NEW YORK, Sept. 21, 2016 /PRNewswire/ -- The U.S. terracotta cladding market is expected to reach USD 711.1 million by 2022, according to a new report by Grand View Research, Inc. Increasing refurbishment and renovation projects in both the residential & commercial sectors are a vital determinant for industry growth.
Economic recovery & technological advancements have ushered in innovative panels that insulate buildings, while retaining heat & ambient conditions as required. This lowers the amount of energy spent on heating, cooling or air conditioning (HVAC), and fosters building compliance with energy standards, which is crucial to terracotta market growth.
Residential applications dominated the U.S. market with over one-fourth of the volume share in 2014. The segment is anticipated to grow at 6.5% CAGR over the forecast period, owing to increasing residential construction activities in the region and favorable government regulations by the World Green Building Council (World GBC) and International Energy Agency (IEA).
Further key findings from the report suggest:
The U.S. terracotta cladding market demand was 115,033.5 thousand sq. feet in 2014 and is expected to reach 183,104.1 thousand sq. feet by 2022, growing at a CAGR of 6.0 from 2015 to 2022
The increasing employment rate in the U.S., coupled with the expansion of existing company buildings to improve their regional presence is expected to drive terracotta cladding demand for office construction. Terracotta cladding in office applications is anticipated to grow at a CAGR of over 6.0% in terms of revenue from 2015 to 2022.
West South Central is anticipated to emerge as the fastest growing region with a CAGR of 7.3% over the forecast period. Increasing non-residential construction such as offices, hospitals, industrial and commercial construction in the region owing to escalated investments is anticipated to drive the industry.
West North Central region accounted for over 7% of the terracotta demand in 2015. High demand for 'vertical homes' and increasing construction spending in states such as Iowa, Kansan and Minnesota is anticipated to be the key driving factor for regional growth.
Key market players include Terreal North America, M.F. Murray Company, Carea Ltd., Elite Cladding Systems Ltd., Pace Representatives, Inc., R.A.M. Inc., Shildan, Celotex Ltd., CGL Facades Co., Hunter Doulas, Cladding Corp., Palagio Engineering, Avenere Cladding LLC, James & Taylor Co., Boston Valley Terracotta.
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