The global specialty trade contractors market size is expected to grow from $5.15 trillion in 2021 to $5.72 trillion in 2022 at a compound annual growth rate (CAGR) of 11.1%. The growth in the specialty trade contractors market 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 specialty trade contractors market is expected to reach $8.40 trillion in 2026 at a CAGR of 10.1%.
What is the Global Specialty Trade Contractors Market?
The specialty trade contractors market consists of sales of specialty trade contractors services and related goods by entities (organizations, sole traders and partnerships) that perform specific activities (e.g., pouring concrete, site preparation, plumbing, painting, and electrical work) involved in building construction or other activities that are similar for all types of construction, but that are not responsible for the entire project. The work performed may include new work, additions, alterations, maintenance, and repairs. The production work performed by establishments in this market is usually subcontracted from establishments of the general contractor type or for-sale builders, but especially in remodeling and repair construction work also may be done directly for the owner of the property. Specialty trade contractors usually perform most of their work at the construction site, although they may have shops where they perform prefabrication and other work. The sales revenues of establishments primarily engaged in preparing sites for new construction are also included in this market.
Get a Sample of the global specialty trade contractors market report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=5483&&type=smp
What drives the Global Specialty Trade Contractors Market?
Construction costs are increasing steadily due to rising material costs. Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil, a key component of asphalt increased by 58% in 2021 from the year 2020. According to the latest Producer Price Index (PPI) released by the Bureau of Labor Statistics, in the US, prices paid for items used in residential construction jumped 1.7% in April 2021 and have increased by 12.4% over the last 12 months. According to the National Association of Home Builders (NAHB), softwood lumber prices jumped 6.5 percent in April 2021, marking a new high for the third month in a row. Since November 2020, lumber prices have risen by 52.0 percent. High material prices will adversely affect the specialty trade contractor market during the forecast period.
Get the full global specialty trade contractors industry report here:
https://www.thebusinessresearchcompany.com/report/specialty-trade-contractors-global-market-report
Global Specialty Trade Contractors Market Segments
The global specialty trade contractors market is segmented:
By Type: Foundation, Structure, And Building Exterior Contractors, Building Equipment Contractors, Building Finishing Contractors, Other Specialty Trade Contractors
By Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Others
By Ownership: Chained, Standalone
By Mode: Online, Offline
By Geography: The regions covered in the specialty trade contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global specialty trade contractors market.
Specialty Trade Contractors Global Market Report 2022provides market size and growth forecasts for the global specialty trade contractors market, global specialty trade contractors market share, specialty trade contractors market segments and geographies, specialty trade contractors market competitive landscape including leading competitors’ revenues, profiles and market shares. The specialty trade contractors market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Specialty Trade Contractors Industry Playersinclude The Metallurgical Corp of China, KONE Corporation, Vinci SA, Fletcher Building Ltd., and Comfort Systems USA, Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
