NEW YORK, Jan. 25, 2022 /PRNewswire/ -- The global market for decorative exterior materials is anticipated to witness a growth rate of around 5.4% over the decade. Market growth is anticipated to be attributed by rise in urbanization, growing construction sector, and growth in living standard across regions.
Growing demand for window frames and exterior doors will boost the market over the coming years owing to increment in the construction of residential, institutional, as well as commercial buildings, especially in developing nations. Increase in population in the Asia Pacific region and Africa is also benefiting the consumption rate as growth in population requires more living spaces.
Growth in per capita expenditure in the past few years uplifted the market. People had invested significantly in interiors as well as exteriors all over the globe. Further, this expenditure is anticipated to continue as the net income of individuals keeps rising.
The COVID-19 pandemic impacted market growth to a significant extent in 2020 owing to nationwide lockdowns and restrictions in movement. This put a hold on the construction sector and also the decoration industry. Owing to standstill in the construction of residential, commercial and institutional buildings, consumption of exterior wall materials, furniture, flooring materials also decreased.
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Key Takeaways from Market Study
- Global demand for decorative exterior materials is forecasted to reach a value of US$ 432 Bn by 2031.
- North America is anticipated to remain one of the key markets accounting for around 23% of global market share.
- The automotive exterior segment is anticipated to witness a CAGR of 5.4% over the decade.
- The market in India is expected to grow substantially over the next ten years.
- The commercial segment is anticipated to remain a key end user and account for more than 50% market share by value.
"Key market participants are focusing on strategic expansions and innovations in the industry of decorative exterior materials to boost their annual turnover," says a Persistence Market Research analyst.
Competitive Landscape
The global market for decorative exterior materials has been identified as a fragmented space owing to substantial presence of key market participants along with a large number of small and medium players.
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Some of the key market players included in the report are LX Hausys Ltd., Klöckner Pentaplast Group, OMNOVA Solutions, Inc., ERGIS S.A., AVERY DENNISON CORPORATION, Folienwerk Wolfen GmbH, Mondoplastico S.p.A., RENOLIT, AVI Global Plast Pvt. Ltd., Hanwha L&C, Fine Decor GmbH, RTP Company, Inc., Covestro AG, LyondellBasell Industries Holdings N.V., PROTECHNIC SA, Mitsubishi Chemical Corporation, E.I. du Pont de Nemours and Company, Schüco International KG, and Saint Gobain S.A. Key market participants are expected to maintain a competitive environment all over the globe.
Key market participants are focusing on expansion through acquisitions, collaborations, and entering into emerging economies. They are also focusing on launching new and innovative products that are associated with low carbon emissions.
In September 2021, Schüco International KG entered into an agreement to acquire a majority stake in façade fabricator Alufit.
Conclusion
The global business of decorative exterior materials is projected to witness a significant growth rate owing to the growing construction sector and increasing per capita expenditure.
Rising urbanization is boosting the construction of more residential and commercial buildings, which has bolstered demand for cladding, flooring materials, furniture, doors, and windows. Further, increase in per capita income is also boosting demand for vehicles, which is enhancing the consumption of paints & coatings and laminates used in cars.
Several market participants are focusing on strategic expansions and partnerships to increase their global footprint. Key players are further focusing on increasing their investments in research & development to cater growing demand from end users.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global decorative exterior materials market that contains industry analysis of 2016-2020 and opportunity assessment for 2021-2031.
The report provides in-depth analysis of the market through different segments, namely, application, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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