LONDON, Sept. 26, 2016 /PRNewswire/ -- The global rainscreen cladding market is expected to reach USD 14.05 billion by 2024, according to a new study by Grand View Research, Inc. Growing demand for lightweight insulation materials, owing to expanding residential & nonresidential construction activities in emerging economies, is likely to spur industry growth.
Increasing awareness regarding resource & energy savings, on account of the global energy crisis & threateningly high pollution levels, has also boosted innovations within this industry. This, in turn, has led to soaring demand for rainscreen materials that control and manage various externalities such as water & air infiltration, ultra-violet radiation, negative wind pressure, heat transfer within buildings, and vapor transmission.
Terracotta was one of the principal raw materials used owing to its long lasting natural color, durability, sustainability and reputation for moisture resistance in various construction applications. The segment accounted for over 32% of the global revenue in 2015.
Further key findings from the report suggest:
Global rainscreen cladding market demand was 231,800.1 thousand sq. meters in 2015 and is expected to reach 406,632.2 thousand sq. meters by 2024, growing at a CAGR of 6.5% from 2016 to 2024
Rising employment rates in emerging economies, coupled with the expansion of multinational companies into hitherto untapped industries is expected to drive rainscreen cladding demand for office construction. The segment is anticipated to occupy around 30% of overall volume by 2024.
Europe was the largest region and was valued at over USD 2,700 million in 2015. Favorable regulatory policies, presence of major rainscreen cladding manufacturers and climatic conditions have been key drivers for the region's growth over the past.
The UK is a major market for cladding systems in Europe and is characterized by its application in office buildings and households. Composite material and terracotta collectively accounted for over 40% of the revenue in 2015.
China accounted for nearly 50% of the Asia Pacific rainscreen cladding demand in 2015. China's construction industry is rapidly expanding as a result of investments into new integrated townships. This factor is a key determinant for terracotta, HPL, and fiber cement cladding systems growth.
Key market players include Kingspan Insulation PLC, Carea Ltd., MF Murray Companies, Celotex Ltd., CGL Facades Ltd., Rockwool International A/S, Eco Earth Solutions India, FunderMax, Everest Industries Limited, Euramax, Trespa International B.V., Middle East Insulation LLC, EuroPanels and Centria International.
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