Europe Repair and Rehabilitation Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Europe Repair and Rehabilitation Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The European repair and rehabilitation market is projected to register a CAGR of over 4.5% during the forecast period.

The market was negatively impacted during the COVID-19 pandemic due to construction work, and other activities, such as renovation and maintenance, were put on hold to curb the spread of the virus, thereby negatively affecting the market.

• Growing trends in the renovation of residential buildings and the ongoing restoration of several monuments and heritage sites in the region are major factors driving the growth of the market studied.
• However, regulations associated with certain chemicals used and certain limitations associated with conventionally used materials are the key factors anticipated to restrain the market growth.
• Nevertheless, innovation for eco-friendly repair and rehabilitation material and the development of new fire-resistant polymers to improve the fire performance of composites are likely to act as an opportunity for the market in coming years.
• Germany is estimated to witness healthy growth over the study period due to the increasing renovation and restoration trends.

• The residential sector utilizes repair and rehabilitation compounds for renovation and restoration applications.
• The European region, owing to the ongoing renovation wave to improve energy efficiency as a part of the European Green Deal, is witnessing an increase in the repair and rehabilitation activities in residential construction.
• As per the Eurostat, the European Green Deal consists of about one-third of the EUR 1.8 trillion (USD 2.13 trillion) investments from the NextGeneration EU (European Union) Recovery Plan, and the EU’s seven-year budget will finance the European Green Deal.
• Moreover, to pursue the goal of energy gains and economic growth, the European Union, since 2020, has been working on the strategy "A Renovation Wave for Europe – Greening our buildings, creating jobs, improving lives" to boost the renovation of buildings, including residential buildings in the region. These renovations are expected to enhance the quality of life for people living in and using the buildings and create many additional green jobs in the construction sector.
• Furthermore, the number of private houses in EU27 has witnessed a significant rise in past years, which further is expected to boost the renovation and repairing activities in the region. As per the Eurostat, the total number of private household in the EU27 was around 197,004.04 thousand in 2021, which need repair or renovation in the coming years as part of general maintainece.
• Thus, the growing trends of renovation in the European residential construction are expected to impact the repair and rehabilitation market positively during the forecast period.

• Germany has the largest construction industry in Europe, majorly driven by increasing new residential construction activities.
• In Germany, the renovation and maintenance activities associated with various residential, commercial, industrial, and infrastructural buildings create a significant demand for repair and rehabilitation materials.
• The renovation trends in the country are also observing significant growth in the country owing to the European Union's goal, as well as policies of the German government for achieving the sustainability goals in the country.
• In July 2022, the German government announced plans to earmark around EUR 13 billion to EUR 14 billion (USD 13.17 billion to USD 14.18 billion) per year in subsidies for renovations to make buildings more energy-efficient.
• Furthermore, Germany's goal is to become climate neutral by 2045. Berlin has been increasing subsidies for renovations, with the government funding refurbishments worth more than EUR 9.6 billion (USD 10.11 billion) in 2022.
• The total number of new buildings constructed in the country in 2021 was 41,446. The country witnessed construction of various residential and non-resedential buildings over the past years, which needed further renovation and repair.
• All the above-mentioned factors may augment the repair and rehabilitation market in the country during the forecast period.

The European repair and rehabilitation market is fragmented in nature. The major players include Sika AG, Fosroc, MBCC Group, MAPEI S.p.A., Saint-Gobain, and others.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support