Wall Cladding Market to Reach $168.12 billion, Globally, by 2032 at 5.1% CAGR: Allied Market Research

Rapid urbanization & industrialization and surge in residential & non-residential construction activities drive the growth of the wall cladding market

PORTLAND, Ore., Feb. 22, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Wall Cladding Market by Type (Fiber Cement & Concrete, Ceramics, Metal, Wood, and Others), Construction Type (New Construction and Renovation), and End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032 ". According to the report, the global wall cladding market was valued at $102.55 billion in 2022, and is projected to reach $168.12 billion by 2032, registering a CAGR of 5.1% from 2023 to 2032. 

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Prime determinants of growth

Asia-Pacific stands out as a primary user of wall cladding, owing to the expansion of the construction industry and increased demand of wall cladding. The surge in urban development in emerging nations, such as India, China, and Brazil, has notably propelled the wall cladding market. Furthermore, rise in demand for wall cladding within the renovation segment plays a pivotal role in fostering market growth. Growth in construction sector fosters the wall cladding market.

Report coverage & details:

COVID-19 Scenario

• The outbreak of the COVID-19 pandemic had a negative impact on the wall cladding market, owing to the temporary closure of manufacturing firms during the lockdown.
• The production and sale of wall cladding was hampered due to the closure of transportation, construction, and other industries across the globe, especially in the initial period of the pandemic.

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The fiber cement and concrete segment to maintain its leadership status throughout the forecast period.

By type, the metal segment held the highest market share in 2022, accounting for nearly two-fifths of the wall cladding market revenue and is estimated to maintain its leadership status throughout the forecast period and ceramics segment is projected to manifest the highest CAGR of 6.2% from 2023 to 2032, owing to high demand and their associated benefits such as prolonged durability, resistance to fire, easy availability and cost effective.

The renovation segment to maintain its leadership status throughout the forecast period.

By construction type, the renovation segment held the highest market share in 2022, accounting for more than half of the wall cladding market and is estimated to maintain its leadership status throughout the forecast period and is projected to manifest the highest CAGR of 5.3% from 2022 to 2032. This is attributed to increase in demand for wall cladding to renovate and give best aesthetic look for old properties.

The commercial and industrial segment to maintain its lead position during the forecast period.

By end user, the commercial and industrial segment accounted for the largest share in 2022, contributing to more than four-fifths of the wall cladding market revenue, and the residential segment is expected to portray the highest CAGR of 5.6% from 2023 to 2032. Growth in developing countries such as China and India drive the commercial and industrial segment for wall cladding market. Such factors have positive impact on the wall cladding market. 

The Asia-Pacific region is expected to maintain its leadership status throughout the forecast period. 

By region, Asia-Pacific held the highest market share in 2022, accounting for more than two-fifths of the wall cladding market revenue and is estimated to maintain its leadership status throughout the forecast period, and Middle East and Africa is projected to manifest the highest CAGR of 5.9% from 2023 to 2032. This is owing to the rise in urbanization and industrialization in Africa and the Middle East.

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Leading Market Players: -

• Alcoa Corporation
• Arconic Architectural Products LLC
• Compagnie de Saint Gobain SA
• Etex Group (Belgium)
• James Hardie Industries PLC (Ireland)
• Nichiha Corporation
• Rockwool Group
• Swisspearl Group AG
• Tata Steel Europe Limited
• Westlake Royal Building Products

The report provides a detailed analysis of these key players in the wall cladding market. These players have adopted different strategies such as investments and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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