U.S. Residential Remodeling Market Size, Share & Trends Analysis Report By Material (Wood, Metal, Plastics & Composites, Concrete), By Application (Flooring, Walls, Ceilings), And Segment Forecasts, 2023 - 2030

U.S. Residential Remodeling Market Size, Share & Trends Analysis Report By Material (Wood, Metal, Plastics & Composites, Concrete), By Application (Flooring, Walls, Ceilings), And Segment Forecasts, 2023 - 2030

U.S. Residential Remodeling Market Growth & Trends

The U.S. residential remodeling market size is expected to reach USD 720.68 billion by 2030, as per a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 4.4% from 2023 to 2030. The rising disposable income of homeowners and the rising adoption of aesthetically pleasing housing components is expected to drive the growth. The market has witnessed growth in recent years due to the increasing expenditure on lifestyle driven by a rise in the standard of living and income.

The rising rates in real estate have led to an increased focus on the remodeling of residential properties owned by consumers rather than buying new houses. Additionally, the demand for aesthetically pleasing housing interiors and exteriors has seen a rise in the recent past due to the change in preferences of homeowners and increasing expendable income which has led to leading to changing trends in materials and products used in residential construction and interior designing.

The changing trends in house technology, such as efficient HVAC systems and security systems, have also had a major effect on the remodeling activities of residential houses. With the increasing use of appliances in households, the need for systems and equipment in the residential house structure to handle the load of appliances have increased residential remodeling activities in this segment. In addition, climate change and natural calamities such as fires and hurricanes have led to an increase in home repairs which has helped the disaster repair segment gain market share.

The major players in the residential remodeling market employ strategies such as increasing production facilities, mergers and acquisitions, and expanding their service areas. In 2020 and 2021, ACE Hardware increased its production facilities in California and Tampa to handle its distribution networks more efficiently. Additionally, most of the players in the market have focused on forward integration by providing remodeling and maintenance services to their products along with manufacturing.

U.S. Residential Remodeling Market Report Highlights

• The plastics and composites segment dominated the residential remodeling market and was valued at USD 149.8 billion in 2022 and is expected to capture about 29.7% revenue share by 2030. Plastics and composites are used in buildings for developing insulation, ceilings, floorings, and interior décor. The rising focus of consumers on the aesthetics of houses, including fake ceilings and attractive house interiors, has led to increased spending by consumers on remodeling projects related to buildings
• Wood material accounted for a revenue share of 23.1% in 2022 based on less construction time taken by residential buildings developed using wooden components This is because wood is easy to use and eco-friendly. It helps in reducing greenhouse emissions during construction activities, as well as from the constructed buildings
• The systems and equipment segment dominated the market in 2022 by accounting for a share of 23.6% of total revenue. This segment is projected to grow at a CAGR of over 4.0% in terms of revenue over the forecast period. The rise in the usage of consumer electronics in households in the country has contributed to the requirement for upgraded systems in the U.S. that help in grounding electrical connections in residential buildings
• Flooring segment is projected to grow at a CAGR of 4.1% in terms of revenue during the forecast period. The growth can be attributed to the rising demand for aesthetically pleasing décor in households in the country. Additionally, the benefits offered by the installation of new and advanced flooring solutions in terms of energy conservation and sound and vibration insulation have led to the remodeling of floors in U.S. households
• The U.S. residential remodeling industry is highly fragmented based on products and services offered as some companies provide products that help in repairing foundational and structural issues, disaster repairs, and everyday repairs, such as HVAC, and others help in remodeling rather than repair. Since the players function in varying areas of the industry, the competition is low in the U.S. market

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