Rainscreen Cladding Market By Raw Material (Fiber Cement, Composite Material, Metal, High-pressure Laminates, Terracotta, Ceramic, Others), By Application (Residential, Commercial, Official, Institutional, Industrial) and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) Global Forecast 2022 to 2032.

The rising construction industry followed by increasing urbanization is expected to open new avenues for the rainscreen cladding industry over the coming years. According to Oxford Economics, global construction market size is expected to reach nearly USD 8 trillion by 2030 as a consequence of increasing construction activities in India, China, and the United States. According to BNC Project Intelligence, more than 20,000 construction projects are active in GCC countries, of which the United Arab Emirates accounted for more than 50%. Increasing volume of constructional activities followed by strengthening economic scenarios in Kuwait, Qatar, Oman, Saudi Arabia, UAE, and Bahrain is expected to see a positive outlook for the rainscreen cladding industry over the coming years.

A growing population coupled with rapid urbanization is expected to push demand for residential and commercial construction projects in African countries. African government and multinational companies are developing the property sector to offer affordable housing and encouraging the industry to strengthen in building materials. For instance, in May 2019, International Finance Corporation (I FC) a World Bank Group and Chinese multinational construction and engineering company initiated a USD 300 billion investment to develop the housing sector in African countries. This platform is expected to give participation and capital investment to local developers to develop nearly 30,000 homes in the next five years.

Based on the end-use segment, the rainscreen cladding market size is segmented as residential and non-residential. In 2018, residential applications accounted for nearly 25% of the overall market share. Rapid urbanization, growing need for single-family houses, government funding for construction projects, and low-interest rates are expected to boost residential construction over the coming years. In 2018, global residential building construction market size was valued at more than USD 4 trillion and is expected to grow at a CAGR of more than 10% over the projected period. Growing population coupled with increasing disposable income in developing countries such as India, China, Brazil, Indonesia, and Singapore are expected to strengthen residential construction industry, which in turn is expected to increase demand for rainscreen cladding over the coming years.

In terms of material types, the rainscreen cladding market is segmented as fiber cement, composite material, metal, high-pressure laminates, terracotta, and others. Together, composite materials and terracotta accounted for > 50% of the 2018 rainscreen cladding market. Low maintenance costs and superior reliability have increased its popularity with non-residential applications. Because of their versatility, composite materials are gaining popularity in the construction industry which enables the panels to be shaped into complex shapes. Such products are 100% recyclable and help to improve the aesthetic appeal if buildings with panels in various colors and sizes. As a result, rainscreen cladding is likely to gain great demand over the projected period for modern constructions.

North America and Europe accounted for >45% of the overall rainscreen cladding market in 2018 and is expected to grow by virtue of increasing residential and commercial construction activities in these regions. Growing economy followed by mega construction projects is expected to increase rainscreen cladding market expansion in North America over the projected period. For instance, under construction of the Port Covington project in Baltimore include residential building with 250 units, 180,000 square feet of office space, 156,000 square foot hotel, 42,000 square feet of retail space, and 13,000 square feet of market space. Some other mega construction projects which are under construction are The Gulch in Atlanta Georgia, Schuylkill Yards in Philadelphia, Water Street Tampa in Florida and River District in Chicago.

The European construction industry is growing on the back of good economic growth and low-interest rates. The declining unemployment rate, growing manufacturing industry, and well-established healthcare industry are expected to strengthen the European economy over the coming years. The growing population followed by increasing per capita spending is expected to increase demand for residential as well as commercial construction over the coming years, which in turn is expected to increase rainscreen cladding market penetration over the coming years.