The global rainscreencladding market size is projected to reach USD 17,179.1 million by 2027,exhibiting a CAGR of 7.3% during the forecast period. Booming growth in the
global construction industry will drive the progress of this market, finds Fortune
Business Insights™ in its new report, titled “Rainscreen Cladding Market Size, Share & Industry Analysis, ByMaterial (Composite Material, Metal, Terracotta, Fiber Cement, High Pressure
Laminate, and Others), and By End-Use (Commercial, Residential, Institutional,
and Industrial), and Regional Forecast, 2020-2027”.
A recent research study released by OxfordEconomics and Global Construction Perspectives stated that global construction
output value will reach USD 15.5 trillion by 2030, surging at a prolific 85% from
current levels with the average year-on-year growth standing at 3.9%. According
to the study, China, India, and the US will account for 57% of this rise,
thereby driving the growth of the construction industry worldwide. Rainscreen
claddings are vital components in a building as these materials provide a tough
shield for the building’s exterior, protecting the inner layers from harsh
weather agents and anomalies such as storms. Thus, expansion of construction
activities across the globe will augur well for the growth of this market in
the forthcoming years.
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As per the report, the market value stoodat USD 10,099.8 million in 2019. It also contains the following:
· In-depthanalysis of all the market segments;
· Detailedevaluation of the market drivers, trends, and hindrances;
· Accurateprojections of the upcoming market opportunities; and
· Comprehensiveexamination of the regional developments and competitive dynamics of the
market.
Market Restraint
Coronavirus Outbreak to Subdue MarketProspects for 2020
Thenovel coronavirus has triggered a damaging global economic downturn and has
affected activities in numerous sectors, including building and construction.
According to the European International Contractors group, construction output
is likely to decline between 20% and 40% as a result of the COVID-19 outbreak.
Moreover, governments in many countries have imposed partial or complete
lockdowns as they struggle to devise an effective plan to battle the pandemic
as well as revive the economy simultaneously.
Regional Analysis
Europe to Offer Lucrative Prospects; NorthAmerica to Grow Substantially
With amarket size standing at USD 4,424.8 million in 2019, Europe is anticipated to
dominate the rainscreen cladding market share in the coming years owing to
promising progress in the construction activities for industrial and
residential purposes. Furthermore, credit infrastructure in the region is
strong and is supportive to the construction industry, which is ensuring the
stability of this market in Europe.
Themarket growth in North America is expected to considerable on account of
governmental support to commercial and infrastructure projects and schemes. On
the other hand, in Asia-Pacific, the market outlook is optimistic owing to the
heavy investments being made into the construction sector by governments and
private entities in the region.
