According to a research report by Grand View Research, Inc.; the global rainscreen cladding market is anticipated to reach USD 14 billion by 2025. The market is predicted to grow at a strong CAGR of around 7% during the forecast period (from 2016 to 2024). Rainscreen cladding is an outer decorative skin fixed to a structure that protects buildings against extreme weather conditions. Demand for sustainable and lightweight insulation materials due to rising residential and commercial construction activities in developing regions is expected to propel the market over the years to come.
Growing awareness regarding energy and resource saving due to the global energy crisis and high pollution levels is also projected to fuel the market over the forecast period. In addition, several technological innovations have also provided new opportunities for durable and high-performance cladding systems. This has enabled the production of unique panels and facades with better moisture management properties. High preference for protection of exterior walls to increase their lifespan is anticipated to encourage the development of attractive and functional rainscreen systems.
Full Research Report On Rainscreen Cladding Market Analysis:
Rising consumer awareness about the importance of enhancing energy efficiency in buildings by lowering the number of resources such as Heating, Ventilation, or Air Conditioning (HVAC) may also drive the market. Additionally, various federal policies and strict regulations promoting energy efficiency in buildings, e.g. the International Energy Conservation Code (IECC) 2006 are also likely to encourage the use of rainscreen claddings.
The World Green Building Council (GBC) and the International Energy Agency (IEA) are also focused on promoting the concept of green building by helping contractors and builders achieve maximum energy efficiency in constructions. This is also expected to increase the demand for rainscreen claddings over the coming years thereby fueling the global market. Easy availability of raw materials and low cost of installation are also projected to augment the market growth in near future.
The global rainscreen cladding market is categorized on the basis of raw material, application, and region. On the basis of raw material, the market is further categorized into fiber cement, ceramic, metal, composite materials, terracotta, high-pressure laminates, and others. Aluminum-based composites were the most commonly used systems due to their flexibility, lightweight, and better structural strength. However, terracotta cladding is expected to emerge as the fastest-growing segment during the forecast period. The properties of terracotta such as frost-resistance, low water absorption, and flame retardant are anticipated to drive demand in forthcoming years.
On the basis of application, the market is segregated into institutional, commercial, residential, offices, and industrial. Offices segment accounted for around 30% market share and led the global market in the past. However, growing residential construction activities and government initiatives in emerging regions to offer cheap and sustainable housing may boost the residential segment over the forecast period. The segment is projected to grow at a CAGR of around 7% from 2016 to 2024.
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On the basis of region, the market is categorized into North and Latin America, Asia Pacific (APAC), Europe, and Middle East and Africa (MEA). The Europe region accounted for 25% of the overall market share in 2015 and is expected to witness steady growth in near future. Climatic conditions and government regulations encouraging energy efficiency are likely to spur the regional growth. However, APAC is predicted to register the fastest growth rate of around 9% from 2016 to 2024. This growth is attributed to the growing number of integrated townships in various developing countries in the region.
Key companies in the rainscreen cladding market are MF Murray Companies; Kingspan Insulation PLC; CGL Facades Ltd.; Rockwool International A/S; and Eco Earth Solutions. New product development is the key strategy followed by most players to maintain the market position. To put this in perspective, Fiberon has developed a new Fiberon Composite Cladding that offers high performance and attractive wood alternative for rain screen system exteriors. This easy-to-maintain, durable cladding can eliminate performance and installation challenges and can deflect water to enhance the efficiency of rainscreen systems.
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