Theglobal 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, 2024-2032”.
Source:
Arecent research 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.
Rainscreencladdings 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.
Asper the report, the market value stood at USD 10,099.8 million in 2019. It also
contains the following:
· In-depth analysis of all the marketsegments;
· Detailed evaluation of the marketdrivers, trends, and hindrances;
· Accurate projections of theupcoming market opportunities; and
· Comprehensive examination of theregional developments and competitive dynamics of the market.
MarketRestraint
CoronavirusOutbreak to Subdue Market Prospects for 2020
The novel coronavirus has triggered a damaging globaleconomic 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.
