Rainscreen Cladding Market Overview, Growth Factors, Demand 2032
The global rainscreen cladding 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, 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”.
Source:
https://www.fortunebusinessinsights.com/rainscreen-cladding-market-102809
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.
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.
Market Restraint
Coronavirus Outbreak to Subdue Market Prospects for 2020
The novel 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.
Regional Analysis
Europe to Offer Lucrative Prospects; North America to Grow Substantially
With a market 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.
The market 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.