SEATTLE, June 10, 2021 (GLOBE NEWSWIRE) -- The global cladding systems market was valued at US$ 233.61 Bn in 2019, and is expected to exhibit a CAGR of 5.0% during the forecast period (2020-2027).
Key Trends and Analysis of the Global Cladding systems Market:
Various developments are being undertaken by builders to construct eco-friendly buildings such as development of natural evaporating roofs and double-shell facades. Moreover, buildings certified by LBC (Living Building Challenge), LEED (Leadership in Energy and Environmental Design), and nZEB (Net Zero Energy Building) are permitted for funding, as approved by the infrastructure and development authorities. Such initiatives along with rising awareness about sustainable living among millennial population are driving demand for power harvesting cladding solutions. Thus, several companies such as Via Solis GmbH have started manufacturing power harvesting facade cladding under the brand name of Matinex.
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Key Market Takeaways:
The global cladding systems market is expected to exhibit a CAGR of 5.0% over the forecast period (2020-2027). The efforts undertaken by governments to promote infrastructure development are contributing significantly in increasing demand for cladding systems. For instance, in 2019, the Government of India announced to spend US$ 1.4 trillion for infrastructure development during 2019 to 2023. Moreover, in October 2020, MoHUA (Ministry of Housing and Urban Affairs, Government of India) launched a rental housing complex portal named ARHC (Affordable Rental Housing Complex). Such initiatives are expected to boost the building construction activities, across all major cities in the near future.
However, lack of awareness about the benefits of cladding systems amongst the population is expected to restrain the growth of the market. For instance, according to the UN World Urbanization Prospects Report of 2018, around 66% of the total Indian population is stilling residing in the rural areas. This population is majorly deprived or unware about the features associated with the usage of cladding systems. Moreover, low awareness about roofing structure for buildings, and belief about cladding as an additional and expensive aesthetic element to buildings are expected to slow down the market growth for cladding systems.
Competitive Landscape:
Major players operating in the global cladding systems market include Arconic Corporation, Boral Limited, CSR Limited, Compagnie de Saint-Gobain S.A., Etex Group, DuPont, Hindalco Industries Limited, Nichiha Corporation, Tata Steel Limited, Glen-Gery Corporation, Kajaria Ceramics Limited, Glittek Granites, FunderMax, Greenlam Industries Ltd., and Cold Steel Corporation.
Key players are focusing on new product launches, in order to expand its product portfolio and increase its market presence. For instance, in December 2020, Glen-Grey Corporation launched Terracade, its first ceramic facade cladding system designed and created to appeal both creative and practical applications. The new cladding system provides fire resistance, low-maintenance, and design versatility to meet diverse architectural and design styles.
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Market Segmentation:
- Global Cladding systems Market, By Material:
- Steel
- Aluminum
- Zinc
- Copper
- Plastic Panels
- Stucco & EIFS
- Terracotta
- Fiber Cement
- Natural Stones
- Others
- Global Cladding systems Market, By Application:
- Walls
- Roofs
- Others (Doors, Windows, and Others)
- Global Cladding systems Market, By End User:
- Residential Buildings
- Non-residential Buildings
- Industrial Buildings
- Commercial Buildings
- Global Cladding systems Market, By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Italy
- France
- Germany
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East & Africa
- Middle East
- Africa
- North America
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