The global fiber cement rainscreen panels market is estimated to grow at a CAGR of ~13% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the higher strength and durability of fiber cement, along with the increasing demand for rainscreen in buildings. The growing need for rainscreen panels owing to their efficiency in thermal insulation, carry wind loading, and ensure proper drainage, is anticipated to drive the market growth. Moreover, fiber cement rainscreen panels reduce energy loss, which makes them ideal for net-zero energy buildings. In addition to this, the various government initiatives to promote construction of energy-efficient buildings, in order to reduce the overall negative impact of construction on the environment, is estimated to fuel the market growth. According to the data by the International Energy Agency (IEA), around USD 4 trillion must be added to the annual clean energy investment by 2030 in order to reach net zero emissions by 2050. Furthermore, secondary factors, such as, growing global energy crisis, increasing incidences of unpredictable natural calamities, extreme seasons, and escalating construction activities, are anticipated to boost the market growth.
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The market is segmented by application into residential, commercial, industrial, and others, out of which, the residential segment is anticipated to hold the notable share in the global fiber cement rainscreen panels market over the forecast period. The use of rainscreen panels reduces the energy costs significantly for a household, which is estimated to boost the segment growth. Furthermore, the durability, strength, and resistance of fiber cement is also expected to boost the segment growth.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global fiber cement rainscreen panels market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high demand for rainscreen cladding in buildings, backed by the extreme cold temperature in countries, such as, Canada, and the United States. Moreover, rising residential building construction, backed by growing urban population, is estimated to boost the regional market growth. According to the World Bank data, 82.553% of the population in North America lives in urban settlements.
On the other hand, the market in the Europe region is estimated to witness noteworthy growth over the forecast period on the back of growing construction activities, along with demand for high resistance rainscreen panels to combat the weather conditions.
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The global fiber cement rainscreen panels market is further classified on the basis of region as follows:
Our in-depth analysis of the global fiber cement rainscreen panels market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing demand for rainscreen panels in the construction sector is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~13% over the forecast period, i.e., 2022 – 2031.
High installation costs of rainscreen panels are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing construction activities in the region.
The major players in the market are Evonik Industries AG, James Hardie Industries plc, Cladding Corp, American Fiber Cement Corporation, Saint-Gobain SA, Etex Group NV, Cembrit Holding A/S, SANLE Group, Middle East Insulation LLC, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The ultra-thin panels segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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