The global facades sector is poised for solid growth over the next five years with its market size expected to hit $376 billion by 2026 growing at a CAGR of 7.8 per cent, according to a new report by Polaris Market Research.
Owing to the need to bring down the cost incurred in heating and cooling down the buildings, and for achieving power efficiency, the market for facades is gaining traction, stated the report.
According to industry experts, Asia Pacific region is likely to have the largest market share followed by Latin America. This is majorly due to growing economies in these regions.
The market in the Middle East too is gaining traction owing to harsh climatic conditions and large construction projects which are being carried out in this region, they stated.
According to Polaris, there has been a substantial rise in the commercial buildings development such as malls, offices, multiplexes, technology parks and hotels in countries such as India, China and Brazil.
These buildings demand energy efficient solutions which are cost effective and can reduce the overall cost for air conditioning and heating.
Companies these days are also using composite materials which offer strength, and flexibility and can be used to give a good appearance to the buildings, it stated.
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, it added.
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 aluminum are favored in the market due to availability, light weight and cost, said the report.
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, it added.
In the recent years, the worldwide facade market has displayed a huge development. Pushed by the rising interest for alternative energy sources through business and private infrastructure development, the market has grown at a high pace.
This is attributable to the most recent technical progressions, which prompted the boost of power saving façade materials. As a result, the market is presumed to expand extensively as the infrastructure activities are seen to be developing at a vigorous pace.
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 added.