LONDON, July 17, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s report on the finish carpentry contractors market forecasts the global finish carpentry contractors market size to grow from $252 billion in 2022 to $266.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The global finish carpentry contractors market is expected to reach $322.7 billion in 2027 at a CAGR of more than 4%.
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Commercial construction demand is projected to drive the growth of the finish carpentry contractors market in the future. Commercial construction entails the construction of commercial structures such as office buildings, retail stores, warehouses, and workshops. Finish carpentry contractors are essential parts of commercial construction projects since they install and finish the building's finishing details such as baseboards, trim, doors, windows, and decorative features. These professionals work closely with architects, designers, and general contractors to ensure that the finished product fits the specified standards and design goals. For example, total construction spending in the United States was $1.54 trillion in November 2020, according to a recent statistical report published by the United States Census Bureau, a US-based federal statistical system, and it grew to $1.84 trillion in November 2022, representing a 16.3% increase. As a result, the finish carpentry contractors industry is being driven by the demand for commercial development.
Major players in the finish carpentry contractors market are Gottstein Corp., First Davis Corp., Endecca Painting & Flooring, Home Restoration Service LLC, SBS Construction LLC, Skyline Builders & Restoration Inc., JADE Carpentry Contractor Inc., Valcon General LLC, Rubecon Builders Inc., D&S Elite Construction Inc., Ante-Holz GmbH, Meer End Staircases & Joinery Ltd., Stairways Midlands Ltd., Woodfellas Carpentry & Joinery Limited, and Dziedrs Ltd.
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Technological developments are a prevalent trend in the finish carpentry contractors market. Major players in the finish carpentry contractors market are focusing on offering novel solutions to increase their market position. For instance, in December 2022, Eyrus Inc., a workforce visibility platform based in the United States, announced significant platform advancements with the launch of Eyrus Evolved, a full, end-to-end solution to help general contractors make better decisions regarding progress, risk, and safety. The new technology includes an easy-to-use, non-intrusive system that provides real-time workforce data and analytics through a Consolidated Workforce Database. Eyrus enables project teams to proactively adjust in dynamic project environments in order to positively impact schedule, safety, and cost. By incorporating Construction IoT (Internet of Things) technologies, the Eyrus platform reduces project administrative overhead by 25% by automating important procedures such as labor onboarding, project time keeping, and compliance reporting.
Asia-Pacific was the largest region in the finish carpentry contractors market in 2022 and is predicted to be the fastest-growing area during the forecast period, according to the global finish carpentry contractors market study.
The global finish carpentry contractor market is segmented By Type into Cellular Wood Panels, Windows, Assembled Parquet Panels, Doors, Other Types; By Service Provider into Large Chain Companies, Independent Contractors; By Application into Utilities, Commercial, Residential
Finish Carpentry Contractors Global Market Report 2023 by The Business Research Company provides insights on the finish carpentry contractors market size, finish carpentry contractors market segments, finish carpentry contractors market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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