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Building Finishing Contractors Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·4-min read

Major companies in the building finishing contractors market include APi Group Inc; Performance Contracting Group Inc; Cleveland Construction Inc and Irex Corp of Lancaster. The global building finishing contractors market is expected to grow from $1071.

New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Building Finishing Contractors Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -
13 billion in 2020 to $1145.15 billion in 2021 at a compound annual growth rate (CAGR) of 6.9%. 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 $1522.95 billion in 2025 at a CAGR of 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 building finishing contractors market is segmented into drywall and insulation contractors; painting and wall covering contractors; flooring contractors; tile and terrazzo contractors; finish carpentry contractors and other building finishing contractors.

Asia Pacific was the largest region in the global building finishing contractors market, accounting for 41% of the market in 2020. Western Europe was the second largest region accounting for 26% of the global building finishing contractors market. Africa was the smallest region in the global building finishing contractors market.

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. 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 population profile of most countries is becoming older, increasing the demand for elderly friendly infrastructure. According to the Population Reference Bureau, the share of population over the age of 65 in the global population increased from 8% in 2015 to 9% in 2019. The global population aged 65 years or over was 703 million in 2019. Therefore, the demand for infrastructural improvements which is ‘elderly’ friendly increased during the historic period. 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 resulted in increased building finishing contractors activity during historic period.

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