CHICAGO, Feb. 18, 2019 /PRNewswire/ --According to the new research report "Cladding Systems Market by Material (Ceramic, Wood, Stucco & EIFS, Brick & Stone, Metal, Vinyl, Fiber Cement, Others), Component (Wall, Roof, Others), Application (Commercial, Residential), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Cladding Systems Market is projected to grow from USD 555.9 billion in 2018 to USD 714.7 billion by 2023, at a CAGR of 5.16%. The Cladding Systems Market is projected to grow in accordance with the growth of the construction industry across the globe. Factors such as an increase in the residential & commercial construction and infrastructure activities, along with the demand for durability of cladding systems with the ability to withstand various weathering actions and resist chemical attacks & deterioration are expected to support market growth during the forecast period.
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In terms of value and volume, the ceramic segment is estimated to lead the Cladding Systems Market in 2018.
Ceramic is mainly used for tile cladding, and hence plays an important role in the construction industry. The ceramic tiles enhance the overall atmosphere of a residential or commercial landscape. The selection of the type of these tiles is based on several factors such as ease of maintenance, durability, comfort, safety, style, and design templates. Foot traffic plays an important role in the selection of the type of ceramic tiles. The wall tiles are employed in the interior as well as the exterior of the building to meet the requirement of decoration or aesthetics. The usage of ceramic tiles ranges from bathrooms and kitchens in households to laboratories, restaurants, medical centers, shopping centers, schools, and government buildings.
In terms of value, the roof cladding segment is projected to grow at the highest CAGR from 2018 to 2023.
The roof Cladding Systems Market mainly comprises concrete, metal, and plywood sheets made from wood fibers. Metals such as steel and aluminum are used in the pre-coated form to protect the roof from extreme weathering conditions and corrosion. In new commercial building constructions, metal roof cladding accounted for the majority of the market share. In non-residential buildings such as industrial and farm-type buildings, metal roof claddings, such as steel and aluminum, accounted for a majority share. Other non-residential buildings such as education and social/cultural buildings, cladding materials such as fiber cement, bricks, and concrete, dominate the roof cladding market.
In terms of value and volume, the commercial segment is estimated to lead the Cladding Systems Market in 2018.
Demand for cladding in the commercial segment is primarily attributed to the favorable and lenient lending policies initiated by governments across all regions, which is driving the sales of commercial construction projects. The commercial construction spending is estimated to go up, particularly in the emerging Asia Pacific and South American regions; there is a trend of urbanization observed in these regions, resulting in a much higher growth rate for the commercial construction market, than in developed markets.
North America is projected to account for the largest share in the Cladding Systems Market during the forecast period
The North American region is projected to lead the Cladding Systems Market, in terms of both, value and volume, from 2018 to 2023. Factors such as the development of green buildings and rise in energy efficiency codes and building specifications are expected to drive the Cladding Systems Market growth in the North American region. In addition, increased focus on energy-efficient buildings, stringent requirements for insulation, and new building codes have generated awareness regarding thermal insulation in buildings in the region. Furthermore, government initiatives for incentive programs such as the American Recovery and Reinvestment Act (ARRA) have helped increase the flow of funds for various projects, including infrastructure, housing, and energy.
Compagnie de Saint-Gobain S.A. (France), DowDuPont (US), Tata Steel Limited (India), Arconic (US), Westlake Chemicals (US), Etex Group (Belgium), James Hardie Industries PLC (Ireland), CSR Limited (Australia), Nichiha Corporation (Japan), Boral Limited (Australia), Cembrit Holding A/S (Denmark), Louisiana Pacific Corporation (US), and Kingspan PLC (UK) are key players operating in the Cladding Systems Market. Expansions, acquisitions, investments, and new product developments are some of the major strategies adopted by these key players to enhance their position in the Cladding Systems Market.
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