The rainscreen cladding market is projected to grow from USD 10.1 billion in 2019 to USD 14.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.1% from 2019 to 2024
NEW YORK, Dec. 10, 2019 /PRNewswire/ --
Increase in the construction (innovation, remodelling, and maintenance) activities are projected to drive the overall growth of the rainscreen cladding market across the globe from 2019 to 2024.
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The rainscreen cladding market is projected to grow from USD 10.1 billion in 2019 to USD 14.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.1% from 2019 to 2024. The global rainscreen cladding market has witnessed high growth primarily because of the increasing construction activities worldwide. Rising disposable income of consumers, specifically in developing nations, is another key factor contributing towards the increase in renovation and remodelling activities, which in turn will drive the growth of the rainscreen cladding market over the next few years.
In terms of both, value and volume, the new construction segment is projected to grow at the highest CAGR during the forecast period.
The new construction segment of the rainscreen cladding market is projected to grow at the highest CAGR during the forecast period, in terms of value as well as volume.It is a durable, flexible and waterproof cladding material in the market.
It includes an extruded polymer-based core layer which provides a better rigid property to the floor. Its properties such as ease installation, and smooth finished appearance after the installation further drives the market for rainscreen cladding market.
In terms of both, value and volume, the composite material segment is projected to lead the rainscreen cladding market from 2019 to 2024.
Growth of composite material segment in the rainscreen cladding market is primarily attributed to the high strength, increased durability, and design flexibility. It accounted for a market share of 53.4% among all the materials used for rainscreen cladding due to its low cost and easy installation techniques. Composite materials are the most preferred rainscreen cladding material for residential as well as non-residential buildings, owing to their high durability, longer shelf-life of around 30–40 years, and no maintenance. Their easy maintenance & installation features save the additional labor cost involved in it.
In terms of both, value and volume, the non-residential segment is projected to lead the rainscreen cladding market from 2019 to 2024.
Growth of non-residential segment in the rainscreen cladding market is primarily attributed to the favourable and lenient lending policies initiated by governments across all regions, which is driving the sales of residential construction projects.The non-residential construction spending is estimated to go up, particularly in the emerging Asia Pacific and Latin American regions; there is a trend of urbanization observed in these regions, resulting in a much higher growth rate for the residential construction market, than in developed markets.
The increasing need for renovation, remodelling as well as maintenance further increase the need of rainscreen cladding in the non-residential segment.
In terms of both, value and volume, the Europe rainscreen cladding market is projected to contribute the maximum market share during the forecast period.
In terms of value, the Europe region is projected to lead the rainscreen cladding market from 2019 to 2024 due to the strong demand from countries such as UK, Germany, France, Russia, and Italy.This demand in these mentioned countries is due to the tremendous growth of the construction opportunities in these countries.
The demand is also driven by the increasing number of new housing units and huge investments in the infrastructural sector.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the rainscreen cladding market.
•?By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
•?By Designation: C-Level: 25%, D-Level: 35%, and Others: 40%
•?By Region: North America: 20%, Europe: 30%, Asia Pacific: 35%, Middle East & Africa: 10%, and
South America: 5%
The rainscreen cladding market comprises major manufacturers such as Kingspan Insulation (UK), SIKA (Switzerland), Rockwool International A/S (Denmark), Everest Industries Limited (Denmark), SFS Group AG (US), Sotech Architectural Façade (UK), Promat UK Ltd (UK).
Research Coverage
The market study covers the rainscreen cladding market across various segments.It aims at estimating the market size and the growth potential of this market across different segments based on the construction, material end-use sector, and region.
The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the rainscreen cladding market.
Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall rainscreen cladding market and its segments and sub-segments.This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
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