Cladding Coatings Market To Generate Massive Revenue in Future by 2029
The global cladding coatings market size is likely to witness striking growth in the upcoming years. The increasing consumer awareness about cheap building protection solutions and the escalating construction activities are expected to augment market growth. Fortune Business Insights™ has presented this information in an upcoming report titled, “Cladding Coatings Market, 2022-2029”.
The claddings are used to protect the building’s walls from harsh climatic conditions. The building’s durability and structural integrity get affected by rain pouring in the walls and damaging them internally. This factor surges the product demand and is expected to fuel market growth in the forthcoming years.
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The market has been severely impacted by the global outbreak. The demand for the product has reduced significantly due to reduced renovation and construction activities. Consumers are emphasizing on buying essential products and delaying their renovation and construction projects. The lockdowns and curfews have further hindered the market growth. The high unemployment rates and low purchasing power of consumers are resulting in low demand from various sectors. Some countries are experiencing a second wave of the pandemic, which is worsening the market situations. However, the vaccines are available in the market, and the negative impact inflicted by the pandemic is expected to diminish over time.
On the basis of type, the market segments into epoxy, acrylic, etc. On the basis of application, the market fragments into industrial, commercial, and residential. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- The report provides a holistic assessment of the prospected market.
- The report highlights the information on different market segments; type, application, etc.
- The report incorporates Porters’ Five Force Analysis.
- The report analyzes the impact of the COVID-19 pandemic and suggests strategies to grow in the future.
- The report provides a detailed assessment of the competitive landscape of the market and sheds light on new product developments, technological advancements, key market trends, etc.
Drivers & Restraints-
Spiraling Demand from Construction Industry to Bolster Market Growth
Cladding coatings offer high durability, waterproofing, sound insulation, and fire resistance properties. They also enhance the artistic appeal. These characteristics surge the product demand in the construction industry.
The increasing renovation and repair projects in the household sector and the increasing infrastructural development activities of commercial and residential buildings are expected to augment the global cladding coatings market growth.
The increasing global population and rapid urbanization are expected to augment the infrastructural development and construction activities, and therefore augment the growth of the cladding coatings market.
However, the strict quality standard and stringent government regulations are likely to impede market growth.
Asia Pacific Poised to Dominate Global Market
Asia Pacific dominates the global market in terms of output and consumption. The increasing per capita coupled with the rapid urbanization in countries like India, China, Japan, etc., is fuels the construction activities in the region. The high consumer demand is influenced by the abundance of resources, raw materials, and advanced technologies. These factors are expected to help Asia Pacific continue dominating the global cladding coatings market share.
Increasing product application in construction activities due to the durability and corrosion-resistant properties are expected to help North America witness steep growth in the forthcoming years.
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Europe is likely to register substantial growth due to increasing product demand from the construction industry and government regulation on zero-emission building regulations. Increasing adoption of the green building concept is also expected to create lucrative growth opportunities in Europe.
The slow growth of the commercial infrastructure is likely to inflict sluggish growth for Latin America and the Middle East & Africa.
Sustainable & Ecological Products to Create Lucrative Growth Opportunities
The market is fairly fragmented and consists of numerous local and global players operating in stiff competition. They are focusing on technological innovations, new product launches, etc. Furthermore, the shifting trend towards sustainable and ecological cladding coatings is expected to create new growth opportunities. The existing players adopt inorganic growth strategies like partnerships, mergers, acquisitions, etc., to solidify their market presence by benefitting from each other’s expertise. For instance, Fermacell GmbH was acquired by James Hardie Industries Plc. In April 2018. The company aimed to expand its product portfolio and presence across Europe.
- February 2019: SSAB launched GreenCoat Brown BT, a sustainable cladding coating made with sustainable Swedish rapeseed oil.
Key players in the Global Cladding Coatings Market are:
- James Hardie Industries Plc.
- Nichiha Corporation
- Boral Limited
- Cembrit Holding A/S
- Louisiana Pacific Corporation
- Peintures Onip
- Decopierre Adesital
- Grupo Puma
- BASF USA
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