Global home improvement market size is expected to record consistent growth through 2027. Home renovation projects are adding fillip to the U.S. construction sector with increasing emphasis on the remodeling of external structures, including lawns, garages and gardens. Citing the U.S. government data, the National Association for Home Builders asserts that new single-family and multifamily construction used around $94.9 billion in building products during 2019.
Both millennial and gen Z population have shown inclination towards undertaking home projects, from gardening and organizing to redecorating. The global COVID-19 outbreak has forced the masses to embrace social distancing at home, providing ample opportunities to re-decorate and renovate projects they may have been procrastinating.
Do-It-Yourself or DIY-projects have become a sought-after innovative solution to make homes comfortable, functional and enchanting. The adoption of smart home upgrades will be a trendsetter for more practical homes with enhanced security, which in turn, will drive home improvement industry trends. The additional free time during the coronavirus crisis, owing to cancelled social outings and business shutdowns, has prompted DIY enthusiasts to adopt solutions to complete home projects.
It has been estimated that global home improvement market size will reach a valuation of USD 1,009.9 billion by 2027. Future participation will hinge on increased gardening practices, lumber and landscape management, painting and use of novel building materials. Online shopping has received a major push as DIYers seek seamless digital service. Garden makeovers will add living space to the home as residential improvement options continue to gain prominence globally.
U.S. remains a key market for cement and concrete material
The U.S. is among the leading countries when it comes to the consumption of building materials. Referencing the Input-Output Accounts generated by the U.S. Bureau of Economic Analysis, the NAHB stated that $88.8 billion of the building materials used was produced in the country in 2019.
Cement and concrete products are used the most in building houses in the U.S. New residential construction witnessed an investment of around $11 billion in cement and concrete products during 2019. Besides, architectural and structural metals and wood products have gained massive prominence in the region. Items such as metal windows, sheet metal ductwork, fencing and rails are some of the popular metals in the country. Over the years, hard surfaces such as tiles, wood and laminates have seen higher adoption.
Flooring options to provide win-win situation
The world of interior design and architecture is observing a seismic shift towards flooring to give a lease of life to the spaces and buildings. The trend has very much influenced the home improvement sector, fueling the trend for flooring options. Flooring trends have become palpable as remodeling continues to gain ground across North America, Europe and the Asia Pacific.
High quality and durable floor surfaces such as tiles, laminate and wood are reinforcing the home improvement market trends. The current dynamic alludes to the demand for waterproof products. For instance, carpet tiles, handmade rugs and pile plush textures are introduced in various styles in the wake of attributes such as eco-friendly nature, waterproof and easy-to-install options.
Tile flooring akin to concrete-look is in vogue as homeowners and interior designers have shown immense traction for the material. Concrete tiles are enabling more versatility for including 3D sculptural designs, imprinted patterns, embeds and cutouts. Industry leaders are counting on the tile as an environmentally friendly flooring option. Recycled materials such as recycled aggregates, crushed glass and silica fume have witnessed an unprecedented demand for the production of concrete tiles.
Marble-look tiles have further gained impetus in the flooring industry as they can add value to the buildings. The marble look is in vogue for bathrooms, with ceramic tiles amassing popularity for their affordable and durable features. Homeowners are investing in marble tiles owing to their tremendous look, light-reflecting and insulating attributes. These dynamics will encourage interior designers and homeowners to explore a slew of flooring options, auguring well for the global home improvement industry.
Energy efficiency needs to foster the demand for home automation
Over the years, home automation has turned out to be one of the most compelling innovations. So much so that connected homes are gaining impetus from the adoption of sensors and smart thermostats. Smart thermostats are used to boost the capabilities of sensing, communicating, learning and responding to the conditions of the surroundings. Smart thermostats will be installed to upgrade the HVAC system and boost home efficiency. Besides, sensors are sought to bolster convenience that goes beyond augmenting the HVAC system.
Automated homes are profoundly using sensors to boost the entertainment portfolio with the adoption of smoke detectors, smart plugs, smart meters, smart locks and smart window blinds. The advent of voice-controlled smart speakers such as Amazon Echo and Google Home has propelled the global home automation market value.
An increased need to monitor homes from remote locations and the trend for smart devices such as automated security and lighting systems are spearheading the developments in home improvement industry. That said, potential cybersecurity breaches are denting the outlook. It is worth mentioning that home automation can be prone to a security breach owing to an unsecured wireless connection or security loopholes.
Meanwhile, a robust government approach towards reducing energy consumption has augured well for leading companies to tap opportunities in the landscape. For instance, Europe is pitching for net-zero greenhouse gas emissions by 2050. Their climate-neutral approach is poised to foster the market for smart energy saving home products. Legacy players and emerging companies are expected to inject funds into sustainable building materials and will vie to explore trends in the flooring portfolio, reinforcing the home improvement market.