The cladding systems market is projected to grow from USD 234.1 billion in 2021 to USD 306.9 billion by 2026, at a CAGR of 5.6% from 2021 to 2026. Demand for cladding systems market can be attributed to the high growth of the construction industry across the globe. Factors such as increasing residential and non-residential construction and infrastructure activities, and its high durability drives the demand for cladding systems.
Cladding systems enhances the aesthetic appeal of a building, along with properties such as durability and protection from extreme weathering. Also, other benefits such as fire protection and high thermal efficiency further contributes to the strong demand for cladding systems. Additionally, factors such as the reduction in greenhouse gas emission and development of green buildings are some of the major drivers of cladding market growth. The presence of stringent building energy codes in Europe and North America drives the demand for materials such as fiber cement and EIFS for cladding purpose. However, high cost of raw materials coupled with the longer installation time may inhibit the growth of the cladding systems market.
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On the basis of application, the residential segment is projected to grow at the highest rate. This is primarily due to favorable and lenient lending policies initiated by governments across all regions, which drives the sales of residential construction projects. Further, aesthetic appeal, along with properties such as durability and protection from extreme weather, has also driven the residential sector. Other benefits such as fire protection and high thermal efficiency will further drive the demand for rainscreen cladding.
The cladding systems market is studied for five regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The Asia-Pacific region, which is seeing an increase in the construction activities in the non-residential as well as residential sectors, held the largest market share in 2020 in terms of both value, and volume. Also, the market for cladding systems in this region is projected to grow at the highest CAGR from 2021 to 2026, in terms of volume. Cladding systems market in this region is expected to witness high growth during the forecast period owing to its growing economy coupled with the rapid growth in the infrastructure sector in the region.
The cladding systems market has been dominated by large players such as Compagnie de Saint-Gobain S.A. (France), DowDuPont (US), Tata Steel Limited (India), Arconic (US), Westlake Chemicals (US), Etex Group (Belgium), James Hardie Industries PLC (Ireland), CSR Limited (Australia), Nichiha Corporation (Japan), Boral Limited (Australia), Cembrit Holding A/S (Denmark), Louisiana Pacific Corporation (US), and Kingspan PLC (UK). These players have adopted various growth strategies such as expansions, investments, divestments, new product developments, acquisitions, partnerships, agreements, and joint ventures to increase their market shares and enhance their product portfolios.
The strategies of expansions, acquisitions, and new product launches together accounted for the largest share of all the strategic developments that took place in the cladding systems market between 2016 and 2021. Key players such as Compagnie de Saint-Gobain S.A. (France), DowDuPont (US), Tata Steel Limited (India), Arconic (US), Westlake Chemicals (US), Etex Group (Belgium), James Hardie Industries PLC (Ireland) adopted these strategies to strengthen their product portfolios, expand their market presence, and enhance their growth prospects in the cladding systems market.
Compagnie de Saint-Gobain S.A. is one of the key industrial groups at a global level. It designs, manufactures, and supplies materials, as well as solutions for transportation, building, infrastructure, and industrial applications. The company operates through its four business segments, namely, building distribution, construction products, innovative materials, and others. Its innovation material segment includes flat glass and high-performance materials. Its construction products segment includes two solutions— interior and exterior solutions. The interior solutions comprise of insulation and gypsum products, whereas the exterior solutions consist of pipes, industrial mortars, and exterior products. The company has a strong foothold across the globe with operations in 67 countries along with eight research centers worldwide.
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Arconic focuses on the engineering and production of lightweight metals. It was formed as a result of the spun-off of Alcoa Inc. (US), in November 2016, which separate into two independent public companies. The company has three business segments, namely rolled products, building & construction systems, and extrusions, engineered products and solutions, global rolled products, and transportation and construction solutions. The company’s wide product portfolio serves applications in aerospace, automotive, commercial transportation, building & constructions, industrial solutions, energy as well as in defense and space. It provides aluminum and metal composite panels for exterior cladding. The company has around 2,476 patents, globally (granted as well as pending). It operates in 25 countries altogether and is present in 151 locations, globally. Addition to this, it has sales and administrative offices and distribution centers in 13 locations worldwide.
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