Press release
Cladding Market Size to Grow at a CAGR of 5.3% in the Forecast Period of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Cladding Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.3%
The need for cladding is being driven by the global expansion of the construction sector. This can be attributed to the rise in demand for residential and non-residential infrastructure due to the growing population worldwide. The cladding market is also anticipated to increase due to its great durability and capacity to improve buildings' aesthetics.
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Further, it is predicted that the market for cladding would continue to expand in the upcoming years due to the increasing demand for building structures with enhanced moisture management, fire protection, thermal resistance, waterproofing, acoustic cladding systems, and energy efficiency. Additionally, it is anticipated that the global trend toward preserving external walls will fuel market expansion.
Governments worldwide are investing in the creation of energy-efficient and lightweight exterior panels for use in the construction of commercial buildings, which is anticipated to support the cladding market growth throughout the course of the projected period. The key market players put a high priority on enhancing product quality in terms of dependability, visual appeal, and energy efficiency and are anticipated to engage in mergers and acquisitions in order to improve their positions in both domestic and foreign markets.
Cladding Industry Definition and Major Segments
Cladding is a non-loadbearing skin or covering that is attached to a building's exterior or interior. Brick, wood, metal, plastic (vinyl), and an increasing range of composite materials are frequently employed as cladding. Any cladding is applied in accordance with the building's operational requirements and the cladding also aids in harmonising a building's internal and outside settings.
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Based on product type, the market is categorised into:
• Steel
• Aluminium
• Composite Materials
• Fibre Cement
• Terracotta
• Ceramic
• Others
On the basis of application, the market is segmented into:
• Residential
• Industrial
• Commercial
• Offices
• Institutional
Based on region, the market is classified into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Cladding Market Trends
In terms of product type, the ceramic segment of the market for cladding is anticipated to have a major market share. In the upcoming years, it is projected that the favourable attributes of ceramic panels, including their sanitary composition, simplicity of cleaning, resilience to external weather conditions, and minimal maintenance requirements, will drive the cladding market expansion.
The material is also projected to become more popular for in-home applications because it is non-flammable and scratch resistant. Additionally, the increased development of cutting-edge innovations by manufacturers such as exterior insulation finishing systems (EIFS) to increase the effectiveness of cladding systems, is one of the key trends aiding the market growth.
The Asia Pacific region has occupied a significant share of the market for cladding in the past and is anticipated to continue expanding over the coming years. This can be attributed to the high demand for cladding in developing nations like China and India, where disposable incomes and consumer living standards have increased.
Also, it is anticipated that the increased availability of cheap labour and raw materials will fuel market expansion. It is projected that the cladding market will grow rapidly due to the rapid advancement of technology. In addition, the demand for residential, commercial, and industrial infrastructure is expected to increase during the forecast period.
Key Market Players
The major players in the global cladding market report include:
• Kingspan Insulated Panels, Inc.
• GB Architectural Cladding Products Ltd.
• Carea Ltd.
• CGL Systems Ltd.
• Rockwool International A/S
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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