Dublin, 01 Dec. 2022 (GLOBE NEWSWIRE) — The report “US Wall Repair Products Market – Industry Outlook & Forecast 2022-2027” has been added to from ResearchAndMarkets.com offer.
The US wall repair products market is expected to reach USD 12.28 billion by 2027, from USD 9.33 billion in 2022, growing at a CAGR of 4.69% during the forecast period.
Rapid industrialization and growing applications in domestic and commercial sectors are mainly driving the wall repair products market. These repair products are mainly used in the residential sector since the construction of housing units in the United States is done in the dry. Drywall is rigid, but not indestructible. Over time, plasterboard walls can withstand nasty cracks or holes. Fortunately, drywall can be easily repaired. Hence, drywall housing construction is expected to increase the demand for wall repair products in the United States.
Growing DIY activities for repair and restoration
The demand for DIY wall repair for home modification projects is increasing such as patching large or small holes in walls, repairing damp walls and many more in the United States due to the improvement of the standard of living of the middle-class population in search of improved domestic spaces reinforcing the wall. usa repair products
Consumers in the residential sector often undertake repair and improvement activities that improve their skills and prove profitable. In addition, hypermarkets, supermarkets and other specialty stores such as Home Depot provide more DIY projects and drive the market for DIY wall repair products, eventually increasing the wall repair products industry.
Growth of the home improvement industry in the United States
The home improvement industry is growing in the United States, leading to increased sales of building materials, appliances, and other home improvement items. In addition, rental housing is on an upward trend in the United States, creating opportunities for renovations and home renovations. Walls are the backbone of a building; any damage to the walls can cause further structural damage.
The demand to renovate them is high, which increases the need for wall repair products. While the existing residential space industry has matured, new construction in the housing sector is still struggling in the United States, which has increased the demand for maintenance and improvement of existing properties and further increased the market share of wall repair products in the United States.
Labor and material shortages
During the outbreak of the COVID-19 pandemic, a shift in demand for goods versus services kept Americans at home and strained supply chains. The virus has also disrupted the work of manufacturers and suppliers, leading to shortages of raw materials in all sectors. Currently, construction projects in the United States are understaffed, and this is becoming a challenge day by day.
The labor mismatch in the US construction industry is expected to persist due to structural changes in the labor industry. The association between job vacancies and unemployment has disappeared from historical trends. Increased labor and material shortages; the lack of skilled labor is expected to hamper the target industry, as repairing a wall requires skilled labor.
The drywall type segment held the largest wall repair products market share in the US with 83.02% in 2021 and is expected to grow at a CAGR of 4.53% during the forecast period. One of the most common types of drywall is gypsum board. In North America, the drywall tradition began in the mid-1920s to save labor costs and time for plaster and lath. Drywall is installed on the interior sides of walls and ceilings.
The wet product segment is expected to be the largest in the U.SS wall repair product market. Other wet products are categorized into spackle, joint compound, putty and others, and dry products include patches, tapes and others. The spackle segment is expected to grow at a CAGR of 3.89% during the forecast period. Spackle is great for minor drywall repairs and usually comes in small containers. Spackle is a bit more expensive than joint compound.
The residential end user is the largest segment among others in the U.SS wall repair product market. The residential segment is expected to witness a significant increase in the wall repair products segment due to the increase in the construction of new houses and buildings. A significant trend that has led to the high demand for wall repair products is the growth of DIY business.
Growing economic development, growing residential, commercial and industrial sectors, and the demand for innovative wall repair products have contributed to the growth of the US wall repair products market.
The southern region of the United States was the largest wall repair products industry in 2021. The region is expected to maintain its position during the forecast period. The South of the United States holds a major share in the US market for wall repair products owing to the presence of the most extensive population base, which has resulted in higher number of housing units and growth in real estate, tourism and hospitality sectors. .
The number of construction activities in the residential and commercial sectors increased significantly in several growth cities in the United States, of which more than 40% were single-family apartments. Many single-family homes indicate the construction of a greater number of homes with more needs for repair products from both the industrial and residential sectors.
Texas is the second largest state in the country by population and land area. The total population is estimated at 29 million household units, which should support the demand for wall repair products in the United States.
The western region accounts for a major share of the US wall repair products market owing to growing disposable income, excellent growth potential across multiple end-user industries, and growing number of DIY projects. The Western region consists of developed and rapidly growing states such as Colorado, Wyoming, Montana, etc., which are major hubs for several end-user industries.
The US market for wall repair products is characterized by strong competition due to several multinational companies.
The current scenario pushes vendors to modify and refine their unique value propositions to achieve a strong presence in the industry. Major vendors are also continually vying for the leadership position in the industry, with occasional competition from other local vendors. The industry is characterized by the presence of diverse global and regional suppliers.
As international players increase their footprint in the industry, regional vendors will likely find it increasingly difficult to compete with these global players. The competition will be based solely on durability, technology, services, price and customization. 3M, Red Devil, PPG Industries and Saint Gobain are the main players in the market.
Key Winning Imperatives in the US Wall Repair Products Market:
- The DIY culture is a major driver of wall repair products. Suppliers are also committing to more innovation and product development in the market.
- Mergers and acquisitions can be a common market strategy in the industry.
- Growing urban population coupled with growing demand for aesthetically enhanced materials in building architecture is likely to support the growth of drywall in the region.
- Red Devil
- PPG Industries
- Saint Gobain
Other Important Suppliers
- Erase a hole
- Get rid
- ProForm Finishing Products
- Hyde tools
- All tools
- Capital Industries
- Clearlake Capital Group
- Champion band
- Kraft Tool
- Freeman Products
Main topics covered:
1 Research methodology
2 research objectives
3 Research process
4 Scope and coverage
4.1 Market Definition
4.2 Base year
4.3 Scope of the study
4.4 Market Segmentation
5 Report assumptions and caveats
5.1 Main caveats
5.2 Currency conversion
5.3 Market Derivation
6 The market at a glance
7 premium previews
7.1 Market Overview
7.2 Market trends
7.3 Market Drivers
7.4 Market Challenges
7.5 Sector review
7.6 Company and strategies
8.2 Covid-19 scenario
8.3 Construction Overviews
8.4 Growth of the Timber Construction Industry
8.5 Overview of drywall
8.5.2 Types of drywall
8.5.3 Advantages of drywall
8.5.4 Comparison between drywall and brick walls
8.6 Economic and demographic analysis
8.6.3 Generation and age trends
8.6.4 Racial/ethnic trends
9 Opportunities and Market Trends
9.1 Develop DIY activities for repair and restoration
9.2 New construction materials and technologies
9.3 New Product Development Opportunity
10 Market Growth Catalysts
10.1 Increase disposable income
10.2 United States Home Improvement Market Growth
10.3 Climate damage to buildings
11 Market Constraints
11.1 Labor and Material Shortages
11.2 Not suitable for major structural damage
12 Market Landscape
12.1 Market Overview
12.2 Market Size and Forecast
12.3 Five forces analysis
13 types of walls
13.1 Market Overview and Growth Driver
13.2 Market Overview
14 types of product
14.1 Market Overview and Growth Driver
14.2 Market Overview
15 wet products
15.1 Market Overview and Growth Driver
15.2 Market Overview
15.2.1 Market Size and Forecast
15.4 Joint Compound
16 Dry products
16.1 Market Overview and Growth Driver
16.2 Market Overview
17 End user
17.1 Market Overview and Growth Driver
17.2 Market Overview
17.4 Commercial and industrial
For more information about this report visit https://www.researchandmarkets.com/r/se7q3j
US market for wall repair products