Facades Market Size To Expand at a Notable CAGR Of 5.7%, During 2018 – 2023
The demand for facades is growing high with the backing of the rising construction industry. Upon this, Market Research Future reveals that the global facades market is to increase at 5.7% CAGR during the estimated period 2018 – 2023. In the meantime, the market can also mount a valuation of approximately USD 180 billion in the same period. The extensive study has segmental analysis, reviews of factors that can sway the market in the coming years, and expert views for an all-engrossing understanding of the market in a detailed manner.
It is the Unprecedented growth of construction sector that has witnessed high demand for the new residential building and remodeling/renovation projects. Such a rise is the result of rapid urbanization, which has directly impacted the facades market.
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Market Drivers & Trends
Among the significant factors, the proliferation of the facades market is gaining traction with the backing of technological advancement in emerging nations. These have resulted in generating demand for building material and components including facades. With this, the global market for facades is tremendously rising and due to which it has a possibility that the market could gain more of valuation during the forecast period.
At the same time, the development of energy-saving façade materials is one of the main-stream innovations that has witnessed immense popularity in construction industry. Such an expansion of advanced materials along with the growing focus on it in the construction industry is yet another factor boosting the global facades market, at present. On the other hand, the aesthetics and safety capabilities are also impacting outstandingly to the market’s growth and would gain momentum in the coming years.
As an add-on, the increased consumption of facades in mainly in the developing regions such as Asia-Pacific, where the growing construction industry is maximum, the investment are high in R&D activities in materials, and supportive government regulations & initiatives have driven the demand for facades and is expected to take the market to reach high growth rate during the forecast period.
On the flip side, the factor such as instability in raw material prices and inaccessibility of skilled labor might hinder the growth of the global facades market during its growth period.
The segmental analysis of the global facades market has been done by product, material, and end-user.
In terms of material: Glass, wool, aluminum, and others are the segments, wherein glass and aluminum have the larger market share owing to the properties such as durability and flexibility. Glass is preferred over others by the construction developers for their light-weight which can, in turn, reduce the weight on the foundation of the building. The usage of glass in facades also precedes to reduced energy consumption and low maintenance costs.
In terms of product segment, Ventilated, and non-ventilated are the segments. The ventilated facades market is likely to observe a high growth rate over the forecast period as it exhibits various benefits in terms of energy-saving and better aesthetic appeal. These are also available in attractive designs, colors, and textures and offer properties such as soundproofing, and reduced air-conditioning and heating cost.
In terms of end-user: Residential, commercial, and industrial are the segments. The commercial segment was the leading segment in 2017. With the rapid expansion of multinational companies and manufacturing units, the construction displays more efficient work in office spaces, along with allied manufacturing units, which is backed by enhanced expenditure by the corporates on various developments. Resultantly, this generated much demand for facades in the commercial segment and now is projected to contribute significantly over the forecast period.
The global facades market study has been done for the main regions of North America, Europe, Asia-pacific, and Rest of the world (RoW).
Among these, North America and Europe had the largest share in the overall facades market in 2017, Asia-Pacific also in 2017 had a significant percentage of the market, which will now continue with its leadership by 2023 attributing to the rising investments in R&D activities for advanced materials in these regions.
Asia-Pacific region notes a sizeable share in the market after North America and Europe as it has observed a rising number of construction projects backed by vigorous investments in the commercial as well as residential construction China and India, which fuels the demand for facades in the Asia-Pacific region and would do in the coming years as well.
The well-known players active in the global facades market are listed as Walters & Wolf (US), Permasteelisa S.p.A. (Italy), Enclos Corp. (US), Harmon Inc. (US), National Enclosure Company, LLC (US) Rautaruukki Corporation (Finland), Hansen Group (Denmark), EOS Facades Limited (England), Rockpanel Group, and Jinjiu Sci-Tech New Material Co. (China).