Exterior Wall System Market is Estimated to Witness High Growth Owing to Rising Demand for Energy Efficient Building Construction
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| Exterior Wall System Market |
Exterior
wall systems include components used on the exterior façade of buildings for
various purposes such as cladding, insulation and aesthetics. They usually
consist of composite panels, sidings, insulation materials, louvers and
rainscreens. Exterior wall systems provide weather protection, noise control,
thermal insulation and fire resistance. They enhance a building's energy
efficiency by minimizing heat transfer. The rising demand for green buildings
and growing concerns about energy efficiency are majorly driving the exterior
wall system market.
The global exterior wall system market is estimated to be valued at US$ 162.91
billion in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast
period from 2024 to 2031.
Key Takeaways
Key players operating in the exterior wall system are Etex Group, SCG, Alcoa
Corporation, 3A Composites, Avient Corporation, Louisiana-Pacific Corporation,
Nichiha Corporation, CSR Limited, CRH, Cornerstone Building Brands, Kingspan
Group, Saint-Gobain, Boral Limited, James Hardie Industries, Cemex, Sika AG,
Rockwool International, GAF, Owens Corning, and Häfele.
Major opportunities in the Exterior
Wall System Market Size include
rising construction of green buildings and increasing adoption of innovative
and sustainable construction material solutions. Moreover, growth in
residential, commercial, and industrial construction globally is anticipated to
drive the demand for exterior wall systems.
The Asia Pacific region accounted for the largest share in the global exterior
wall system market in 2021. However, Europe and North America are also expected
to offer substantial growth opportunities owing to stringent energy efficiency
regulations in building construction in these regions. Key players are
expanding their businesses in developed as well as developing countries to
leverage lucrative growth opportunities.
Market drivers
The rising demand for energy efficient and sustainable building solutions is a
major driver for the exterior wall system market. Exterior wall systems enhance
a building's insulation properties significantly by reducing heat transfer which
results in substantial energy savings. Government regulations and building
codes mandating higher insulation and energy efficiency standards are further
boosting the demand. Moreover, the growing construction industry worldwide
particularly in developing economies is anticipated to propel the exterior wall
system market during the forecast period.
PEST Analysis
Political: Exterior wall systems are regulated by building codes that set
minimum standards for material durability, weather resistance and energy
efficiency. These codes are subject to changes that can impact market demand.
Economic: Demand for exterior wall systems depends significantly on the rate of
new home construction and commercial building projects, which in turn rely on
the macroeconomic conditions and levels of business investment in different
regions.
Social: Consumers and specifiers demand exterior wall materials that provide
good aesthetics, curb appeal and brand/status appeal for homes and commercial
properties. Environmental friendliness and sustainability are also increasingly
important social considerations.
Technological: Advances in material science and manufacturing technologies have
enabled the development of high-performance exterior wall systems with improved
weather resistance, thermal/acoustic insulation properties, lifecycle
durability and faster/easier installation methods using two sentence
explanation.
The North American region currently accounts for the largest share of the
global exterior wall systems market in terms of value, supported by continued
demand from the residential and commercial construction industries in countries
such as the United States and Canada.
The Asia Pacific region is projected to be the fastest growing regional market
for exterior wall systems during the forecast period due to the ongoing
construction boom and rising standards of living in developing economies such
as China and India where increased urbanization and infrastructure development
are driving new building activity.
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About Author:
Money Singh is a seasoned content writer with over
four years of experience in the market research sector. Her expertise spans
various industries, including food and beverages, biotechnology, chemical and
materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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