The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Rainscreen Cladding Market.
It was estimated prior to this unanticipated outbreak that the Rainscreen Cladding Market was likely to witness an impressive CAGR of 7.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Market Share Analysis
Rainscreen Cladding Market Share: By Material Type
Based on the material type, the market is segmented as composite materials, metal, fiber cement, high pressure laminates, and others. The composite material segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period owing to its low maintenance cost and higher durability.
Rainscreen Cladding Market Share: By Construction Type
Based on the construction type, the market is segmented as new construction and renovation. The new construction segment is expected to remain dominant during the forecast period owing to no/minimal disruption required for installation of rainscreen cladding during the construction process compared to renovation.
Rainscreen Cladding Market Share: By End-Use Sector Type
Based on the end-use sector type, the rainscreen cladding market is segmented as non-residential and residential. The non-residential segment leads the market owing to rapid industrialization and diversification of companies. Further, the area which has to be rainscreen cladded in non-residential (corporate offices, supermarkets, institutions, etc.) is comparatively larger than the residential (row houses or flats).
Rainscreen Cladding Market Share: By Region
In terms of regions, Europe is estimated to lead the rainscreen cladding market during the forecast period owing to huge spending capability of individuals, enormous growth of the construction industry in the region, and presence of a large number of rainscreen cladding manufacturers in countries such as the UK, Germany, France, and Russia. Asia-Pacific is expected to witness the highest growth during the forecast period owing to rapid growth in per capita income and high investments in modern construction activities, which are expected to uplift the region’s product penetration during the forecast period.
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Features of the Report
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