Increasing natural calamities to raise the demand for rainscreen cladding system
The need for rainscreen cladding is rising rapidly, owing to the increase in the occurrence of natural calamities such as tsunami, wildfires, hurricanes and others. Additionally, emergence of new companies and a surge in industrialization are some factors estimated to increase the growth of rainscreen cladding market over the forecast period.
Rising constructions activities globally to drive the growth of the market
There is a high growth in the global rainscreen cladding market owing to the increasing construction activities. Rise in the consumers’ disposable income, specifically in the nations which are developing, is one of the key factors contributing towards the remodeling and renovation activities. This factor is predicted to play a significant role in expansion of the market size.
Rising energy crisis and high pollution levels to influence the overall market growth
Huge innovations and advancements are taking place in the industries in order to manage the situations for high pollution levels and energy crises. As rainscreen cladding systems have the capability to manage numerous aspects consisting of heat transfer inside the building, negative wind pressure, water and air filtration, vapor transmission and others, this will ultimately result in the growth of the rainscreen cladding system market in the upcoming years.
The demand for energy efficient building and need for exterior wall protection is rising rapidly. Increase in construction works of residential as well as non-residential buildings in the developed and developing nations is projected to lead to the growth of rainscreen cladding market in the upcoming years. The global rainscreen cladding market is anticipated to record a significant CAGR throughout the forecast period, i.e., 2020-2028. The market is segmented by construction, by raw material, by end user and by region. The market is segmented on the basis of raw material into metal, terracotta, high-pressure laminates, fiber cement, composite material and others, out of which, the composite material segment is anticipated to hold the largest market share on the back of durability and high strength. They are considered to be the most preferred material in residential and non-residential buildings owing to the easy installation techniques and low cost.
Disadvantages associated with rainscreen cladding to limit the growth in the upcoming years
Rainscreen cladding has several advantages such as managing negative wind pressure, water, air filtration and others. Despite having these many advantages, there are some factors that are estimated to hamper the market growth in coming years. Owing to high price of installation, labor force along with repair, the market growth is predicted to be hampered tremendously, thereby affecting the need for rainscreen cladding material in the coming years.
Our in-depth analysis of the rainscreen cladding market includes the following segments:
By Raw Material
By End User
On the basis of regional analysis, the global rainscreen cladding market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe is anticipated to hold the largest market share on the back of presence of nations such as Germany, France, UK, Italy and Russia. This can be attributed to the high growth of the construction opportunities in these countries. Additionally, increasing investments in the infrastructure sector as well as rising new housing units are estimated to grow the rainscreen cladding market in the region during the forecast period. On the other hand, the market in North America is anticipated to gain a significant market share on the back of rising residential building construction projects. The companies located in the United States provide solutions in order to maintain and install several panels in various institutions as well as buildings.
The rainscreen cladding market is further classified on the basis of region as follows:
June 23, 2017: Celotex, a subsidiary of Saint-Gobain construction products UK ltd., ceased the supply of one of its rainscreen cladding systems, the Celotex Rs5000 completely, keeping in mind the components of rainscreen cladding systems. Presently, the company only supplies its solutions for buildings that are under the height of 18 meters.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.