New York, May 27, 2020 (GLOBE NEWSWIRE) — The global Rainscreen Cladding market is forecasted to reach USD 204.90 Billion by 2027, according to a new report by Reports and Data. The increasing demand in commercial and residential applications for weather resistance and improved aesthetics is expected to drive the growth of the market. Companies seek for continuous R&D to make unique facades and panels that can offer better moisture barrier properties. The price and performance of these systems are dependent on the framework, insulation, and panel type used for the structure. The products strictly have to adhere to the standards set by the governing agencies across various countries.
In the U.S., composite material panels held the largest market share in 2018, because of their durability, flexibility, and excellent strength. Rising natural calamities, like wildfires and hurricanes, hitting various parts of the U.S., is likely to boost the construction sector in the country, leading to a positive influence on the growth of the market. Rising construction spending, particularly for non-residential applications like commercial sectors, is estimated to drive the market growth. The rise in single and multi-family construction units on account of the growing population coupled with increasing customer demand for aesthetically appealing houses is likely to boost the industry growth.
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The cladding structure is the most popular choice for large multi-story buildings because of their suitability for both refurbishment projects as well as new constructions. In the case of old buildings, these structures enhance thermal efficiency and improve their appearances. This system is a low risk and effective solution for new buildings.
The COVID-19 impact:
The mining industry is one of the most significant contributors to the global economy. It also supplies vital raw materials for several applications and industries, therefore being a critical sector to look out for during the ongoing COVID-19 pandemic. Mining industries in China are estimated to return to normal by the 3rd Quarter of 2020 as enterprises have indicated the returning of their workforce soon.
Further, the Iron ore market is known to be the least impacted. Key players like BHP and Vale reported experiencing no significant influence on their operations due to the COVID-19 virus. The iron ore rates have surged to USD 90 per ton during this COVID-19 pandemic situation, which might negatively impact the end-use industries.
Further key findings from the report suggest
- Pressure-equalized systems, drained systems, and vented systems are the major types of rainscreen cladding structures available in the industry. Modern ventilated and open structures are likely to offer various design opportunities to the architects and the builders over the forecast period.
- Among the construction type segment of this market, the new construction type is projected to grow at an estimated CAGR of 6.5% during the forecast period. The properties of the material used are flexible, durable, and waterproofing.
- Among the material segment of this market, the growth of composite material is primarily attributed to the flexibility, increased durability, and design high strength. This material is estimated to register a CAGR of 6.9% over the forecasted period.
- The European region is presently leading the rainscreen cladding market due to the strong demand from countries like Germany, UK, France, Italy, and Russia. The demand in these mentioned countries is because of the tremendous growth of construction opportunities.
- Among the application segment of the rainscreen cladding market, commercial sector construction is leading the market presently, and it will continue to dominate the market with an estimated CAGR of 6.9% over the forecasted period.
- Key participants include Kingspan Insulation, SIKA, SFS Group AG, Everest Industries Limited, Rockwool International A/S, Promat UK Ltd., Sotech Architectural Façade Systems, Centria International, Trespa International B.V., and Dams Incorporated among others.
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For the purpose of this report, Reports and Data have segmented into the global rainscreen cladding market on the basis of material, application, construction type, and region:
Material Outlook (Revenue, USD Billion; 2017-2027)
- Composite Materials
- Fiber Cement
- High-Pressure Laminate
Application Outlook (Revenue, USD Billion; 2017-2027)
Construction Type Outlook (Revenue, USD Billion; 2017-2027)
- New Construction
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/rainscreen-cladding-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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