Facade Systems Market Worth $397.2 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 14, 2019 /PRNewswire/ -- According to the new research report "Facade Systems Market by Type (EIFS, Curtain Wall, Siding, and Cladding), End Use (Residential and Non-residential), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) - Global Forecast to 2023", published by MarketsandMarkets™, the Facade Systems Market is estimated at USD 272.7 billion in 2018 and is projected to reach USD 397.2 billion by 2023, at a CAGR of 7.8%. The rising infrastructural and construction activities drive the demand for façade systems. Furthermore, the increase in demand from end-use industries for façade system further boosts the market growth.
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The EIFS segment is projected to grow at the highest CAGR, in terms of value, in the global façade systems market from 2018 to 2023
Exterior insulation and finish system (EIFS) is a non-load bearing exterior wall treatment that utilizes rigid insulation boards on the wall sheathing with an exterior skin of plastic appearance. EIFS insulation materials are made of mineral wool, polystyrene foam, and plastic foam. EIFS offers excellent insulation properties and design flexibility and has been a popular choice for exterior building cladding for several decades.
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The residential segment is estimated to be a major consumer in the façade systems market, in terms of volume, in 2018
Façade systems are used in residential buildings, majorly in apartments, bungalows, dormitories, duplexes, and other house designs (townhouses, units, and villas). The use of façade systems in residential buildings has become more advanced and preferable, owing to the rising demand for greenhouse buildings. The spending in residential construction is estimated to witness a surge, particularly in the emerging Asia Pacific and South American regions; there is a trend of rapid urbanization observed in these regions, resulting in a higher growth rate for the residential construction market, as compared to developed markets. Aesthetic appeal, along with properties such as durability and protection from extreme weather, has also driven the use of exterior wall systems in the residential sector. Other benefits such as fire protection and high thermal efficiency will further drive the demand. The most favorable materials for residential include fiber cement, vinyl, bricks, and wood.
Asia Pacific is projected to account for the largest share in the façade systems market during the forecast period
Asia Pacific is a hub of foreign investments and growing industrial sectors largely due to low-cost labor and cheap availability of lands. The increase in demand for façade systems can largely be attributed to the growing infrastructure activities in the construction industries. The demand for façade systems is growing rapidly in the region, due to the high growth in the infrastructure sector for aesthetic appeal.
Key players operating in the Facade Systems Market include Saint-Gobain (France), Nippon Sheet Glass (Japan), Asahi Glass (Japan), Central Glass (Japan), Guardian Industries (US), BASF (Germany), Sto SE & Co KGaA (Germany), Dryvit Systems Inc. (US), ParexGroup SA (France), Terraco Group (UK), Etex Group (Belgium), James Hardie Industries PLC (Ireland), Nichiha Corporation (Japan), Boral Limited (Australia), Louisiana Pacific Corporation (US), Kingspan PLC (UK), Georgia-Pacific LLC (US), Knauf (Germany), USG Corporation (US), SHERA (Thailand), Universal Cement Corporation (UCC) (Taiwan), and Vinh Tuong Industrial Corporation (Vietnam). These players have adopted various growth strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions, investments, new product launches, and partnerships are some of the major strategies adopted by the key players operating in the façade systems market.
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