The globalrainscreen cladding market size was USD 10.09 billion in 2019 and isprojected to reach USD 17.17 billion 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, By Material (Composite Material, Metal, Terracotta,
Fiber Cement, High Pressure Laminate, and Others), and By End-Use (Commercial,
Residential, Institutional, and Industrial), and Regional Forecast, 2024-2032”.
A recentresearch study released by Oxford Economics 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.
As perthe report, the market value stood at 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.
MarketRestraint
CoronavirusOutbreak to Subdue Market Prospects for 2020
The novel coronavirus has triggered adamaging 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.
RegionalAnalysis
Europe to OfferLucrative Prospects; North America to Grow Substantially
With a market size standing at USD 4,424.8million 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.
The market growth in North America isexpected 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.
