Cladding Systems Market - Forecast 2022-2027

Cladding Systems?Market Overview

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 global expansion of the construction sector is one of the primary reasons driving the growth of the cladding systems market. The growth of cladding systems in residential construction is driven by the rising demand for private dwellings as well as investments in housing projects.?Cladding is a material such as timber, metal,?fiber cement , etc which?is used to cover the exterior structure. The cladding system is based on a unique feature that adds an aesthetic appearance to its look. The COVID-19 pandemic majorly impacted the cladding systems market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as residential, industrial and others, the Cladding Systems market size is anticipated to grow rapidly during the forecast period.

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Key Takeaways

• Asia-Pacific dominates the Cladding Systems market size. The increase in demand from end-use sectors, such as residential, commercial, industrial and others, is the main factor driving the region's growth. According to the Department for Promotion of Industry and Internal Trade (DPIIT), in India, between April 2000 and December 2021, foreign direct investment (FDI) in the construction development and construction activity sectors totaled US$26.17 billion and US$26.30 billion, respectively.
• The increase in the number of construction projects around the globe is one of the primary reasons driving the growth of the cladding system industry.
• Housing innovation and demand for fireproof and soundproof walls in many industries are factors influencing the growth of the Cladding System market.
• The market's expansion is projected to be hampered by high raw material costs.