The Cladding Systems Market size is estimated to reach US$270 billion by 2027, after growing at a CAGR of 6.1% during the forecast period 2022-2027. The use of cladding system in
residential construction has increased significantly. Cladding is a material
used to cover the outside of a structure, such as timber, metal, fiber cement and others. The
cladding system is based on a unique feature that adds an aesthetic touch to its appearance. The global expansion of the construction sector is one of
the primary factors driving the growth of the cladding systems market. The
growing demand for private dwellings, as well as investments in housing
projects, are driving the growth of cladding systems in residential
construction. The Ministry of
Housing and Urban Development (MoHUA) has been given Rs 50,000 crore (US$6.8
billion) and a fund of Rs 25,300 crore (US$3.5 billion) has been set up to help
complete stalled housing projects.
Cladding System Market: The Residential Construction Segment Leads the Market
On the basis of the end-use industry, the Cladding system market can be segmented into commercial, residential, infrastructure and industrial. During the forecast period 2022-2027, the residential construction segment is expected to grow with a CAGR of 6.6%. Cladding demand in the residential construction sector is expected to rise significantly as a result of increased awareness about energy-efficient structures, the need for building rehabilitation, increased over-cladding operations and government mandates for green buildings. The Argentina government presents a housing construction plan worth $428 million USD. According to the National Institute of Statistics and Censuses (INDEC), the value added by the residential industry increased by 37.1 percent in the first three quarters of 2021. The Brazilian government has implemented the Casa Verde e Amarela housing program, under which the government would provide housing financial assistance to 1.6 million low-income families by 2024.
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Cladding System Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Cladding System market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a significant share of the total revenue earned by the market globally. Asia-Pacific countries including India and China are ahead comparatively in terms of construction. activities. According to the International Trade Administration, the construction sector in China is projected to grow at an average of 8.6% from the year 2022 to 2030. Furthermore, the Make in India campaign by the Government of India plans to achieve infrastructural investment worth US$965.5 million by 2040. The Cladding system market would also gain demand from the North American region. USA and Canada are emerging as competitive countries in the Cladding System market.
Cladding System Market: Competitive Landscape
Key companies holding major shares in the Cladding System market are Saint-Gobain S.A., DowDuPont, Tata Steel Limited, CSR Limited, ETEX Group, Kingspan PLC, Boral Limited, Westlake Chemical, James Hardie Industries PLC and Rockwool International.