Europe Construction Products Market is Estimated to Reach $124,115.8 million by 2023

According to a recent report published by Allied Market Research, the Construction products market in Europe is forecasted to grow at CAGR of 5.7% from 2018 to 2023. The market was accounted at $89,090.4 million in 2017, and is expected to reach at $124,115.8 by 2023. The substantial growth in construction sector increases the demand for construction products in Europe.

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The demand for construction of residential buildings is on an increase owing to rise in disposable income and new product development. In addition, increased migration of population in Europe creates the need for commercial construction and increases the demand for renovations of buildings and development of new buildings. Moreover, the construction products such as siding, trims, and subfloors are highly required to protect exterior and interior infrastructure from the impact of changing environment, as well as it gives aesthetic appeal to the infrastructure. However, scarcity of skilled workforce for installation, high cost of materials, insufficient dissemination of knowledge, and the poor-quality materials being supplied by some suppliers are challenging factors, which can hinder the growth of construction products market in Europe.

Rapid urbanization and industrialization is providing growth opportunities to the manufacturers. The construction sector is the most dynamic and high growth sectors of the European economy. Rapid growth and development of urban areas results in shorter construction timelines and reduced costs. Moreover, population growth and urbanization are increasing demand for jobs, housing, energy, clean water, food, transportation infrastructure, and social services, which provides growth opportunities to manufacturers to expand business in Europe. This segment dominated the market in terms of revenue in 2017, owing to growth in population and increased demand for renovation and development of buildings and is expected maintain its dominance throughout forecast period.

This in turn, increasing competitors network in Europe. Many key players are acquiring and establishing partnerships with other manufacturers to improve capabilities. For instance, HeidelbergCement subsidiary Italcementi acquired Cementir Italia to improve its presence and expand its business in Italy.

Some of the key market players profiled in the report include Adobe Systems Incorporated, Educomp Solutions Ltd., NIIT Limited, Smart Technologies, Inc., Blackboard, Inc., Ellucian Company L.P., Saba Software, Inc., Unit4, Desire2Learn Corporation Ltd., and Cisco Systems, Inc.

Key Findings of the Europe Construction Products Market :

• By product type, the siding segment is expected to grow at an estimated CAGR of 5.9% in the Europe construction products market during the forecast period.
• In 2017, Western Europe accounted for the highest revenue among the other regions.
• By end user, commercial buildings segment is anticipated to exhibit substantial growth during the forecast period.