The Cladding Market is being driven by Growing construction and infrastructure development activities
The Cladding Market is expected to grow at a CAGR of 7.68% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 131.95 billion. In the dynamic global cladding market, mergers and acquisitions are strategic moves adopted by key players to expand their market presence, enhance product offerings, and broaden geographic reach. Notable vendors are acquiring other market participants to enrich their product portfolios and extend the distribution of their product lines internationally. For instance, in January 2023, National Timber Group completed the acquisition of NORclad, a leading fire-rated timber cladding manufacturer, to expand its product range and geographical footprint. Similarly, in January 2022, SKF finalized the acquisition of Laser Cladding Venture n.v., an additive manufacturing company based in Belgium, to strengthen its product portfolio and improve its global reach in the advanced cladding technology sector.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Steel, Aluminum, Composite materials, Fiber cement, Others) End-user (Residential, Industrial, Commercial, Offices, Institutional) Geography (APAC, North America, Europe, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Cladding Market Research Report
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The cladding market encompasses various aspects, including terracotta cladding installation and maintenance, energy-efficient cladding solutions, cladding renovation and certification, sustainable cladding trends, cladding inspection and compliance, cladding materials and regulations, cladding warranty and aesthetics, cladding manufacturers and economic developments, fire-resistant and lightweight cladding systems, cladding quality and design, cladding suppliers and costs, cladding innovation and performance, cladding technology and lifespan, cladding applications and durability, exterior cladding for buildings, residential and house cladding options, and vinyl, fiber cement, brick, metal cladding, and rain intensity considerations.
The global cladding market is a significant segment of the broader building products industry, encompassing companies that manufacture various building components such as windows and doors, flooring, ceiling and wall fixtures, roofing and gutter materials, insulation materials, cabinets, plumbing fixtures, and home improvement products and equipment. According to Technavio, the size of the global building products market is determined by the combined revenue generated by these manufacturers. Key growth drivers for this market include the expansion of the construction sector, which is experiencing significant momentum in both developed and emerging economies, as well as consumer trends prioritizing building safety, durability, energy efficiency, and industrial development. Building codes and regulations also play a crucial role in market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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