Asia Pacific Remodeling Market to Extent an Assessed Value of USD 1,604 Billion by 2026

Author : Ronak Bora | Published Date : 2021-09-01 

Asia Pacific remodeling market size is expected to be worth USD 1,604 billion through 2026. The below stated four factors are defining the market trends. Asia Pacific remodeling market trends are driven by an ageing infrastructure and a rising need to rebuild and modify buildings. The expanding construction sector, as a result of higher expenditure and investment in new building projects, is favorably affecting furniture and other materials consumption.

Some other factors impacting the remodeling market outlook in Asia include the availability of a diverse variety of customized designs for both residential and commercial structures, as well as a strong demand by property owners for aesthetically pleasing interiors. Hometyme.in, Sumitomo Mitsui Construction Co. Ltd., International Construction Co., Donnellan Constructions, Tokyu Construction, and Aghapy Constructions Pty Ltd. are among the key remodeling product and services companies.

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Robust expansion across residential sector

Asia Pacific remodeling market share from interior addition & alterations segment was 41% in 2019. The growth can be ascribed to the rising demand for adding aesthetic value in homes. Most of the individuals across the region were confined to their houses owing to the lockdowns implemented by governments in many countries to prevent the spread of the COVID-19 virus.

With the opening of the economy, demand for housing and construction material goods has been increasing, with the growing tendency of consumers investing in house development amidst the pandemic. Interior remodeling ideas consist of creating open garden areas, home décor, house repairs, and projects for kitchen & bath remodel, among others.

Introduction of IoT technologies

The rising use of new technology in buildings is providing revolutionary prospects for Asia Pacific remodeling market. Information modeling, smart materials, the internet of things (IoT), along with other collaborative platforms are assisting top-tier architects across APAC in visualizing and implementing their bright and creative ideas for the implementation of several projects. The continuous inclusion of digitization in remodeling projects throughout the residential and commercial segments is likely to benefit the industrial landscape.

China market to offer brimming growth prospects

China has been witnessing economic resurgence after the lifting of COVID-19 related lockdowns. Raw material availability is gradually increasing, adding to the remodeling industry share in Asia Pacific. A significant increase in building projects in China will create attractive possibilities for stakeholders looking to extend their footprint in underserved areas. The growing market trend of renovating old buildings to improve sustainability is expected to drive investments in remodeling services.

Retail space renovation garners traction

Retail space renovation accounted for 44% share of Asia Pacific remodeling market during 2019 and is expected to rise at a CAGR of more than 4.5% through 2026. Remodeling and renovation in retail businesses helps attract new customers to the store. Increased office space and restaurant restoration remodeling projects across the APAC countries are driving development in the commercial segment.

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Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Research Methodology

1.2    Market estimation & forecast parameters

1.3    List of Data sources

1.3.1    Primary

1.3.2    Secondary

Chapter 2   Executive Summary

2.1    Asia Pacific Remodeling market snapshot

Chapter 3   Asia Pacific Remodeling Industry Insights

3.1    Industry coverage

3.2    Industry size and forecast, 2016 – 2026

3.3    Industry ecosystem analysis

3.3.1    Vendor matrix

3.4    Future trends

3.4.1    Innovation Landscape

3.5    Raw material analysis

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Drivers

3.7.2    Restraints

3.8    Application growth mapping

3.9    Industry analysis: Porter’s

3.10    Competitive benchmarking

3.10.1    Strategy dashboard

3.11    PEST analysis

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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