Market Scenario
As per a detailed analysis by Market Research Future (MRFR), the global facades market is likely to garner USD 180 billion, registering a CAGR of 5.7% during the forecast period (2021-2023). The booming construction activities across the globe are encouraging the growth of the market. Facades can be defined as the principal font of a building which faces on to a front open space or a street. The materials protect the interiors of a building and also alleviates its looks. Facade panels are generally cost-effective for the expensive infrastructure as they reduce the cost of the adhesive or cement purchases. They are also cheaper than stone decorations which are used to enhance the aesthetics of a building front. The market is witnessing applications for energy-saving and high-performance solar control facades, which contribute to eco-sustainability and higher economic benefits.
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Market Potential and Pitfalls
The construction sector has been witnessing an unprecedented growth in the recent past with growing remodeling and renovation projects along with new residential buildings due to rapid urbanization across the globe. The boom in the construction activities is backed by the advancing technology in the emerging countries, which is creating high demand for building materials, including facades. One of the recent innovations includes the development of energy-saving facade materials. These recent innovations, along with an increasing focus on safety capabilities and aesthetics, the facades market is likely to gain momentum in the foreseeable future. The market’s course is chiefly directed by the plummeting customer spending power, especially in China, India, Japan, Brazil, and other GCC countries. The growing need to offer a secure work environment for the employees of an organization is also promoting the growth of the market. Urbanization and modernization also play a crucial role in the growth of the market. Factors like fabrication, waterproofing, resistance to extreme climate, and durability play an important role in the construction of facades. Moreover, the green buildings have gained huge prominence, which is anticipated to dictate the growth trajectory of the market. The mammoth demand for high-transparency glasses, which allows the passage of light besides maintaining heat resistance is expected to shape the future of the facades market.
On the contrary, the high cost of facades is anticipated to restrict the growth of the market during the assessment period.
Global Facades Market: Segmental Analysis
The global facades market has been segmented on the basis of material, product, and end-user.
By mode of product, the global facades market has been segmented into ventilated, and non-ventilated. Among these, the ventilated facades segment is likely to experience high growth due to its several benefits in terms of better aesthetic appeal and energy savings as these facades are highly attractive in color, design, and textures. They are also soundproof and help to reduce heating and air-conditioning cost, thereby promoting the growth of the segment.
The material segment of facades market constitutes of wool, glass, aluminum, and others. Among these, aluminum and glass occupy a major share in the global market. The growth is ascribed to the superior properties like flexibility and durability. Glass is preferred over other materials by the construction developers owing to their light weight which reduces the weight on the foundation of the building. Glass used in facades also helps to reduce the energy consumption and low maintenance cost.
Based on end-users, the facades market comprises commercial, residential, and industrial. Among these, the commercial segment dominates the market. The steady expansion of manufacturing units and multi-national companies has led to the construction of office spaces and allied manufacturing units. This is further attributed to the rising spending by the corporates on several developments, which has generated a high demand for facades in this segment.
Regional Frontiers
Geographically, the facades market has been studied under regions namely, Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Considering the global scenario, the European and the North American regions are likely to acquire the largest market share in the global market. The regions are expected to retain their dominance in the coming years due to the surging investments in R&D for advanced materials. As these regions are highly adaptive to the latest technologies, the proliferation of the product is high in both residential as well as commercial sectors. This further influences the growth of the market.
The Asia Pacific region bags a considerable share in the market as the region has experienced a growing number of construction projects backed by huge investments in the residential and commercial constructions in India and China. The booming construction activities of industrial and commercial buildings, especially in economies like India, China, and Southeast Asia are promoting the growth of the market. The development of eco-friendly and innovative materials is further estimated to trigger the demand for facades in this region.
Industry Updates
May 09, 2019: ODD architects has recently designed a residential tower in Ecuador with facades which are made of terraces and rhythmic archways. This further aims to create a biophilic barrier between the urban setting and structure. The firm has also unveiled plans for the sunflower tower to increasing urbanization without the consideration for the natural landscape.
Competitive Dashboard
The prominent players operating in the global facades market comprises Permasteelisa S.p.A. (Italy), Enclos Corp. (US), Jinjiu Sci-Tech New Material Co. (China), Walters & Wolf (US), Rautaruukki Corporation (Finland), Harmon Inc. (US), EOS Facades Limited (England), Hansen Group (Denmark), National Enclosure Company, LLC (US), and Rockpanel Group.
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