Global Repair Construction Market - Segmented by Type and Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The market for repair construction is expected to register a significant growth during the forecast period, 2018 to 2023. This tremendous growth is significantly driven by the increase in remodelling and repair activities across the world.
Growth in Revitalization of Public Infrastructure Projects
Advanced economies usually have relatively large infrastructure capital and face the challenge of maintaining, upgrading, and modernizing extensive transport, power, water, and telecommunications networks. In a typical advanced economy, the need for physical expansion of the infrastructure is relatively small compared to the already existed huge base. But, this does not totally overrule the demand for physical expansion of infrastructure systems. Anyways, it is widely acknowledged that the spending required to renew and maintain current infrastructure all over the world is likely to dominate the spending on new projects by huge margins. For instance, the Organization for Economic Co-operation and Development’s (OECD) figures suggests that United Kingdom planned to spend almost USD 600 million, on economic and social infrastructure projects between 2016 and 2021. Apart from these, emerging economies, like India and China are also taking measures to increase the capacity of the existing infrastructure system. This scenario is quite instrumental in creating and maintaining the demand for global repair construction market.
Residential Application Segment to Fuel the Market Growth
Among the applications, residential application segment provides a prominent effect on the global repair construction market, as it is the second largest market for the repair construction market with more than 25% share of global market. The major drivers of the residential repair industry are increasing existing home sales, rising consumer spending, urbanization, and increasing middle class population all over the world. The huge market share of residential application segment is coupled with high growth rate and it is anticipated to have a key role in expanding the market size of repair construction during the forecast period
Asia-Pacific to Ignite the Market Growth
In 2017, Asia-Pacific accounted the largest regional market for repair construction with almost half of the global market share. A healthy spread of construction projects supports the stability of the Asia-Pacific repair construction market. Significant growth in the building & construction segment of emerging economies, like India and China and increasing consumer spending on repair and maintenance in developed economies, like Australia and Japan are playing a major role in fueling the major growth. In addition, almost all ASEAN countries are expected to increase their budgets for infrastructure in the next five years. With the support of these trends, Asia-pacific is expected to register the highest CAGR among the other regions, which is even a key tool in the expansion of the global repair construction market.
Key Developments in the Market
January 2018: Sika acquired a majority stake in Index Construction Systems and Products, a leading manufacturer of roofing and waterproofing systems
Major Players: 3M, Sika AG, W.R. Grace & Co., Mapei Inc., DowDuPont and BASF SE, amongst others.
Reasons to Purchase this Report
Identify the Current and future prospects of global repair construction market in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Information of the segment that is expected to dominate the market
Identify the region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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