Exterior Wall System Market size is likely to exceed USD 390 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing government investments in industrial, commercial, and residential infrastructure will primarily drive the external wall systems industry growth. For instance, in 2021, the Government of India announced an investment of around USD 685 million in the construction and upgrade of health institutions across the region. Additionally, investments in commercial infrastructure projects, such as skyscraper, corporate building spaces, and Special Economic Zones (SEZ), are among other factors creating growth opportunities for the exterior wall system market. Increasing demand for protective wall systems and improved architectural aesthetics will catalyze industry growth.
The COVID-19 pandemic has adversely affected the construction industry globally. The first half of FY2020 was a major setback to major residential and commercial construction projects, showcasing a significant decline in the sales of exterior wall products. Likewise, the lockdown and closure of several manufacturing facilities across China, India, Brazil, Italy, Spain, France, and the UK have also significantly affected the production, supply, and consumption of the product across various construction and renovation projects. Nevertheless, rising per capita expenditure for residential infrastructure across developed economies will foresee a strong in the industry.
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Browse key industry insights spread across 180 pages with 204 market data tables & 23 figures & charts from the report, “Exterior Wall System Market Size By Type (Ventilated, Non-Ventilated), By Material (Vinyl, Fiber Cement, Stucco, Masonry, Wood), By Application (Residential, Commercial, Industrial), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Fiber cement material is set to generate over USD 135 billion by 2027 owing to its cost-effective and resilience features. Fiber cement’s unique composition to expand and contract makes it suitable even for extreme weather conditions. However, it can also be used as a substitute for asbestos cement, which has a carcinogenic effect on human health; thus, the wide range of applications will boost the fiber cement market growth.
Increasing public investments to drive product demand in commercial areas
Exterior wall system market from commercial workspaces is anticipated to witness more than 7.5% CAGR through 2027 on account of increasing investment inflows. For instance, in 2020, the construction development sector of India saw a three-fold increase in FDI equity inflow, estimating USD 617 million from USD 213 million in 2019.
In 2020, Europe held around 30% market share. Shifting preference toward sustainable and energy-efficient buildings will primarily surge product penetration in the region. Furthermore, the measures taken by the European Union such as developed guidelines for the promotion of nearly-zero emission buildings under national plan and energy performance of buildings directive will foresee a strong growth.
Geographic expansion and mergers to increase the market foothold
Key participants in exterior wall system market include Saint-Gobain S.A., The Dow Company, Sika Group, LafargeHolcim Ltd, SIKA Group, Boral limited, and Owens Corning. These players are primarily focusing on geographic expansion, product innovations, partnerships, mergers, and joint ventures to enhance their capabilities and proliferate their market foothold.