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Building Finishing Contractors Global Market Report 2022

·4-min read

Major companies in the market include Fletcher Building Ltd. ; NCI Building Systems Inc. ; Interserve Plc. The global building finishing contractors market is expected to grow from $1205. 22 billion in 2021 to $1358.

New York, Dec. 31, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Building Finishing Contractors Global Market Report 2022" -
56 billion in 2022 at a compound annual growth rate (CAGR) of 12.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $ 2112.71 billion in 2026 at a CAGR of 11.7%.

The building finishing contractors market consists of sales of building finishing contractors services and related goods by entities (organizations, sole traders and partnerships) that undertake the specialty trades needed to finish buildings.The work performed may include new work, additions, alterations, maintenance, and repairs.

Building finishing contractors include drywall and insulation contractors, painting and wall covering contractors, flooring contractors, tile and terrazzo contractors, finish carpentry contractors and other building finishing contractors.

The main types of building finishing contractors are drywall and insulation contractors, painting and wall covering contractors, flooring contractors, tile and terrazzo contractors, finish carpentry contractors, and other building finishing contractors.Drywall and insulation contractors specialize in drywall, plaster, and building insulation.

The building finishing services are provided by large chain companies and independent contractors and are available in various modes such as online and offline. The building finishing contractors are involved in various applications such as residential construction, non-residential building construction, and utility system construction and others.

Asia Pacific was the largest region in the building finishing contractors market in 2021.Western Europe was the second-largest region in the building finishing contractors market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The population profile of most countries is becoming older, increasing the demand for elderly-friendly infrastructure.For instance, in 2019, there were 703 million people worldwide who were 65 or older.

The number of elderly people is expected to quadruple to 1.5 billion by 2050. Globally, the proportion of the population aged 65 and up climbed to 9% in 2019. This number is expected to climb to 16% by 2050, implying that one in every six individuals on the planet would be 65 or older . Houses and the wider surroundings had to be adapted to be made safer and more inclusive. Local shops and town centers had to be made more accessible and had to be made accessible to the elderly. Public transport facilities also had to be revised based on the increased demand from the elderly. This will result in increased demand for building finishing contractors activity during the forecast period.

Predictive analytics is playing a prominent role in the building finishing contractors’ market to simplify risk management, manage financials and resources, and allocate budgets.Predictive analytics refers to a technique used to process large data sets and infer actionable information and behaviour patterns.

The software analyses data collected from subcontractors, materials suppliers, design plans to examine and control risk factors.Predictive analytics helps the project manager to predict and avoid delays in manpower availability and equipment shortages, collects weather data and predicts the conditions for the company to take preventive actions against the weather changes to avoid loss of material and labour costs.

Some of the software used by building finishing contractor include GanttPRO, Acculynx, Jonas Premier, CoConstruct, Buildertrend, Knowify, Procore, PlanGrid, ProCOntractor and BIM 360.

Health and safety issues have always been a major concern in the building finishing contractors industry.Construction activities always face worker safety issues with them working at height, working in confined spaces, working underground and close proximity to falling materials, handling load manually, handling hazardous substances, using plant and equipment, fire and exposure to live cables.

For instance, according to 25 Construction Safety Statistics for 2021, the American construction industry comprises 6% of the US workers, but witness around 20% the fatalities, largest number of fatalities compared to any other industry. Inadequate safety and health measures has a negative impact on both the construction and built environments resulting in fatalities, injuries and diseases.

The countries covered in the building finishing contractors market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
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