Market Trends of Facade Industry
Asia-Pacific is Witnessing Significant Growth
Asia-Pacific is experiencing a significant number of construction projects, and the region is widely focusing on external wall beautification and energy efficiency factors, these factors are driving the installation of the facades in the country. In addition, rapid urbanization in developing countries such as India, Japan, China, etc. driving the demand for façade installations in the region. For instance, in September 2022, China unveiled the world’s most twisted towers, also known as the Dance of Light skyscraper. This 180-meter tall tower was enveloped with facades.
Moreover, façade installations are gaining traction in the region, majorly due to increasing commercial and residential property development. For instance, in December 2022, China Evergrande Group planned to resume its work on 631 pre-sold and undelivered projects to meet its property delivery charger. In addition, the property developer delivered more than 256,000 units between January to November of 2022, and they expect to deliver nearly 300,000 units by the end of 2023.
Meanwhile, façade greening is witnessing significant growth in the region. In addition, India and Japan are actively adopting façade greening techniques to reach their sustainability targets. In addition, to create a quality of life against rising temperatures due to climate change and building densification, façade greening plays a vital role in urban areas. Moreover, the green office concept also promotes the façade greening technology. In 2022, as per industry experts, Tokyo, Japan, had the largest inventory of green offices among the 12 Asia-Pacific areas. Also, Tokyo owns nearly 9 million square meters of environmentally certified office spaces.
Commercial Sector is Driving the Facades Installation
Most countries are focusing on developing commercial buildings and office spaces that are energy efficient. In the upcoming years, it is anticipated that increased spending on the renovation of aging office buildings will increase demand for façade installations. A growing need for aesthetic appearance in commercial buildings has emerged in recent years, which has fuelled the expansion of the façade market.
Moreover, commercial and industrial witnessed significant growth despite the recession. In addition, the United States construction sector has outperformed Canada and Mexico over the past 18 months. Meanwhile, North America and Europe regions are experiencing a significant number of commercial projects. For instance, in Q2 2022, construction of the Keystone Trade Center was started in the United States, and the Eight Office Tower was started, which involves the construction of 50,167 square meters and a 25-story office tower in Bellevue, Washington. etc., these projects will boost the façade installations.
Furthermore, the commercial sector in the European region is witnessing a positive number of investments, resulting in the construction of new projects, further driving the façade installation market. However, in Q1 2022, cross-border real estate transactions increased. In addition, the EMEA region, consisting of Europe, the Middle East, and Africa, received the largest volume of cross-border transactions, amounting to USD 36.4 billion. Thus, the growing commercial sector across the globe will create a huge opportunity for façade manufacturers.
