Cladding Systems Market is Expected to Rake in Revenues Worth $306.9 billion by 2026| MarketsandMarkets™

Cladding Systems Market is Expected to Rake in Revenues Worth $306.9 billion by 2026| MarketsandMarkets™

April 01
01:00 2023
Cladding Systems Market is Expected to Rake in Revenues Worth $306.9 billion by 2026| MarketsandMarkets™
Browse 142 market data Tables and 37 Figures spread through 157 Pages and in-depth TOC on “Cladding Systems Market”
Cladding Systems Market by Material (Ceramic, Wood, Brick & Stone, Vinyl, Stucco & EIFS, Metal, Fiber Cement), Use, Application (Residential, Non-Residential), and Region (North America, Europe, APAC, MEA, South America)

Cladding systems enhance the aesthetic appeal of a building, along with properties such as durability and protection from extreme weathering. Also, other benefits such as fire protection and high thermal efficiency further contribute to the strong demand for cladding systems. Additionally, factors such as the reduction in greenhouse gas emissions and the development of green buildings are some of the major drivers of cladding market growth. The presence of stringent building energy codes in Europe and North America drives the demand for materials such as fiber cement and EIFS for cladding purposes. However, high cost of raw materials coupled with the longer installation time may inhibit the growth of the cladding systems market. MarketsandMarkets expects the cladding systems market to grow from USD 234.1 billion in 2021 to USD 306.9 billion by 2026, at a CAGR of 5.6% from 2021 to 2026. 

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The market for cladding systems is segmented based on material into ceramic, brick & stone, wood, stucco & EIFS, metal, vinyl, fiber cement, and others. Ceramic cladding systems dominated the market, in terms of volume. The ceramic tiles enhance the overall atmosphere of a residential or non-residential landscape. Ease of maintenance, durability, comfort, safety, style, and design templates drive the market for ceramic cladding systems. In terms of value, stucco & EIFS cladding systems dominated the market. Stucco cladding requires less maintenance and low installation cost and is considered a highly breathable cladding material. However, the market for ceramic cladding systems is projected to grow at the highest rate, in terms of both value and volume. With the emergence of new technologies, such as EIFS, manufacturers are looking for advanced techniques to make cladding systems more effective. 

Based on use, the cladding systems market is segmented into walls, roofs, and others. The wall segment is estimated to account for the largest share of the cladding systems market during the forecast period, in terms f value and volume. Since the larger surface areas of buildings are held by walls, wall cladding has become a growing trend in the construction industry. Through wall cladding, the interiors of the building are protected against various weathering agents such as sunlight, rain, wind, snow, fire, etc. The growing construction industry and government regulations regarding zero-energy building codes are important factors driving the market for cladding systems, which provide a huge opportunity for market players to develop more effective cladding systems. 

Based on application, the residential segment is projected to grow at the highest rate. This is primarily due to favorable and lenient lending policies initiated by governments across all regions, which drives the sales of residential construction projects. Further, aesthetic appeal, along with properties such as durability and protection from extreme weather, has also driven the residential sector. Other benefits such as fire protection and high thermal efficiency will further drive the demand for cladding systems.

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The cladding systems market is studied for five regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The Asia-Pacific region, which is seeing an increase in construction activities in the non-residential as well as residential sectors, held the largest market share in 2020 in terms of both value, and volume. Also, the market for cladding systems in this region is projected to grow at the highest CAGR from 2021 to 2026, in terms of volume. The cladding systems market in this region is expected to witness high growth during the forecast period owing to its growing economy coupled with the rapid growth in the infrastructure sector in the region. 

The purpose of a cladding system is more than just being a medium of protection for a building from moisture and environmental pollution. Apart from protection, cladding systems can have a substantial impact on the appearance of a building. They give the building a unique look and enhance its image and appearance. There are a wide range of coatings available with varied colors and textures that help in enhancing the aesthetic appeal of a building. Pre-coated metal cladding sheets are also available in a wide range of colors and patterns and provide an enhanced aesthetic appeal with minimal ecological impact. Metal, wood, and fiber cement cladding provide a sleek modular façade with reduced operating costs and can even protect the exterior structures of old buildings. An increase in awareness regarding the benefits of cladding systems among architects, designers, specifiers and installers have significantly elevated the market growth over the forecast period.

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The cladding systems market has been dominated by large players such as 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). These players have adopted various growth strategies such as expansions, investments, divestments, new product developments, acquisitions, partnerships, agreements, and joint ventures to increase their market shares and enhance their product portfolios. 

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