Fiber Cement Rainscreen Panels Market Trends
Growth Drivers
- Rising Concern About Environmental Changes – The rising concern about the increasing global carbon footprint and rapidly depleting natural resources are creating opportunities for those products that are environmentally friendly and can reduce future emissions, address global warming, and preserve the environment. According to the findings, the construction industry is the major employer of the world’s raw materials and natural resources and is responsible for 39% of the world’s carbon emissions.
- Increasing Investment in Energy-Efficient Buildings – With the growing consumer attention and stringent expectations to meet the net zero by 2050 goals, the worth of investments in energy-efficient buildings worldwide is expanding. In 2022, the global investment in energy-efficient buildings touched more than USD 200 billion. These panels result in the reduction of energy consumption through thermal insulation and minimized heat loss.
- The Innovations in Architectural, Engineering, and Construction Industries – The augmenting urbanization and the increasing standard of living of people worldwide are raising the bar for designing the fine architecture of a building with the application of more appealing, aesthetic, and advanced materials in new construction. These modifications are anticipated to propel the demand for fiber cement rainscreen panels in the construction & building sector.
Challenges
- High Cost – the upfront cost of fiber cement rainscreen panels is expensive as the material is more complex and challenging to work with. The hike in the rate of the overall installation cost is a major restraining factor hampering the market growth.
- Problems of Panel Damage, Rot, and Molds
- Lower Awareness About Advanced Materials
Fiber Cement Rainscreen Panels Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
13.4% |
|
Base Year Market Size (2024) |
USD 15.41 billion |
|
Forecast Year Market Size (2037) |
USD 79.03 billion |
|
Regional Scope |
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