Finish Carpentry Contractors Global Market Report 2024

The finish carpentry contractors market size has grown steadily in recent years. It will grow from $262.57 billion in 2023 to $274.29 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth observed in the historical period can be attributed to factors such as housing market trends, growth in the construction industry, design trends, the regulatory environment governing construction, and fluctuations in material costs.

The finish carpentry contractors market size is expected to see steady growth in the next few years. It will grow to $333.21 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to factors such as housing market projections, investments in infrastructure, the promotion of sustainable building practices, market competition dynamics, and shifts in consumer preferences. Major trends expected in the forecast period include ongoing digital transformation in the construction industry, continuous technological advances, increased integration of technology in construction processes, a focus on customization and personalization in construction projects, and an emphasis on safety and compliance standards.

The finish carpentry contractors market is poised for growth, primarily driven by the demand from commercial construction. Commercial construction involves erecting structures for commercial purposes, such as office buildings, retail stores, warehouses, and workshops. Finish carpentry contractors play a crucial role in these projects, responsible for installing and perfecting the closing details of the building, including baseboards, trim, doors, windows, and decorative features. These professionals collaborate closely with architects, designers, and general contractors to ensure the final result aligns with the specified requirements and design objectives. For example, in March 2023, data from the United States Census Bureau, a federal statistical system, revealed that total construction spending in the United States increased from $1.54 trillion in November 2020 to $1.84 trillion in November 2022, reflecting a significant 16.3% rise. Consequently, the escalating demand for commercial construction is a driving force behind the growth of the finish carpentry contractors market.

The finish carpentry contractors market is anticipated to experience growth, propelled by an increase in disposable income. Improved economic conditions often lead to higher wages and salaries, resulting in an overall boost in disposable income. This rise in disposable income contributes to increased spending on home improvement projects, benefiting finish carpentry contractors. Homeowners, with more disposable income at their disposal, are inclined to invest in high-quality custom finishes and renovations, driving demand for the services offered by finish carpentry contractors. For example, in September 2023, data from the Bureau of Economic Analysis, a US-based government agency, indicated a $46.6 billion (0.2%) increase in disposable personal income (DPI). Consequently, the upward trend in disposable income stands as a driving force behind the growth of the finish carpentry contractors market.

Technological advancements are becoming a prominent trend in the finish carpentry contractors market, with major companies actively focusing on innovative solutions to strengthen their market positions. As an example, in December 2022, Eyrus Inc., a US-based workforce visibility platform, introduced significant enhancements with the launch of Eyrus Evolved. This comprehensive, end-to-end solution is designed to assist general contractors in making informed decisions about project progress, risk, and safety. The technology features an easy-to-use, non-intrusive system providing real-time workforce data and analytics through a Consolidated Workforce Database. Eyrus empowers project teams to proactively adapt to dynamic project settings, positively impacting schedule, safety, and cost. The platform also streamlines project administrative processes, reducing overhead by 25% through the automation of essential operations such as worker onboarding, project timekeeping, and compliance reporting, leveraging Construction IoT (Internet of Things) technology.

Major players in the finish carpentry contractors market are directing their focus towards advanced solutions, with an emphasis on utilizing 3D computer modeling tools to enhance precision and efficiency in their services. 3D computer modeling tools are software applications that facilitate the creation and manipulation of three-dimensional virtual representations of objects or scenes. For instance, in January 2021, Dovetail General Contractors, a US-based custom builder dedicated to elevating craft and craftspeople, introduced a Virtual Design and Construction (VDC) Department. This department harnesses cutting-edge technologies to overcome typical construction challenges, integrating 3D computer modeling, laser scanning, surveying tools, and CNC routers. Through VDC, Dovetail aims to enhance the overall construction process, fostering greater efficiency, effectiveness, and overall team satisfaction.

In December 2023, Masonite International Corporation, a prominent US-based manufacturer specializing in interior and exterior doors along with premium door systems, completed the acquisition of PGT Innovations Inc. The specific financial details of the acquisition remain undisclosed. This strategic move positions Masonite to expand its product offerings in adjacent categories, gain a compelling geographical presence, open up broader avenues for market access, and explore opportunities for cross-selling. The acquisition also strengthens Masonite's engineering and manufacturing capabilities, contributing to a significantly improved growth and financial outlook. PGT Innovations Inc., the acquired company, is a US-based manufacturer renowned for its patio doors and premium window solutions.

Major companies operating in the finish carpentry contractors market report are Endecca Painting & Flooring, California Custom Millwork, Beverly Hills Custom Woodwork, Valcon General LLC, Anderson Custom Millwork, Canyon Creek Cabinets Company, Gottstein Corp., Stairways Midlands Ltd., SBS Construction LLC, Bella Custom Carpentry & Co., R & R Millwork Inc., Artisan Millworks LLC, First Davis Corp., Home Restoration Service LLC, Skyline Builders & Restoration Inc., JADE Carpentry Contractor Inc., Rubecon Builders Inc., D&S Elite Construction Inc., Bennett Custom Western Ltd., Black Forest Wood Co., Blue Ridge Millwork LLC, Boehler Custom Carpentry, Cabinet Concepts Inc., Capital Custom Construction, Ante-Holz GmbH, Meer End Staircases & Joinery Ltd., Woodfellas Carpentry & Joinery Limited, Dziedrs Ltd., Beckwith Custom Cabinetry Inc., Bostwick Custom Woodworking.

Asia-Pacific was the largest region in the finish carpentry contractors market in 2023 and is expected to be the fastest-growing region in the global finish carpentry contractors market report during the forecast period. The regions covered in the finish carpentry contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the finish carpentry contractors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Finish carpentry contractors offer various services, with main types including cellular wood panels, windows, assembled parquet panels, doors, and others. Cellular wood panels, specifically, are lightweight wood materials featuring a cellular structure formed by bonding tiny layers of wood veneer or strands together using adhesives, resulting in a strong and durable panel. These contractors cater to a diverse range of applications, serving utilities, commercial, and residential needs. Services are provided by both large chain companies and independent contractors, ensuring a broad spectrum of options for customers.

The finish carpentry contractors market research report is one of a series of new reports that provides finish carpentry contractors market statistics, including finish carpentry contractors industry global market size, regional shares, competitors with a finish carpentry contractors market share, detailed finish carpentry contractors market segments, market trends, and opportunities, and any further data you may need to thrive in the finish carpentry contractors industry. This finish carpentry contractors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The finish carpentry contractors market includes revenues earned by entities by providing services such as door and window installation, trim, fitting interior doors, wood and laminate flooring installation, wainscoting, crown molding, cabinet installation, and cabinetry/millwork shop services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.