Acquisitions Like That of Huntsman Advanced Materials Solutions by Pidilite Industries Limited to Propel the Growth of the Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market
Do-It-Yourself (DIY) activities are the process of changing, constructing, or fixing things without the help of any experts or professionals. The main goal of these activities is to develop new skills, feel good by creating something new, and saving money by reusing the materials effectively. Most importantly, students get benefitted from the DIY activities, as it helps them to make use of their brains in a productive way, such as in making their academic projects by using waste materials and many more. Furthermore, DIY is much useful for society to reuse any object in a decorative way that further plays a major role in waste management and to lead a greener environment.
Forecast Analysis of the Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market
With the increasing population and significant expansion in urbanization in Asian countries, the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market is expected to experience striking during the forecast period. Besides, the increasing dominance in the retail sector of developing economies, the importance of megacities, and enormous urban increments are the factors expected to bolster the growth of the market throughout the analysis time period. Moreover, the growing emphasis on environmentally friendly DIY projects which are safe, healthier, sustainable, and cost-effective is projected to create immense growth opportunities over the estimated timeframe. However, a lack of skilled professionals operating in the DIY home improvement retailing market may impede the growth of the market during the forecast timeframe.
According to the report published by Research Dive, the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market is expected to garner a revenue of $87,135.4 million and rise at a CAGR of 3.9% during the analysis period from 2021-2028. Regionally, the Rest of Asia-pacific region is projected to generate a revenue of $25,961.5 million over the analysis period, owing to the increasing state-of-the-art DIY product inventions, R&D activities, technological advancements, and heavy investment.
The key players functioning in the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market include MINISO CO.LTD, Marshalls, Allo Innoware., B&Q, Home Depot Product Authority, LLC, Bunnings Australia, Nendo Inc, MR.DIY, UBYLD RETAIL PRIVATE LIMITED, Asian Paints, and many more.
The companies operating in the Asia-Pacific region are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the Asia-Pacific region which is predicted to drive the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market growth in the upcoming years.
For instance, in December 2021, 3dL Inc., a leading Taiwanese-based company, widely known for providing advanced facial masks and skincare products, has launched its new beauty band named “Phytoflow”. This particular beauty product is mainly launched to create the effect of meditation on the skin with the help of natural extracts and increase the releasing rate of beta-endorphin for better skin quality.
In July 2021, Touch 'n Go Group, a leading Malaysia-based company providing innovative software products, website design, and computer network consulting services, announced its collaboration with MR D.I.Y. Group Berhad, a leading Malaysia-based home improvement retailer. With this collaboration, the companies are aiming to adopt several strategic initiatives to boost customer experience across offline and online channels by leveraging data and analytics capabilities.
In October 2020, Pidilite Industries Limited, a renowned Indian adhesives manufacturing company, has entered into an acquisition of holding 100% stake in Huntsman Advanced Materials Solutions, a leading global material solution provider. With this acquisition, Pidilite is planning to make its base strong in Asian, Middle-East, and African countries by delivering products under brands such as Araseal, Araldite, and many more.
Covid-19 Impact on the Market
Unlike other industries, the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market has witnessed a positive impact during the period of crisis. To maintain social distancing and government guidelines, many retailers have adopted many advanced technologies, such as the internet of things (IoT), augmented reality (AR), and many more to improve the user experience for customers. These innovative technologies have enhanced the shopping experience capability of the applications or websites of the organizations and hence, increased technology segment the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market during the pandemic period.
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