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, A recent 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.
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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.
As per thereport, 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.
Market Restraint
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.
Regional Analysis
Europe toOffer 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.
