Industrial News

Home improvement products market continues to benefit from booming construction industry worldwide. Lumber and building materials market, the largest segment in the world home improvement products market, is projected to reach US$276 billion by 2010. Finishing materials market, the fastest growing in the global home improvement products market, is forecast to exceed US$250 billion by 2010.

Global home improvement products market has been continuously benefiting from low interest rate financing prevalent in most of the countries, translating into strong demand, regardless of the prevailing weak economic conditions. In the United States, as in other major markets, benign interest rates have had a very favorable impact on the housing market, the key driver for the home improvement market. The housing market was particularly strong in United States during the period 2003-2005. Although the market experienced a slight decline in 2006, continued rebuilding in hurricane-hit areas and warm winter kept the home improvement products market in good stead. In Europe too, home improvement market has been aided by low interest rate regime in most of the countries. In the developing regions, particularly China and India, low interest rates coupled with booming economies represent key market drivers.

Women have a major influence on the home improvement industry as homemakers. Retailers are increasingly targeting female customers as they represent the major demographic segment for home improvement products industry. Women are most likely to be associated with home improvement projects and a majority of them tend to make changes in their homes once in every five years. Manufacturers operating in the DIY segment are also coming up with power tools that are small and light to target women. Electronic media plays a vital role in driving the home improvement products market. Television shows on home remodeling and repairs are succeeding in transforming viewers into customers of the industry. To sustain in the saturated home improvement market, retailers are entering into additional home-related services areas such as landscape design, home-decorating consultation, and lawn maintenance.

Of late, bigger is better is the new strategy that is being followed by retail giants operating in the home improvement industry. Home Depot and Lowe's, the big box home improvement retailers and the most frequently shopped by consumers, and the like are increasingly focusing on providing all products that include lumber, upholstery and blinds, lawn and garden, hardware, paint and wallpaper, tools, small trailers and appliances on one platform. They have built stores, which spread across an area of over 100,000 square feet to offer all kinds of products for customers. Further, this trend complements the time constraints faced by citizens. Therefore, prominence for one stop shopping is increasing rapidly and players are contemplating to include different merchandise to lure the customer. Apart from the above mentioned industry stalwarts, the report also profiles other key players operating in the marketplace including B&Q Plc, Black & Decker Corp, Canadian Tire Corporation, Limited, Homebase, HORNBACH HOLDING AG, Masco Corporation, OBI BAU- UND HEIMWERKERMÄRKTE GMBH & CO, Rona, Sears Holdings Corporation, and True Home Value, Inc.

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