According to the research the global cladding market is expected to reach $111.1 billion by 2025.
The experts explain that demand is growing for enhanced moisture management & energy efficiency in project exteriors, especially from key construction industry participants including architects & designers.
The shift in trend towards protecting exterior walls and growing construction of nonresidential buildings such as offices & institutions in both developed and developing economies is expected to drive cladding growth. Stringent green building regulations & codes are encouraging investments in lightweight & energy-efficient exterior panels in commercial as well as residential buildings.
Abundant raw material supply is fostering investments from foreign manufacturers in Southeast Asian countries, along with technological advancements that are driving growth in the Asian markets. Rising consumer disposable income and rising construction spending in these economies are also responsible for driving growth.
Further key findings from the report suggest:
- The global cladding demand exceeded 5.4 million sq. meters in 2016 and is expected to grow at a CAGR of 4.8% from 2017 to 2025.
- Fiber cement panels possess properties to resist fungi, mold and bacteria growth, which has led to an increase in their demand.
- Fiber cement panels can be installed over any form of substrate, which is expected to drive their growth at 5.6% CAGR from 2017 to 2025.
- Increase in spending on the development of educational and healthcare buildings is expected to drive growth in the institutional segment. Exterior walls in schools & colleges require thermal insulation & impact resistance at a low cost, with frequent repair or maintenance efforts, which is facilitated by such panels.
- Growing population in emerging economies of Asia Pacific and Latin America is expected to drive demand for educational, commercial & official spaces.
- Construction of healthcare facilities with advanced technologies & boom of medical tourism particularly in Asia shall increase construction spending, thereby propelling demand for façade panels.