Rainscreen cladding are applied to the outermost part of a building to protect its underlying structure from water, moisture, and various other environmental forces. Rainscreen cladding is either one or multi-layered, depending on the structure of the building. Nowadays, different forms of raw materials used for manufacturing rainscreen claddings are in trend; these raw materials include metal, composite materials, high-pressure laminates, and fiber cement, other raw materials used for rainscreen cladding includes terracotta, stone, and timber. Zinc- and aluminum-based composite materials are mostly used in the rainscreen cladding , owing to flexibility, lightness, and structural strength properties. The demand for rainscreen cladding 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
MarketsandMarkets expects the rainscreen cladding market 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.
The market for rainscreen cladding market is segmented on the basis of construction type into new construction and renovation. The new construction segment dominated the market during the forecast period and it is projected to grow at the highest rate during the forecast period.
On the basis of the end-use sector, the non-residential segment is projected to be the largest segment, during the forecast period. Growth of residential segment in the rainscreen cladding market is primarily attributed to the housing renovation and maintenance. The residential construction spending is estimated to go up, particularly in the emerging Asia Pacific and Latin American regions; there is a trend of urbanization observed in these regions, resulting in a much higher growth rate for the residential construction market, than in developed markets.
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The rainscreen cladding market is studied for five regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The Europe region, which is seeing a rebound in its residential and non-residential construction sector, held the largest market share in 2018, in terms of value. However, the market for rainscreen cladding in Asia Pacific region is projected to grow at the highest CAGR from 2019 to 2024, in terms of value.
The key players operating in the rainscreen cladding market are undertaking various strategic initiatives such as new product launch, acquisition, agreement, partnership, expansion, and merger, in order to establish a leading position for their product in the rainscreen cladding market.