EXTERIOR WALL SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America has been dominating the global exterior wall system market for a long time. The region is expected to hold 42.2% of the market share in 2024, owing to a well-established construction industry and the presence of major players in the region. The U.S. accounts for the largest share within the region primarily due to the increasing construction of commercial buildings over the years. Various states have implemented strict building codes regarding the energy-efficiency of building envelopes that uses products like insulated metal panels, EIFS, and stucco among others. This has spurred the demand for such advanced exterior wall systems from contractors. Moreover, home owners are increasingly opting for these premium solutions to reduce heating and cooling bills over the lifespan of properties.

The Asia Pacific exterior wall system market has emerged as the fastest growing regional market driven by ongoing infrastructural development activities, rapid urbanization and rising disposable incomes. China alone contributes more than half of the total regional demand led by staggering investments in new construction projects related to transportation, airport terminals, SEZs, and hospitality sector. Both domestic as well as international brands have set up their manufacturing hubs in China to serve the colossal requirement. In India, government initiatives such as ‘housing for all’ and ‘smart cities’ mission coupled with expanding real estate and construction industries have augmented the exterior wall system sales volume significantly in India. Notable industry participants in the market maintain stringent quality standards and offer extensive design consulting services to architectural firms. This allows them to charge premium pricing for their solution portfolio compared to other regions. On the other hand, pricing in Asia Pacific remains economical owing to low labor and material costs, which entices many global players to outsource their production facilities to China and other Southeast Asian countries. Robust construction spending in Asia Pacific is attracting several foreign companies to establish local manufacturing presence through joint ventures with regional players or by green-field projects. This will intensify the competition while forcing local suppliers to upgrade their product offering.