Residential Building Construction Will Support Demand for Cabinet Market
Demand to rise more than 8% per year through 2016
US demand for cabinets is forecast to rise more than eight percent per year through 2016. Demand will be driven by the rebound in housing completions from their depressed 2011 base. Although housing completions will remain below the level reached at their cyclical peak in 2006, the expected recovery will fuel gains in the residential market through 2016. http://www.bharatbook.com/market-research-reports/construction-market-research-report/cabinets-to-2016.html
Turnaround in residential building construction to drive gains
The residential market accounts for the largest share of cabinet demand, and the turnaround in residential building construction spending will drive gains. The new housing segment will register the most rapid advances going forward. Strong growth will also be supported by the large improvement and repair market. The US has a large stock of older homes that will require cabinet replacement. Kitchen and bathroom renovations are popular home improvement projects, and the replacement of cabinetry often is a major part of these projects. Moreover, many homeowners who were unable to engage in renovation during the 2007- 2009 recession because of tighter credit requirements and declining house values will undertake these projects going forward as home values rebound and economic conditions improve.
The expected recovery of residential building construction will support demand for all cabinet types through 2016. Kitchen cabinets, which accounted for more than four-fifths of 2011 cabinet demand, will see the most rapid growth. In addition to the rise in residential building construction spending, demand will be boosted by design trends that call for homes with more and larger cabinets such as for storing food products and cookware. Homeowners desire cabinets with value-added amenities, such as pullout shelves and drawers, wine racks, and other features that improve kitchen convenience.
Demand for bathroom cabinets is forecast to grow in excess of six percent annually through 2016. Designs that specify multiple bathrooms will boost gains, as these rooms frequently include medicine cabinets and vanities. Demand for other cabinets, such as those found in home theaters, laundry rooms, home offices, garages, and other areas, is also expected to rise through 2016 at a healthy pace. Homeowners will opt for cabinetry in these rooms to offer more secure and more aesthetically pleasing storage options compared to open shelving and free-standing furnishings.
Office & commercial sector to lead gains in nonresidential market
Through 2016, demand for cabinets in the nonresidential market is expected to rise, driven by the rebound in nonresidential building construction spending from a low 2011 base. The office and commercial market will lead gains, as increasing construction of retail sites will drive demand for store display cabinets. Increased spending on lodging, health care, and educational construction will also support demand for cabinets, as these structures incorporate cabinetry to provide secure storage space. In the nonconstruction market, cabinet demand will be boosted by rebounding shipments of recreational boats and recreational vehicles.
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