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, 2020-2027”.
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. 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.
Worker-absenteeism at construction sites has spiked inthe past couple of months due to concerns surrounding catching the infection.
For instance, the Confederation of Real Estate Developers’ Association of India
(CREDAI) reported that over 30% of construction workers have been staying away
from sites, fearing getting infected by the virus. In sum, the rainscreen
cladding market growth will be moderate in 2020 as the COVID-19 outbreak has
stalled construction projects around the world.
RegionalAnalysis
Europeto Offer Lucrative Prospects; North America to Grow Substantially
With a market size standing at USD 4,424.8 million in2019, 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 is expected toconsiderable 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.
