The global rainscreen cladding market is projected to reach USD 17,179.1 million by 2027, exhibiting a CAGR of 7.3% during the forecast period. Booming growth in the global construction industry will drive the progress of this market, finds Fortune Business Insights™. A recent research study released by Oxford Economics and Global Construction Perspectives stated that global construction output value will reach USD 15.5 trillion by 2030, surging at a prolific 85% from current levels with the average year-on-year growth standing at 3.9%.
Market Restraint
Coronavirus Outbreak to Subdue Market Prospects for 2020
The novel coronavirus has triggered a damaging global economic downturn and has affected activities in numerous sectors, including building and construction. According to the European International Contractors group, construction output is likely to decline between 20% and 40% as a result of the COVID-19 outbreak. Moreover, governments in many countries have imposed partial or complete lockdowns as they struggle to devise an effective plan to battle the pandemic as well as revive the economy simultaneously. Worker-absenteeism at construction sites has spiked in the past couple of months due to concerns surrounding catching the infection. For instance, the Confederation of Real Estate Developers’ Association of India (CREDAI) reported that over 30% of construction workers have been staying away from sites, fearing getting infected by the virus. In sum, the rainscreen cladding market growth will be moderate in 2020 as the COVID-19 outbreak has stalled construction projects around the world.
Regional Analysis
Europe to Offer Lucrative Prospects; North America to Grow Substantially
With a market size standing at USD 4,424.8 million in 2019, Europe is anticipated to dominate the rainscreen cladding market share in the coming years owing to promising progress in the construction activities for industrial and residential purposes. Furthermore, credit infrastructure in the region is strong and is supportive to the construction industry, which is ensuring the stability of this market in Europe.
The market growth in North America is expected to considerable on account of governmental support to commercial and infrastructure projects and schemes. On the other hand, in Asia-Pacific, the market outlook is optimistic owing to the heavy investments being made into the construction sector by governments and private entities in the region.
List of Key Companies Covered in this Market Report:
- Dow (U.S.)
- FunderMax (Austria)
- Merson Group (U.S.)
- SFS Intec (Switzerland)
- ROCKWOOL International A/S (Denmark)
- Trespa International B.V. (Netherlands)
- Carea Group (France)
- Sotech Optima Company (UK)
- Kingspan Group (Ireland)
- Sika AG (Switzerland)
Information Source: -
https://www.fortunebusinessinsights.com/rainscreen-cladding-market-102809
