Insights of Cladding Systems Market in Global Industry Development and Forecast to 2025
Cladding systems are used to give a final finish to the building exteriors. They help protect the building from dust, rain, snow, wind, and other external factors. Moreover, cladding systems serve decorative functions as well and make buildings visually appealing. The lifespan of building also increases on application of cladding. Though it is not a load bearing component, it contributes in transferring wind and snow loads. It also provides thermal and sound insulation, thereby increasing energy savings associated with air conditioning.
High performance characteristics of the cladding system coupled with rising construction activities around the world is expected to boost the market growth over the forecast period. High installation and maintenance costs are expected to restrain the market growth. In addition to this, shortage of raw material is also a major issue.
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Vinyl is a widely used material in cladding owing to its high durability and availability in a broad range of colors. Vinyl cladding is highly preferred in residential applications due to the pleasant finish it offers.
Curtain walling is used in multistoried buildings. It consists of aluminum onto which glazed panels are attached. Sandwich panels are three layered composites. Rain screen prevents moisture from entering the building. Timber cladding involves usage of thermally modified timbers, which are moisture and resin free. Tensile fabric coverings are temporary cladding systems that wear out quickly when compared to its counterparts.
Residential building is the largest segment for cladded structures owing to the rising construction activities all around the world to meet the requirements of growing population.
Cladding Systems Market Outlook
North America is the largest market for cladding systems due to the burgeoning construction industry in the region. The U.S. is the second largest construction market in the world after China. With the Trump government promising a wave of change in public infrastructure, market is projected to grow in the region. Moreover, the New Building Canada Fund commits US$ 10 billion over a ten year period i.e. 2014-2024 to build public infrastructure
Europe is also a major market owing to adverse weather conditions in the region. With most regions experiencing sub-zero temperatures and snowfall in winter months, all infrastructures require the use of cladding systems. The market is expected to witness sluggish growth due to maturation and highly developed public & private infrastructure
Asia Pacific is the fastest growing market owing to flourishing construction industry in the emerging markets of India, China, Indonesia, and ASEAN. High urbanization rate has also significantly contributed to market growth. According to the World Bank, 56% of China’s and 33% of India’s population live in urban settlements
Middle East has witnessed a growth in construction industry, with Qatar and Saudi Arabia being the prominent countries driving market. This is primarily attributed to the upcoming FIFA World Cup 2022 in Qatar, which is likely to attract millions of people to the country. Construction of stadia, hotels, malls, and public infrastructures is further driving market growth. Moreover, thermal insulation is a necessity during the scorching summer.
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Latin America had experienced growth in construction industry post 2010. Consecutive sporting events in the form of FIFA World Cup 2014 and Olympics 2016 have given the Brazilian economy a boost. However, recently a slowdown has been observed. A return to previous growth figures is expected due to rising consumption among the growing population
The Grenfell Tower in London, where the fire broke out on June 29, 2017 was installed with banned cladding system. Stringent regulations in developed countries lead to more scrutiny on cladding systems, which in turn is expected to result in new product development. Some of the major players in the cladding systems market are Tata Steel Limited, Alcoa Inc., Etex Group, Compagnie de Saint Gobain SA, and CSR Limited.
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