Rainscreen Cladding Market Worth $14.3 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 25, 2019 /PRNewswire/ -- According to the new market research report "Rainscreen Cladding Market by Material (Composite Materials, Metal, Fiber Cement, HPL), Construction (New Construction and Renovation), End-Use Sector (Non-residential and Residential), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Rainscreen Cladding Market is projected to grow from USD 10.1 billion in 2019 to USD 14.3 billion by 2024, at a CAGR of 7.1% from 2019 to 2024.

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Rainscreen cladding market is expected to grow in accordance with the growth of the construction industry across the globe. Factors such as increase in the residential and non-residential construction and innovation as well as remodeling activities, along with the demand for durability of rainscreen cladding with the ability to withstand various weathering actions and resist chemical attacks & deterioration are expected to support market growth during the forecast period.

In terms of value and volume, the new construction segment is estimated to lead the rainscreen cladding market in 2019.

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.

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In terms of volume, the non- residential segment leads the rainscreen cladding market in 2019.

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.

Europe region is projected to account for the largest share in the rainscreen cladding market during the forecast period

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.

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