NEW YORK -- The global facades market size is estimated to grow by USD 133.9 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 8.1% during the forecast period. Rising residential construction and infrastructural activities is driving market growth, with a trend towards rise in population and urbanization in emerging economies. However, high raw material and installation costs poses a challenge. Key market players include Alania Building Systems Pty Ltd., Architectural Glass and Aluminum, Asahi India Glass Ltd., Compagnie de Saint Gobain, DANPAL, Etex NV, Everite Building Products Pty Ltd., First African, James Hardie Europe GmbH, Kingspan Group, Knauf Insulation, Nichiha Corp., Nippon Sheet Glass Co. Ltd., RPM International Inc., SHERA Public Co. Ltd., Sika AG, Sto SE and Co. KGaA, Terraco Holdings Ltd., USG Boral, and Vietnam building material.
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Market Driver
The construction industry's expansion, driven by urbanization and infrastructure investments, fuels the demand for facade systems in both residential and non-residential buildings. Emerging economies, such as India, China, and Russia, are expected to increase their use of thermal insulation materials. India's commercial construction sector growth, fueled by foreign investments and rising GDP, will drive the global facades market. Moderate growth in commercial space construction in Thailand, the Philippines, Laos, and Singapore will also contribute to market growth. Consumers in these economies, with higher disposable incomes and changing lifestyles, are remodeling buildings to meet energy-efficient norms.
The Facades Market is currently experiencing significant growth, with a focus on advanced technologies and sustainable materials. Apparent trends include the use of cutting-edge materials like fiber cement and ultra-high performance concrete. Buliding companies are also investing in energy-efficient facades to reduce energy consumption and meet green building standards.
Classical designs are making a comeback, with an emphasis on creating visually appealing and durable facades. Additionally, the use of digital technologies such as 3D modeling and BIM software is becoming increasingly popular for designing and constructing facades. Overall, the Facades Market is evolving to meet the demands of modern architecture and sustainable construction practices.
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Market Challenges
- The facades market faces significant challenges due to rising raw material costs. Prices for metals, natural stone, wood, tiles, and glass have increased, primarily due to a demand-supply imbalance. The US, a major lumber exporter, struggles to meet increased demand from China and Southeast Asian countries, leading to higher lumber prices.
- Additionally, the tight supply of raw materials for glass and metal manufacturing contributes to their price hikes. These cost increases, coupled with transportation and labor expenses, pose substantial challenges for the facades market during the forecast period.
- The Facades Market faces several challenges in the industry. One major challenge is the requirement for high durability and resistance to various weather conditions. Another challenge is the need for energy efficiency and sustainability in facade designs. Additionally, the increasing demand for aesthetic appeal and unique designs adds complexity to facade projects.
- Regarding raw materials, the availability and cost of bricks, facade materials, and glass are significant factors. Furthermore, the installation process can be intricate and time-consuming, requiring skilled labor and precise execution. Lastly, maintaining the quality and longevity of facades is essential to ensure customer satisfaction and repeat business.
