Exterior wall systems allow for weather resistance, insulation, fire protection, and aesthetic facades for commercial and residential buildings. With rapid urbanization around the world, the demand for efficient and durable exterior solutions that withstand climatic changes has increased greatly.
The Global exterior wall system market is estimated to be valued at US$ 200 Billion in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the exterior wall system market are Saint Gobain, DowDuPont, Tata Steel, Arconic, and Westlake Chemical Corporation.
The market provides numerous opportunities such as rising infrastructure investment mainly in developing countries, growing demand for green buildings for eco-friendly facades, and increasing adoption of rainscreen systems for minimized water ingress.
Major players are focusing on strategic partnerships and acquisitions for expanding their global footprint across high growth regions including Asia Pacific, Middle East, and Latin America.
Market Drivers
Rapid urbanization around the world has led to rising construction of residential, commercial, and industrial infrastructure which is the major driver for Exterior Wall Systems Market Size . According to the United Nations, over 68% of the total world population is projected to live in urban areas by 2050 which will augment the infrastructure development and subsequently the exterior wall system market.
PEST Analysis
Political: Construction industry regulations related to building codes and safety guidelines affect the exterior wall system market. Stability in policies support the growth of the market.
Economic: Rising construction activities along with growing residential and commercial building projects is influencing the exterior wall system demand positively. Budget changes can impact constructions.
Social: Urbanization trends and increasing disposable income are prompting people to buy new homes or renovate existing structures using modern exterior wall systems. Demographics and lifestyle changes steer the preferences.
Technological: Advent of innovative materials, automation, and building information modeling (BIM) are streamlining exterior wall installation processes. Integration of internet of things (IoT) enables remote monitoring of structures.
Geographical Regions
The exterior wall system market is concentrated highly in Asia Pacific region in terms of value sales. Factors such as rapid urbanization, growing population, increasing infrastructure development and industrialization are driving the construction activities in countries like China and India. Substantial investments in commercial and institutional projects have augmented the exterior wall system installation volumes.
Fastest Growing Region
North America region is poised to witness the fastest growth in the exterior wall system market during the forecast period. This is attributed to surging renovation and repair expenditures in the residential sector across countries like US and Canada. Rise in home remodeling and retrofitting projects involving modernization of exterior structures using advanced materials will significantly contribute to market revenues.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
