The rainscreen cladding market is projected to grow from USD 10.1 billion in 2019 to USD 14.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast year. Demand for rainscreen cladding market can be attributed to the high growth primarily because of the increasing infrastructure and construction activities worldwide. Rainscreen cladding does not protect a building; it also enhances its appearance. The rebound in commercial construction is expected to increase the demand for external rainscreen cladding. Also, the increasing consumer awareness about efficient use of energy in houses and commercial buildings by reducing the amount of resources required for ventilation, heating, and air conditioning may drive rainscreen cladding market growth. However, the risk of water intrusion in the joints of buildings in extreme weather conditions and in areas where rainfall is high may a pose challenge to the industry growth.
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In terms of value and volume, the new construction segment is estimated to lead the rainscreen cladding market
The new construction segment held the largest market share among all the construction of rainscreen cladding as it is affordable and is installed in regions having extreme weather conditions. It is a traditional glue-down cladding material which inherits several properties such as durability, flexibility, ease installation, and budget-friendly. The demand for the new construction segment is driving due to its properties, making it a preferred constructional type of rainscreen cladding for the residential as well as commercial application. The renovation segment is considered suitable for almost all applications such as builder, multi-family, residential, and commercial.
In terms of volume, the non- residential segment leads the rainscreen cladding market
Rainscreen cladding enhance the aesthetic appeal of a building, along with properties such as durability, comfort, and protection from extreme weathering has also driven the residential sector. Also, the rise in housing renovation and maintenance will further drive the demand for rainscreen cladding in the residential sector. The use of rainscreen cladding in residential buildings enhances the aesthetic appeal and provides durability and comfort. Rainscreen cladding is a non-structural, aesthetic layer or thin panel applied on the outer skin of the building that protects everything inside it from the external weather elements.
The Europe region is expected to lead the rainscreen cladding market in terms of both value and volume, from 2019 to 2024. Factors such as the increasing number of new housing units and huge investments in the infrastructural sector is expected to drive the rainscreen cladding market growth in the European region. Also, countries such as UK, Germany, France, Russia are considered to be developed markets in the construction sector as compared to the emerging markets such as Italy due to the tremendous growth of the construction opportunities in these countries has also driven the demand for rainscreen cladding .
Kingspan Insulation (UK), Sika (Switzerland), Rockwool International A/S (Denmark), Everest Industries Limited (Denmark), and Sotech Architectural Facade (UK) are key players operating in the rainscreen cladding market. Expansions, acquisitions, partnerships, and new product developments are some of the significant strategies adopted by these key players to enhance their position in the rainscreen cladding market.