LONDON, Jan. 24, 2017 /PRNewswire/ -- The global facades market size is expected to reach USD 339.46 billion by 2024, according to a new study by Grand View Research, Inc. The surge inthe adoption of advanced eco-friendly facades across North America and Europe is anticipated to fuel the market growth in the coming years. Furthermore, the increasing number of new building constructions, along with the rise in the number of renovation projects, is also anticipated to catapult the product demand over the forecast period.
The commercial segment witnessed a significant facades demand in 2015, where these products are particularly used to protect the interior from environmental changes. The availability of raw materials in abundance,such as aluminum,is anticipated to lower the product price over the forecast period. In addition to these market drivers, the development of solar panels that provide usable electric energy and its integration in the building skin is also anticipated to catalyze the industry growth over the forecast period.
Further Key Findings from the Study Suggest:
The development of sustainable facades materials offering the capability of shielding buildings from environmental conditions such as heat, wind and rain is a primary factor expected to drive ventilated facades growth, and the segment accounted for more than 40% of the overall revenue share in the year 2015.
The product demand in commercial buildings is expected to remain high over the next eight years owing to the growing need for better safety measures and ambiance in corporate and the hospitality industry.
Asia Pacific dominated the industry and accounted for over 30% of the global share in 2015, which is expected to grow considerably over the next eight years,mainly due to the notable growth in the commercial and residential real estate sectors.
The key companies operating in the market include Permasteelisa Group, Enclos Corp., Harmon Inc., Walters & Wolf, and SEPA, who focus on R&D spending to develop composite materials used for protecting buildings from natural as well as human-instigated disasters.
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