Over time and with use, a book binding can degrade. When repair is no longer possible, a book may be sent to a qualified binder for rebinding. As long as the paper is not brittle from age and there is sufficient margins for rebinding, it is possible to rebind a book. Rebound books may lose monetary value over a book in the original cover. If this is a concern, please consider a conservator. If functionality and continued usage is your main objective, then rebinding is a good option.
Libraries are very selective with regard to the binderies they choose for the preservation of their holdings. The Library Binding Council certifies binderies, and these are often the business chosen to serve library needs. Many of these library binderies accept business from individuals and organizations. The following link will direct you to library binders that may be willing to bind or rebind materials for individuals.