Wilmington, Delaware, Jan. 27, 2025 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Cladding Market by Product Type (Fiber Cement, Composite Material, Terracotta, Ceramics, and Others), Application (Residential, Commercial, and Industrial), and Type (Exterior Cladding, and Interior Cladding): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the “cladding market” was valued at $248.3 billion in 2023, and is estimated to reach $485.5 billion by 2032, growing at a CAGR of 7.4% from 2024 to 2032.
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Major players in the claddings industry are focused on business expansion strategies to gain the maximum share in the market. This further results in the consolidation of the claddings market.
Prime determinants of growth
In addition, rising focus on energy-efficient and sustainable building practices has increased the adoption of cladding materials that enhance thermal insulation and reduce energy consumption. Technological advancements, such as the development of fire-resistant and self-cleaning cladding systems, further support market expansion by addressing safety and maintenance concerns. However, challenges such as high initial costs and environmental impact of certain materials are expected to hinder the market growth. Despite these challenges, increasing emphasis on eco-friendly and customizable cladding solutions presents significant opportunities for the growth of the market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $248.3 billion |
| Market Size in 2032 | $485.5 billion |
| CAGR | 7.4% |
| No. of Pages in Report | 185 |
| Segments covered | Product Type, Application, Type, and Regions. |
| Drivers | Growing Urbanization and Construction Activities Focus on Energy Efficiency Technological Advancements |
| Opportunities | Eco-Friendly Cladding Solutions Customization and Smart Cladding Systems |
| Restraints | High Initial Costs Environmental Concerns |
The terracotta segment dominated the market in 2023
By product type, the terracotta segment held a dominant position in the claddings market in 2023, attributed to its durability, natural aesthetic appeal, and eco-friendly characteristics, making it a popular choice in both residential and commercial applications. However, the composite material segment is expected to witness the highest growth during the forecast period, driven by its lightweight, versatile, and high-strength properties.
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The commercial segment dominated the market in 2023
Depending on application, the commercial segment dominated the claddings market in 2023, driven by extensive construction activities in office spaces, retail centers, and hospitality projects that prioritize aesthetic appeal and energy efficiency. However, the residential segment is projected to grow at a significant CAGR during the forecast period, fueled by rise in urbanization, increase in demand for modern housing, and shift toward sustainable building practices.
The exterior cladding segment dominated the market in 2023
Based on type, the exterior cladding segment accounted for a more than half market share in terms of revenue in 2023. This dominance is attributed to the widespread use of exterior cladding in protecting buildings from environmental factors, enhancing thermal insulation, and improving architectural aesthetics. However, the interior cladding segment is expected to grow at a significant CAGR during the forecast period, driven by rise in demand for decorative and functional interior solutions in residential and commercial spaces.
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The Asia-Pacific dominates the market share in terms of revenue in 2023
Asia-Pacific accounted for largest market share in 2023, and it is expected to grow at a significant CAGR during the forecast period. This dominance is driven by rapid urbanization, increasing construction activities, and growing investments in infrastructure development across emerging economies such as China, India, and Southeast Asian countries. The region’s rise in demand for energy-efficient and aesthetically appealing building materials further supports market growth.
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Leading Market Players: –
- Armstrong Metalldecken AG
The report provides a detailed analysis of these key players in the claddings market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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