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The North America Cladding Systems Market Projected to Reach $123.6 Billion by 2032, Driven by Construction Boom and Energy Efficiency Focus

2024-04-10 14:19:31.304000

The North American cladding market is experiencing significant growth driven by a boom in new construction across residential, commercial, and public sectors. Government investment in infrastructure, evolving consumer preferences for energy-efficient and stylish buildings, and favorable lending conditions further fuel this demand. Astute Analytica estimates that the North America cladding systems market is projected to reach $123.6 billion by 2032, up from $66.1 billion in 2023, at a CAGR of 7.21% during the forecast period 2024–2032. The US construction market is valued at $2.1 trillion in 2022 with projections for an average annual growth rate of over 4% between 2024 and 2027. The residential sector is a key part of the cladding systems market, and its performance in 2024 will be strongly influenced by broader economic factors. The global construction industry is expected to experience slower growth of 1.8% in 2023 due to high inflation and tightening monetary policies. Ceramic cladding systems hold a dominant position within the North American market, with over 25.8% market share. The growing prioritization of energy efficiency contributes to the demand for ceramic cladding systems. The North American construction boom drives demand for cladding systems for the wall segment, contributing over 60.9% revenue share. New construction activities are the leading consumer of cladding systems, contributing over 70% market revenue. Key players in the North America cladding systems market include Centria (Nucor), Dow Inc., Kingspan Group PLC, OmniMax International, Inc., Saint Gobain, Rieger Architectural Products, ROCKWOOL A/S, Shildan, Inc., Sto SE & Co. KGaA, Trespa International B.V., and WIEDEHOPF.

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