At 7.5% CAGR, Exterior Wall Systems Market Size to Hit USD

2022-06-15 12:52:48 By : Mr. Ydminer Yu

June 15, 2022 03:15 ET | Source: Fortune Business Insights Fortune Business Insights

Pune, India, June 15, 2022 (GLOBE NEWSWIRE) -- The global exterior wall systems market size was valued at USD 211.41 billion in 2021 and reached USD 223.67 billion in 2022. The market is anticipated to touch USD 370.82 billion by 2029, exhibiting a CAGR of 7.5% during the forecast period. Increasing public and private investments and stringent regulations for energy efficiency and green buildings are likely to influence the exterior wall systems market growth. Fortune Business Insights™ provides this information in its report titled “Exterior Wall Systems Market, 2022-2029.”

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Halt on Construction Activities Impeded the Market Growth

This exterior wall systems market was negatively affected during the pandemic due to restrictions imposed on construction activities. The alarming spike in COVID-19 cases led to the closure of construction activities. The closure of activities led to huge losses, thereby restricting growth opportunities. However, the resumption of activities post-COVID-19 allowed manufacturers to resume activities and balance their costs. The adoption of automated production techniques and social distancing enabled manufacturers to recover their costs. These factors may allow the industry to grow positively.

Curtain Wall Segment to Dominate Market Share Owing to Strong Adoption from Construction Sector

By type, the exterior wall systems market is segmented into ventilated façade, curtain walls, and non-ventilated façade.

Curtain wall is expected to be the dominant segment due to its strong adoption in the construction sector. Its minimal fabrication time and short construction time are expected to enhance its adoption.

Glass Panel Segment to Dominate Owing to its Superior Properties By material, the exterior wall systems market is segmented into ceramic tiles, vinyl, gypsum/plasterboard, glass panels, EIFS, fiber cement, wood board, HPL board, fiberglass panel, bricks & stone, and others.

The glass panel segment is expected to dominate the market share due to its superior properties and aesthetic. Further, the introduction of smart glass is expected to enhance opportunities for this industry.

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Non-Residential Segment to Hold Dominant Share Attributable to Increasing Construction Infrastructure Globally

By end-use, the exterior wall systems market is bifurcated into residential and non-residential.

The non-residential segment is expected to hold the dominant market share due to the rising number of construction projects worldwide. This factor may promote the growth of the industry.

Geographically, the exterior wall systems market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

The report provides a detailed analysis of the top segments and the latest trends in the exterior wall systems market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Increasing Construction Projects Globally to Elevate Market Growth

Exterior wall systems are enclosures or an envelope of a building designed to shield the interior from the external environment. Increasing construction projects are expected to enhance the materials’ adoption. Furthermore, the rising demand for the product from several modern construction projects is expected to enhance its sales. Moreover, the rising awareness regarding significant energy conservation of exterior wall systems is expected to enhance adoption. These factors may drive the exterior wall systems market growth.

However, stringent government regulations regarding carbon emission levels are likely to restrict the exterior wall systems market growth.

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Large Construction Projects in Developing Countries to Boost Market Growth in Asia Pacific

Asia Pacific is projected to dominate the exterior wall systems market share due to large construction projects. The market in Asia Pacific stood at USD 86.83 billion in 2021 and is expected to grow positively during the upcoming years. Furthermore, rising infrastructure projects, such as Beijing’s Daxing International Airport and the Shanghai Urban Rail Transit Expansion projects, are likely to elevate the industry growth.

In Europe, the increasing trends of green buildings and energy efficiency are expected to enhance exterior wall systems' adoption. These factors may propel the industry growth.

In North America, the adoption of advanced construction is expected to enhance sales. Furthermore, the rising inclination toward dry construction practices may bolster the industry growth.

Companies Undertake Expansion Strategies to Improve Brand Image Globally

Prominent companies operating in the market announce expansions to enhance their brand image and gain a huge consumer base. For example, Evonik Industries undertook an expansion strategy of its product portfolio for high-performance, non-combustible, and mineral-based insulation materials for flat roofs, vented curtain walls, façade elements, and balconies to optimize buildings in December 2021. Furthermore, the adoption of research and development may allow companies to incorporate better materials. Moreover, companies opt for automated production techniques to enhance their market position.

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