Cladding Market to Garner Overwhelming Hike in Revenue at 6.7% CAGR by 2022
Global claddings market is expected to reach $262,381 million by 2022 growing at a CAGR of 6.7%. North America dominated the market with 34.3% of the global claddings market share in 2015. Non-residential segment is expected to dominate the end-user sector in the global claddings market from 2015 to 2022.
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Cladding systems are versatile, long lasting, and save energy. They are designed to meet the most demanding aesthetic and functional requirements. Careful assessment and prioritization of each of these roles for each orientation of the building is involved when before any cladding system is finalized.
The global claddings market is segmented based on component type, material type, end-use sector, and by geography. Based on the component type, the claddings market is segmented into walls, roofs, doors & windows, and others. Walls are the most dominant component type accounting for around 63.1% of the overall market in 2015. The wall cladding segment is projected to grow at a CAGR of 7.1% during the forecast period. In most cases it is designed to be permanent and provide benefits, such as insulation and waterproofing.
The global claddings market based on end-user sector is categorized into residential and non-residential segments. Non-residential segment includes both commercial buildings, public infrastructure, and industrial buildings. The non-residential segment dominates the market in 2015 accounting for $102,252 million. Commercial constructions witnessed consistent and impressive growth in 2015, and it is expected to keep this momentum throughout the forecast period 2016-2022.
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Based on material type, the global cladding market is classified into masonry & concrete, brick & stone, stucco & EIFS, fiber cement, metal, vinyl, wood and others. Vinyl is the most widely used material for making cladding systems and accounted for the largest market share in 2015. The vinyl cladding sector dominates due to its low-cost and easy availability, which makes it one of the most widely used materials for cladding systems globally. Vinyl cladding market accounted for $38,810 million in 2015. Fiber cement is estimated to be the fastest growing material type for cladding growing at a CAGR of 7.7%.
By geography, the claddings market is analyzed across four regions, namely North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries. North America was the most dominant geographical market in 2015, is estimated to grow at a CAGR of 6.9%. Increase in residential construction spending in the U.S. and Canada markets largely drive the market growth for cladding systems in North America. The U.S. residential expenditure is expected to increase due to improved household net worth, better job growth numbers, and improved consumer confidence.
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Key findings of the study
• Wood claddings market accounted for $24,605 million in 2015 and is expected to grow at a CAGR of 5.4% during the forecast period.
• Roof claddings market is expected to grow at a CAGR of 6.4%.
• Non-residential is expected to grow at a CAGR of 6.3% during the forecast period.
• Asia-Pacific is expected to be the fastest growing regional market with a CAGR of 7.6%.
The key players in the market focus on collaborations, partnerships, and product developments to remain competitive in the market. Some of the key players in the claddings market include Acme Brick Company, Alcoa Inc., Axiall Corporation, Boral Limited, CSR Limited, Etex Group, Armstrong Metalldecken AG, James Hardie Plc, Nichiha Corporation, and Tata Steel Limited.
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