Major companies in the building material and garden equipment and supplies dealers market include Aditya Birla Group; Asahi Glass Company Limited; Ashland Inc; Associated Materials Inc and Boral Limited.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Building Material and Garden Equipment and Supplies Dealers Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018896/?utm_source=GNW
The global building material and garden equipment and supplies dealers market is expected to grow from $1107.97 billion in 2020 to $1175.94 billion in 2021 at a compound annual growth rate (CAGR) of 6.1%. 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 $1435.14 billion in 2025 at a CAGR of 5%.
The building material and garden equipment and supplies dealers market consists of sales of building material and garden equipment by entities (organizations, sole traders and partnerships) that are engaged in in retailing specialized lines of new building materials, such as lumber, fencing, glass, doors, plumbing fixtures and supplies, electrical supplies, prefabricated buildings and kits, and kitchen and bath cabinets and countertops to be installed. The entities in this market are also engaged in retailing garden equipment such as powered lawnmowers, lawn and garden tractors, and other home lawn and garden equipment, such as tillers, shredders, yard vacuums, and leaf blowers. The building material and garden equipment and supplies dealers market is segmented into building material and supplies dealers and lawn and garden equipment and supplies stores.
North America was the largest region in the global building material and garden equipment and supplies dealers market, accounting for 38% of the market in 2020. Asia Pacific was the second largest region accounting for 31% of the global building material and garden equipment and supplies dealers market. Africa was the smallest region in the global building material and garden equipment and supplies dealers market.
With rising awareness regarding environmental pollution, the demand for green building materials is increasing. Green building materials are sustainable, have low carbon footprint and help reduce exposure to toxic chemicals in residences and workplaces. These materials are moisture resistant; energy efficient; easy to maintain; and create less production waste. As people become aware about polluting and hazardous construction materials, the industry accommodates organic architecture and biodegradable materials in the design of homes and commercial spaces. Consumers now demand for safer products. For instance, American consumers are increasingly opting for sustainable building materials that are locally made, refurbished or remanufactured, and resilient to natural disasters.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the the building material and garden equipment and supplies dealers market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in decline in manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the the building material and garden equipment and supplies dealers market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The building material and garden equipment and supplies dealers market is expected to benefit from steady economic growth forecasted for many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a decline in the historic period is further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Greater economic growth is likely to drive public and private investments, joint ventures, foreign direct investments in the end-user markets, thereby driving the market during forecast period.
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