Facade Market Growth & Trends
The global facade market size is expected to reach USD 336.6 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 6.4% from 2021 to 2028. The market is estimated to witness healthy growth over the forecast period owing to the development of advanced materials with capabilities that offer safety as well as visually appealing texture. Moreover, this exterior building face carries the attribute of both appearance and superior performance in a mode, unlike any other building system, which is expected to fuel the demand for the product over the next few years. The soaring need to lower heating and air-conditioning costs and achieve energy-efficiency is slated to stir up the demand for facades over the coming years. Growing focus on the development of sustainable products is likely to work in favor of the market.
The burgeoning popularity of green buildings and surging demand for high-transparency glasses that allow passage of light, while maintaining heat resistance, are poised to shape the future of the market. The market is projected to witness the application for high-performance and energy-saving solar control facades, which will contribute to higher economic benefits and eco-sustainability. Furthermore, the initiatives and regulations by government bodies, technological advancements, and the need for energy conservation are estimated to propel the market growth over the next seven years. The Green Building Initiative (GBI), a non-profit building assessment and certification organization in the U.S., awards ratings and prescribes principles for reducing the environmental impact. Such principles opted by companies may further spur the growth of the smart buildings industry, thereby stimulating the demand for smart building monitoring through facades.
Incidences of severe building fires have prompted public concern over the safety of facade materials. Facade materials play a vital role in fire safety as it is the outer part of the building that is directly in contact with fire. In addition, it is essential to select the cladding material at the design stage based on material combustion characteristics to significantly protect the buildings from fire. Thus, it is estimated to fuel the overall façade demand globally from 2021 to 2028.
Furthermore, the ongoing COVID-19 pandemic has had an adverse impact on the overall construction and real estate industry and subsequently, hampered market growth. However, with the announcement of economic relief packages across key countries, such as the U.S., India, the U.K., Germany, and others, the demand for facades is anticipated to see notable growth over the next seven years.
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Facade Market Report
Facade Market Report Highlights
- By product, the ventilated facades segment is anticipated to exhibit the fastest CAGR over the forecast period owing to its energy-saving advantages and rich aesthetics
- Various government initiatives towards infrastructure development and a rise in the PPP model are encouraging the construction of commercial properties across the globe, which is subsequently propelling the market growth
- The commercial end-use segment held the leading revenue share in 2020 owing to the significant adoption of façade products for buildings in commercial applications, such as offices, airports, stadiums, and hotels, globally
- Asia Pacific dominated the market with a share of over 35.0% in 2020 owing to the growing construction of new commercial and industrial buildings in China, India, and Southeast Asia
- Several prominent players are strategically concentrating on establishing partnerships and agreements to acquire big projects in order to boost their overall sales and profitability
