Wilmington, Delaware, United States, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global cladding panels market is projected to flourish at a CAGR of 5.3% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 285.6 billion is anticipated for the market in 2031. As of 2023, the market for cladding panels is expected to close at US$ 189.3 billion.
Rapid urbanization, population growth, and infrastructure development have fueled the need for both residential and commercial buildings, where cladding panels are widely used, driving the demand for cladding panels. Cladding panels are chosen for their aesthetic qualities, which can significantly enhance the visual appeal of buildings. Architects and designers often use cladding panels to achieve unique and modern designs that make buildings stand out.
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Cladding systems are made of strong and durable materials such as steel, copper, aluminum, plastic, and fiber cement. The rise in focus on thermal energy efficiency and the esthetic appeal of buildings is fueling market expansion. Cladding panels with fire-resistant properties are essential in regions prone to wildfires or urban environments where fire safety is a significant concern. This has led to an increased demand for fire-rated cladding systems.
Cladding panels are used in residential and commercial construction, covering various applications, from homes and apartment buildings to office complexes, shopping malls, and industrial facilities. Energy-efficient cladding systems can improve a building's thermal performance, reducing heating and cooling costs. Regulatory requirements, particularly in areas prone to natural disasters like hurricanes and wildfires, have influenced the use of specific cladding materials that meet safety standards.
Key Takeaways from the Market Study
- As of 2022, the cladding panels market was valued at US$ 179.8 billion
- Based on product, the aluminum composite panel product segment is estimated to account for the largest share from 2023 to 2031
- The exterior application segment is expected to dominate the global landscape during the forecast period. Cladding panels are extensively employed in exterior applications in the construction industry.
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- Innovations in cladding panel manufacturing technologies have resulted in improved performance and aesthetics.
- The rise in the construction of commercial buildings is boosting the demand for exterior cladding panels.
- Increasing awareness of environmental issues has led to a demand for sustainable and eco-friendly cladding materials.
- Rise in investment in infrastructure development is projected to spur cladding panels market growth in the near future.
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Cladding Panels Market- Regional Analysis
- The industry in Asia Pacific is expected to grow at a considerable pace in the near future, owing to growth in the construction sector in developing countries in the region, especially India and China. Asia-Pacific is a rapidly growing cladding panel market driven by urbanization, population growth, and infrastructure development.
- Usage of cladding panels is gaining traction in new construction and renovation projects in North America, with an increasing number of architects and builders seeking durable, easy-to-install, and visually appealing materials.
- The United States and Canada have a significant market for cladding panels in residential and commercial construction, with a preference for materials like fiber cement, metal, and composite panels.
Comparative Landscape
Key players operating in the market are improving their production processes to offer products with exceptional durability, custom colors, and low maintenance. They are also introducing quick installation techniques, with superior fastening devices and interlocking panels, to stay competitive in the marketplace.
- Aludecor
- ABT Insulation
- Fairview Europe Ltd.
- GIMA Girnghuber GmbH
- Likeair Architectural Pty Ltd.
- Maxgrow Pte Ltd.
- Mitsubishi Chemical Corporation
- Seven International Sdn Bhd
- Wenzhou Jixiang Composite Panel Co., Ltd.
- Xella Group
Key Developments in the Cladding Panel Market
- Etex Group is a global manufacturer of fire-resistant cladding panels. They have been active in expanding their product portfolio to include fire-resistant solutions that meet safety regulations.
- Alucobond is known for its aluminum composite cladding panels. The company has been actively involved in introducing innovative finishes and textures to its product line to meet architectural and design trends.
Cladding Panels Market – Key Segments
Product
- Aluminum Composite Panel
- Wood Cladding Panel
- Vinyl Cladding Panel
- Others (Non-combustible Cladding Panel, Brick Cladding, etc.)
Type
- Combustible Cladding Panel
- Non-combustible Cladding Panel
Application
- Interior
- Exterior
End-use
- Residential
- Commercial
- Corporate Offices
- Hotels
- Hospitals
- Others (Laboratories, etc.)
Distribution Channel
- Direct
- Indirect
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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