Earlier this week, Ed Hudson, Home Innovation’s Director of Marketing Research, presented “Trends and Opportunities for PVC Materials in Home Construction and Remodeling” at the PVC Formulations Virtual Summit, sponsored by AMI. The primary audience for the presentation was manufacturers of PVC materials seeking opportunities to develop new PVC-based building materials.
Ed presented a summary of his findings on the market share advances and declines of polymer-based materials in categories such as plumbing and fire sprinkler piping, siding, windows, flooring, decking and fences. He also pointed out the primary drivers of these changes and probable future trajectories. The explosive growth of the vinyl flooring category, for example, largely due to the introduction of luxury vinyl, has catapulted it into the #1 spot for flooring materials (See below).
Source: “Trends and Opportunities for PVC Materials in Home Construction and Remodeling,” presented 4-20-21 by Ed Hudson at AMI’s PVC Formulations Virtual Summit.
Many of the market changes Ed covered can be attributed to two key drivers: Homebuyer Demographics (Millennials now representing the largest homebuying cohort); and the Impact of COVID-19 on Homebuyer Preferences. The tight construction labor market also played a role.
Some of the findings shared during the presentation included:
With the market for homes and building products still in high gear, it’s a great time for manufacturers to seek opportunities in the residential market with new product introductions or growth strategies. If you are seeking to expand your presence in the residential building products market, get in touch with Ed to discuss the opportunities.