Rain Gutter Market worth $7.9 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 2, 2020 /PRNewswire/ -- According to the new market research report "Rain Gutter Market by Application (Residential, Commercial), Material Type (Aluminum, Steel, Vinyl, Fiberglass, Others), and Region (North America, Europe, Asia Pacific, MEA, South America) & region – Global Forecast to 2025", published by MarketsandMarkets™, the Rain Gutter Market size is estimated to be USD 7.0 billion in 2020 and projected to reach USD 7.9 billion by 2025, at a CAGR of 2.5%.
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Increasing repair and maintenance activities in developed regions couple with, coupled with growing construction industry, increasing demand for rainwater harvesting, are driving the demand for rain gutters. Moreover, the increasing consumer awareness about rainwater harvesting, increased damage due to hurricanes and excess rains; and growing health and f safety concerns across the globe play a key role in driving the growth of the rain gutter market.
The rain gutter market includes lesser Tier I and II suppliers like Gibraltar industries, and Lindab. However, there is a presence of majority local players due to the same the market is fragmented at regional level. These suppliers have their manufacturing facilities spread across various locations at regional levels. COVID-19 has impacted their businesses as well. Multiple small rain gutter manufacturers business has affected due to COVID-19. Industry experts believe that COVID-19 could affect construction industry by 20-30% globally in 2020. This also translates into a snowballing effect on the rain gutter market. This could lead to lower expenditure on replacement and new investments on external building structure and rain gutters along with slowing down the construction activity.
Higher need of housing construction and a greater number of individual houses built every year is expected to result in the residential segment occupying majority of the rain gutter market share.
The residential segment is expected to have the largest market share by value. This higher share is attributed to increasing housing construction and high demand for rainwater harvesting from residential applications.
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The fiberglass material segment is estimated to be the fastest growing material segment.
The fastest growth of fiberglass material is attributed to its various advantages over other materials such as high durability and negligible maintenance costs. The aluminium and steel materials are estimated to have the largest market share by value. Growth of this segment can be attributed to less/competitive pricing and durability.
Asia Pacific likely to emerge as the highest growing rain gutter market.
Asia pacific is forecasted to be highest growing market the high growth is attributed to the increasing construction activities in developing Asia Pacific countries such as, India, Indonesia, Thailand etc. Increasing hurricanes, high rainfalls and worst weather conditions are other factors driving demand for rain gutters in the region.
Lindab (Sweden), Gibraltar Industries Inc (US), KMEW Co. Ltd (Japan), Braas Monier Building Group (UK), Senox corporation (US) are the key players in the global rain gutter market.
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