Europe Construction Products Market to Reach $124.11 Bn by 2025 at 12.1% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 28, 2018 /PRNewswire/ --
Rise in demand for residential and commercial sector, supportive government policies for green buildings, and focus on resource efficiency would facilitate the growth of the Europe construction products market.
Allied Market Research published a report, titled, Europe Construction Products Market - 2013-2023. The report offers extensive analyses of the top winning strategies, market dynamics, key market segments, and competitive intelligence. According to the report, the Europe construction products market generated $89.09 billion in 2017, and is expected to reach $124.11 billion by 2023, growing at a CAGR of 5.7% from 2018 to 2023.
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Rise in demand for residential and commercial sector, supportive government policies for green buildings, and focus on resource efficiency facilitate the growth of the market. However, dearth of skilled workforce and high initial & maintenance investments for materials restrain the growth of the market. On the other hand, rapid industrialization and urbanization would create new opportunities in the market.
Siding type segment to dominate throughout the forecast period
Siding type contributed nearly half of the total market share in 2017 and will continue to dominate throughout the forecast period. This is due to increase in the number of construction activities in residential and commercial sector. However, trim type segment would register the highest CAGR of 6.17% from 2018 to 2023, owing to its ability to transform the look of infrastructure at low cost. The report also analyzes the structural subfloor segment.
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Commercial buildings segment to maintain its lion's share through 2023
Commercial buildings segment accounted for more than half of the total market share in 2017, owing to rise in industrialization, technological advancements, and increase in migration to Europe. This segment would continue its lead through 2023. However, residential buildings would grow at the fastest CAGR of 6.0% from 2018 to 2023, owing to increase in investments in the real estate sector, rise in building renovations & remodeling, and high prominence of eco-friendly building technologies.
Western Europe to continue its lead position by 2023
Western Europe accounted for nearly half of the total market share in 2017, owing to favorable economic policies and political priorities. This region would retain its lead position throughout the forecast period. However, rest of Europe is expected to grow at the fastest CAGR of 6.3% from 2018 to 2023, owing to improved economy and rise in development of housing projects. The report also analyzes Eastern Europe.
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Leading market players
The key market players analyzed in the report include Wienerberger Baustoffindustrie AG, U-Kon System, Holzplast LLC, Hanson Building Products Limited, Royal Europa Sp. z o.o, Kingspan Group, Hekim Construction Inc., Leier International, and RHEINZINK. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to achieve a strong position in the industry.
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