The cladding systems market is projected to grow from USD 555.9 billion in 2018 to USD 714.7 billion by 2023, at a compound annual growth rate (CAGR) of 5.16% from 2018 to 2023
NEW YORK, Feb. 25, 2019 /PRNewswire/ -- Increase in infrastructural and construction activities are projected to drive the overall growth of the cladding systems market across the globe from 2018 to 2023.
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The cladding Systems market is projected to grow from USD 555.9 billion in 2018 to USD 714.7 billion by 2023, at a compound annual growth rate (CAGR) of 5.16% from 2018 to 2023. The global cladding systems market has witnessed high growth, primarily because of the increasing infrastructure and construction activities worldwide. Not only do these systems protect the building structure but they also enhance the appearance of a building. Rebound in commercial construction is expected to increase the demand for the external cladding system.
In terms of value, the fiber cement cladding segment is projected to grow at the highest CAGR during the forecast period.
The fiber cement segment of the cladding systems market is projected to grow at the highest CAGR during the forecast period, in terms of value.Fiber cement is mainly used for cladding application such as residential and commercial buildings and can last up to 50 years.
Fiber cement cladding is affordable and is installed in regions with extreme weather conditions.It can expand and contract because of its unique composition.
The fiber added to the cement makes it stronger and more durable.It also prevents cracks from appearing on the surface.
Fiber cement is seen as a replacement for asbestos cement, which had carcinogenic effects on human health.
In terms of both, value and volume, the wall segment is projected to lead the cladding systems market from 2018 to 2023.
Wall claddings are designed to protect the exterior wall from effects of weathering and also to enhance the appearance of the walls in a building.Wall cladding with the use of materials such as ceramic, brick & stone, and stucco & EIFS are gaining significant momentum, especially in residential buildings.
In commercial buildings such as warehouses and manufacturing plants, concrete and metal form the main wall cladding systems.Concrete cladding such as slabs and precast panels are widely used in industrial applications.
Metal cladding, such as steel, are also used in other industrial buildings such as cool stores and freezing units.
In terms of value, the North American cladding systems market is projected to contribute the maximum market share during the forecast period.
In terms of value, North America is projected to lead the cladding systems market from 2018 to 2023, due to the strong demand from countries such as the US and Canada.The demand is also driven by the willingness of companies in the region to take up capital-intensive projects, along with the availability of technical expertise.
Strong government support further aids the growth of the cladding systems market, as the demand for this market's products will increase. Government initiatives such as the Home Energy Loan Program (HELP) allow homeowners to install energy-efficient cladding systems.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the cladding systems market.
--By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
--By Designation: C-Level: 25%, D-Level: 35%, and Others: 40%
--By Region: North America: 20%, Europe: 35%, Asia Pacific: 25%, Middle East & Africa: 15%, and
South America: 5%
The cladding systems market comprises major manufacturers such as Compagnie de Saint-Gobain S.A. (France), DowDuPont (US), Tata Steel Limited (India), Arconic (US), Westlake Chemicals (US), Etex Group (Belgium), James Hardie Industries PLC (Ireland), CSR Limited (Australia), Nichiha Corporation (Japan), Boral Limited (Australia), Cembrit Holding A/S (Denmark), Louisiana Pacific Corporation (US), and Kingspan PLC (UK).
Research Coverage
The market study covers the cladding systems market across various segments.It aims at estimating the market size and the growth potential of this market across different segments based on the material, component, application, and region.
The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the cladding systems market.
Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall cladding systems market and its segments and subsegments.This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
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