, and employment will shift fully toward stagnating job growth over time. At that moment, demographics will play a greater role in driving the market.
Further, the report states that one of the major factors hindering the growth of this market is High need for accurate information collection and resource monitoring. Many private sector businesses have not witnessed any potential growth in infrastructure investment, which was visible in South Africa a few years back. This is attributed to the unavailability of reliable information regarding the future demand for the businesses. There is a high need for improved collection and distribution of infrastructure inputs, construction, and infrastructure development information by government entities. This will help in providing updated and transparent information regarding capacity expansion, planning, infrastructure investment, and infrastructure planning and execution.
3M, BASF, The Dow Chemical Company, Sika, W.R. Grace, AkzoNobel, Bechtel, Bostik, CHRYSO, CICO Group, CONMIX, DuPont, MuHu, Pidilite, RPM International, Selena, and Terraco.
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