The global facades sector is poised for solid growth over the next five years with its market size expected to hit $376 billion by 2026, growing at a compound annual growth rate (CAGR) of 7.8 per cent, according to a new report by Polaris Market Research.
Owing to the need to bring down the cost incurred in heating and cooling buildings, and for achieving power efficiency, the market for facades is gaining traction, stated the report.
According to industry experts, the Asia Pacific region is likely to have the largest market share followed by Latin America. This is majorly due to growing economies in these regions.
The market in the Middle East too is gaining traction owing to the harsh climatic conditions and large construction projects which are being carried out in this region, they stated.
Companies these days are using composite materials which offer strength, and flexibility and can be used to enhance the aesthetic appeal of buildings, it stated.
All these factors are anticipated to drive the demand for facades and the market is expected to grow with a CAGR of 7.8 per cent during the forecast period, it added.
Ventilated facades enjoy the largest market share owing to the factors such as the need for ventilation and soundproofing.
On the other hand, basic materials such as glass and aluminium are favoured in the market due to their availability, light weight and cost, said the report.
Composite materials are also being adopted in the market and are expected to push the market during the forecast period. There has been an increasing demand in green buildings and structures and government from many countries are focusing on building environment-friendly and sustainable structures. Facades are key building components that help achieve these goals, it added.