Market Insights Consumer DIY & Hardware Store

Hardware & Building Materials - Finland

Finland

In Finland, the Hardware & Building Materials market generated a revenue of €2.91bn in 2024.
It is projected to experience an annual growth rate of 2.42% (CAGR 2024-2029).
When compared globally, in China leads the way with a revenue of €487bn in 2024.
Looking at the population figures, in Finland generates €0.52k per person in revenue in 2024.
Finland's hardware and building materials market is thriving, with a strong emphasis on sustainable and eco-friendly products.

Key regions: Indonesia, Turkey, Japan, China, Germany

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Analyst Opinion

The Hardware & Building Materials Market in Finland has shown minimal growth, influenced by factors like low consumer demand, economic uncertainty, and competition from online retailers.

Customer preferences: In Finland, there is a growing trend of consumers shifting towards eco-friendly and sustainable building materials, driven by environmental concerns and an increasing focus on reducing carbon footprint. There is also a rise in demand for smart home solutions, as consumers seek to increase energy efficiency and automate tasks. Additionally, the DIY trend is gaining momentum, with consumers opting to undertake home improvement projects themselves instead of hiring professionals, in order to save costs and personalize their living spaces.

Trends in the market: In Finland, the Hardware & Building Materials Market within the DIY & Hardware Store Market is experiencing a shift towards eco-friendly and sustainable products. This trend is being driven by consumer demand for environmentally responsible options and government initiatives promoting green building practices. Additionally, there is a growing focus on digital solutions, such as mobile apps and online platforms, to simplify the DIY process and provide customers with a more personalized experience. These trends have significant implications for industry stakeholders, as they must adapt their offerings and strategies to stay competitive in the market. This includes investing in eco-friendly products and digital solutions, as well as educating customers on the benefits of these trends.

Local special circumstances: In Finland, the Hardware & Building Materials Market within the DIY & Hardware Store Market is influenced by the country's long and harsh winters, which require specific building materials and tools for construction and maintenance. The DIY culture is also strong, with Finns often taking on home improvement projects themselves. Additionally, strict building regulations and codes ensure high-quality products and construction practices, contributing to the demand for premium hardware and building materials. Lastly, Finland's strong focus on sustainability and energy efficiency in construction also plays a significant role in shaping the market.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Finland is heavily influenced by macroeconomic factors such as national economic health, fiscal policies, and global economic trends. The country's stable economy, sound fiscal policies, and strong emphasis on infrastructure development have created a favorable environment for market growth. Additionally, Finland's high level of technology adoption and innovative culture have contributed to the demand for advanced hardware and building materials in the DIY and hardware store market. Moreover, the increasing focus on sustainable and eco-friendly building practices has also influenced the market, with a demand for green building materials and solutions.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.