The global facades market is expected to reach USD 337.8 billion by 2025, according to a new report by Grand View Research, Inc. The facades market is anticipated to grow swiftly over the forecast period owing to the development of advanced materials with capabilities that offer safety as well as a visually appealing texture. The industry is governed by the following six key trends:
Facades combine the attribute of both appearance and superior performance in a mode unlike any other building system, which is anticipated to drive product demand significantly over the next few years.
The key factor expected to drive the facades industry is the need to lower heating & air-conditioning cost and achieve energy-efficiency. This trends in reducing the cost are projected to result in the development of sustainable products over the forecast period.
The popularity of green buildings, demand high-transparency glass that allows in light, while maintaining heat-resistance. The forecast period is expected to witness the application for high-performance, energy-saving and solar control facades contributing towards higher economic benefits and eco-sustainability. This has resulted in demand for triple-glazed facades, which have a lower u-value in comparison to double glazed structures.
Further key findings from the report suggest:
- The facades market was valued at USD 179.7 billion in 2016 and is expected to grow at a CAGR of over 7.3% over the next eight years owing to a rise in construction related activities in the U.S., China, Japan and India
- The ventilated facades market is expected to witness a healthy growth at a CAGR exceeding 6.5% over the forecast period owing to benefits they provide in terms of energy saving and rich aesthetics.
- Several government initiatives toward infrastructure development and the rise in PPP model enhance the construction of commercial properties across the globe, which has subsequently attributed to the growth of the facades market.
- The commercial end-use segment was the dominant segment in 2016, and the facades’ demand across this sector is expected to increase over the forecast period, owing to several benefits offered by the facade system, such as acoustic insulation, thermal insulation, and natural ventilation.
- Asia Pacific dominated the market with more than 30% revenue share in 2016, wowing to growing construction of new commercial and industrial buildings in China, India, and South-East Asia over the next few years.
- Key players such as Ametek Inc., Franklin Electric Co., Asmo Co. Ltd., and ABB Ltd. dominated the market in 2016 with their emphasis on expanding market presence through mergers and acquisitions.