Bath Remodeling Market size in North America is slated to reach around USD 78 billion by 2027, according to a new research report by Global Market Insights Inc.
The expenditure on bathroom accessories and interiors has witnessed a significant surge in the past few years. Premium interiors and shower enclosers are garnering increasing acceptance as bathrooms are becoming an extension of people’s living spaces. As a result, the bath remodeling industry is growing exponentially in the region. Homeowners are becoming experimental in trying out new products and concepts. Even consumers with small houses are willing to convert their bathrooms into wellness zones. The introduction of new programs & policies is offering easy access to financing options for home improvement projects.
Growing popularity of stone materials for countertops is supporting the industry expansion
The stone material segment is likely to showcase a CAGR of around 3.5% through 2027. Toughness and long life of these products are making them ideal for countertops. Further, these materials are resistant to moisture, stains, and bacteria. The availability of a wide range of shapes & sizes along with customizations of these materials and usage with several resins to enhance the aesthetics of end-products are supporting their usage. However, stone products are expensive as compared to ceramics and other materials, which may affect the bath remodeling market penetration.
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Browse key industry insights spread across 110 pages with 41 market data tables & 28 figures & charts from the report, “North America Bath Remodeling Market Size By Material (Stone, Ceramic Glass, Metal), By Product (Bathtub, Faucet, Shower System, Lavatory Sinks), By End-use (Residential, Commercial), COVID-19 Impact Analysis, Country Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The faucet product segment generated around USD 10 billion revenue in 2020. Faucets are highly demanding products in bath remodeling applications. The development of new products with several sensor technologies and the use of such products in retail, hospitality, and corporate sector restrooms coupled with the presence of a wide range of faucet manufacturers in the region will spur the market growth. Additionally, rising awareness of consumers to save water and regulations such as the U.S. EPA WaterSense label on sink faucets that recognize products with limited water usage are augmenting the industry demand.
Proliferating hospitality sector and the renovation of several hotel projects in the region are fueling investments in the commercial sector
The commercial bath remodeling market in North America is mainly concentrated around the hospitality sector. The segment is expected to capture around USD 27 billion revenue by 2027. Rising tourism in the region and high hotel improvement projects in the U.S. is boosting the market growth. Moreover, the development of old retail and corporate buildings in the region and the launch of new products for commercial users is a key market trend.
The Canada market accounted for about 15% of the revenue share in 2020. The industry is growing with continued economic and employment growth. Low interest rates and easy financing of loans backed by residential equity are highly promoting home improvement activities. Home remodeling enabled homeowners to achieve higher gains while selling their existing properties. For instance, according to the Canadian Real Estate Association, home repair & renovation spending enabled homeowners to get nearly 12.4% higher value as compared to the selling of properties in the same conditions.
Key bath remodeling market participants in North America are Builders FirstSource, Inc., The Home Depot, Inc., Pella Corporation, Statewide Remodeling, Inc., and Kohler Co.