Exterior Wall Systems Market Size, Share, Growth, Segmentation, Trends, Development, Outlook, Opportunities, Future Demand, Analysis and Forecast by 2028
The global exterior wall systems indstry size is projected to reach USD 364.61 billion by 2027, exhibiting a CAGR of 7.2% during the forecast period. Increasing urbanization worldwide will be one of the most prominent factors fueling the growth of this market, observes Fortune Business Insights™ in its report, titled “Exterior Wall Systems Market Size, Share & COVID-19 Impact Analysis, By Material (Vinyl, Ceramic Tiles, Plasterboard, Glass Panel, EIFS, Fiber Cement, Wood Board, HPL Board, Bricks & Stone, and Others), Type (Ventilated Façade, Curtain Wall, and Non-Ventilated Façade), End-Use (Residential, and Non-Residential), and Regional Forecast, 2020-2027”. The UN World Urbanization Prospects 2018 estimates that nearly 70% of the global population will be housed in urban areas by 2050.
According to the UN, India, China, and Nigeria will be the global urban hotspots, adding 416 million, 255 million, and 189 million urban dwellers, respectively, in the next three decades. Urban areas typically comprise a large of residential and commercial infrastructures that require efficient and effective external protection from inclement weather, natural disasters, and pollution. Exterior wall systems provide this protection to buildings owing to their properties of thermal insulation and the ability to prevent excessive water penetration that can weaken structural integrity. Thus, rapid growth in urban spaces around the globe will create excellent opportunities for players in this market.
Restraining Factor
Subdued Construction Activities amid COVID-19 to Restrict Market Growth
The exterior wall systems market growth is expected to get hit in 2020 as the COVID-19 pandemic has caused a severe downturn in construction activities worldwide. In August 2020, the London-based Royal Institution of Chartered Surveyors (RICS) reported that only 20% of the halted construction projects around the globe are likely to restart in the post-pandemic period.
Furthermore, with a quarter of the construction projects on pause and on-site productivity falling by 12%, the RICS predicts that the financial repercussions of these developments will have to be borne by the construction industry over the next twelve months. The demand for exterior wall systems will inevitably in the face of such dire circumstances as these products are heavily dependent on the construction industry, especially in emerging economies such as India and China. Moreover, falling demand and economic fallout of the pandemic has delayed investments in new construction technologies, which will create hindrances for this market.
Regional Insights
Infrastructural Development Enable Rapid Market Expansion in Asia Pacific
With a market size of USD 86.45 billion, Asia Pacific commanded the exterior wall systems market share in 2019 and is expected to continue its exceptional performance during the forecast period. This expectation from the region is based on the massive investments by governments in India and China to support infrastructural development. More specifically, these countries are aggressively implementing policies and adopting advanced technologies to build sustainable critical infrastructures such as airports and railways, which is likely to spike the demand for exterior wall systems in the region.
In Europe, favorable policies of the European Union (EU) supporting the construction of energy-efficient buildings in the continent are accelerating market growth in the region. In North America, the speedy uptake of highly sophisticated construction technologies and materials will propel regional market growth.
Industry Development:
September 2020: Saint-Gobain announced the takeover of the Dutch external insulation specialist, Strikolith. The acquisition will allow Saint-Gobain to expand its offerings in External Thermal Insulation Composite Systems and construction chemicals in the Netherlands.
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https://www.fortunebusinessins....ights.com/exterior-w
