Polaris Market Research says that sector will see consistent growth of 7.8% CAGR over the next five years
The global facades sector is set to see consistent growth over the next five years with its market size expected to hit $376 billion by 2026, growing at a CAGR of 7.8%, a new report by Polaris Market Research has found.
According to the report, the market for facades is gaining traction due to the need to bring down the cost incurred by heating and cooling buildings, and to achieve power efficiency. The Asia Pacific region is likely to have the largest market share, followed by Latin America, mainly due to the growing economies in both regions, it added, citing industry experts.
The Middle Eastern market is also gaining traction owing to harsh climatic conditions and large construction projects being carried out in the region, it continued. The report also pointed out that there has been a substantial rise in the development of commercial buildings, such as malls, offices, multiplexes, technology parks, and hotels in countries such as India, China, and Brazil.
These buildings demand energy efficient solutions that are cost effective and can reduce the overall cost of air conditioning and heating, it explained, highlighting the use of composite materials that can offer strength and flexibility, while also giving a good appearance to buildings.
“All these factors are anticipated to drive the demand for facades and the market is expected to grow with a CAGR of 7.8% during the forecast period,” the report said.
“Construction companies are installing facades to achieve this, thus achieving large cost cutting. This has pushed the market for facades significantly.
“Ventilated facades market has the largest market share owing to the factors such as heat ventilation and soundproofing. On the other hand, basic materials such as glass and aluminium are favoured in the market due to availability, light weight, and cost,” it added.
“Composite materials are also being adopted in the market and are expected to push the market during the forecast period. There has been an increasing demand in green buildings and structures and government from many countries are focusing on building these green structures. Facades are used by different construction companies to achieve these goals.”
Globally, North America and Europe have a considerable market share owing to redevelopment projects. Implementation and adoption of smart cities and smart buildings globally has significantly pushed this market, it concluded.