Cladding Systems Market Overview by Tata Steel Limited (India), Arconic (US), Westlake Chemicals (US) and Etex Group (Belgium) to 2024 - Projected to Reach US$ 714.7 Billion by Dominated by Commercial and Residential Applications

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The 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.

The cladding systems market is projected to grow from USD 555.9 billion in 2018 to USD 714.7 billion by 2023, at a CAGR of 5.16%. The demand for the cladding systems market can be credited to the high growth of the construction industry across the globe. Factors such as increasing residential and non-residential construction and infrastructure activities, its high durability, and ability to enhance the aesthetic appearance of the buildings drive the demand for cladding systems.

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 upto 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.

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Ceramic cladding systems dominated the market. Ceramic is mainly used for tile cladding, and hence play an important role in the construction industry. The ceramic tiles enhance the overall atmosphere of a residential or commercial landscape. The selection of the type of these tiles is based on several factors such as ease of maintenance, durability, comfort, safety, style, and design templates.

North America is projected to lead the cladding systems market from 2018 to 2023, ue 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.

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).

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.

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The wall segment is projected to account for the largest share in the cladding systems market during the forecast period, on the basis of the component. This is due to the larger surface area held by walls in a building. Materials such as wood and fiber cement are gaining high traction in the wall cladding systems, majorly in residential buildings. The growing construction industry and government regulations regarding zero-energy building codes some of the major drivers supporting the growth of cladding systems market.

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%

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.

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