Press release
Rainscreen Cladding Market Reach $10,342.8 million at 6.0% CAGR dominated by Asia Pacific during 2021-2030
Japan Automated Material Handling Equipment Market
Key determinants of the market-
Rapid urbanization, growth in the construction sector, and rise in spending on home remodeling and retrofitting activities drive the global rainscreen cladding market. In addition, increase in adoption of IoT-enabled connected devices fuels the market growth even more. On the other hand, unreliability in harsh weather conditions and fluctuation in raw material prices hamper the market growth. Nevertheless, rise in construction of green buildings projected to unlock new opportunities for the market in the coming years.
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Covid-19 scenario:
The COVID 19 outbreak affected the growth of the global rainscreen cladding industry due to several lockdown measures.
Suspended manufacturing and production and the disrupted supply chain management of rainscreen cladding panels further impacted the market. In addition, declined demand from industrial, residential, and commercial spaces impacted the sales negatively.
Nevertheless, the government bodies all across the region are supporting the industry to recoup by relaxing regulations as well as initiating vaccinations drives.
Composite material segment to dominate the market throughout the forecast period-
Based on material, the composite material segment dominated the market with the largest share in 2020, holding more than two-fifths of the market. This is owing to the benefits associated with composite materials such as long durability, chemical resistance, corrosion resistance, design flexibility, and high performance at elevated temperatures. Conversely, the ceramic segment is expected to exhibit the highest CAGR of 6.9% during the forecast period. The fact that ceramic rainscreen cladding has higher absorption rate and a special coated layer with a glaze, which seals and protect it from rainwater, and avoid moisture control drives the growth of the segment.
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Commercial segment lead the trail throughout the forecast period-
Based on application, the commercial segment held the highest market revenue in 2020, accounting for ore than two-thirds of the market. Increase in commercial construction activities is the major factor propels the growth of the segment. On the other hand, the residential segment is anticipated to cite the highest CAGR of 6.9% during the forecast period. The economic growth and high urbanization in developing countries augment the growth of the segment.
Europe to lead the trail, North America to grow at a significant pace-
Based on region, the global rainscreen cladding market across Europe accounted for the largest share in 2020, holding more than one-third of the market. However, the market across Asia-Pacific region is estimated to portray the highest CAGR of 6.8% from 2021 to 2030. This is due to urbanization and economic development in the emerging countries such as Japan, China, the U.S, and others. Moreover, the market across North America is expected to grow significantly.
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Key Market players-
Rockwool International A/S, Kingspan Group, Sika AG, SFS Group AG, CGL Systems Ltd, Trespa International B.V., Valcan, Sotech Optima ALL, The Clarison Group Ltd (Alucraft Ltd), Euro Panels Overseas N.V.
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