DUBLIN--(BUSINESS WIRE)--The "Rainscreen Cladding Market by Material (Composite Materials, Metal, Fiber Cement, HPL), Construction (New Construction and Renovation), End-Use Sector (Non-residential and Residential), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The market for rainscreen cladding systems is projected to be valued at USD 14.3 billion by 2024. The market in the North American region is projected to grow at the second-highest CAGR of 7.5% during the forecast period. However, Asia-Pacific is projected to grow at the highest CAGR of 8.4%.
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 Faade (UK), Promat UK Ltd (UK).
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.
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 easy installation and smooth finished appearance after the installation further drives the market for the 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.
The growth of the 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 for 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.
- Growth in Population and Rapid Urbanization Translating to a Large Number of New Construction Projects
- Increase in Non-Residential Construction Activities
- High Durability of Rainscreen Cladding Systems
- High Raw Material and Installation Costs
- Rise in Demand for Protective Systems, Enhancing the Aesthetic Appeal of a Building
- Rise in Population and Urbanization in Emerging Economies
- Increase in Demand for Fiber Cement in the Rainscreen Cladding Systems
- Increase in Demand for Sustainable Cladding Materials
High Repairing Costs
Key Companies Profiled
- Kingspan Insulation
- Rockwool International A/S
- Everest Industries Limited
- SFS Group AG
- Sotech Architectural Faade Systems
- Promat UK Ltd.
Other Companies Profiled
- CGL Faades Ltd.
- Celotex Ltd.
- ECO Earth Solutions Pvt. Ltd.
- Omnimax International Inc.
- Trespa International B.V.
- Middle East Insulation LLC
- Euro Panels Overseas N.V.
- Centria International
- Dow Building Solutions
- Alucobond (3A Composites)
- Arconic Inc.
- Euroclad Group
- Dams Incorporated
- Armetco Systems
- Vulcan Cladding Systems
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