(MENAFN- GlobeNewsWire - Nasdaq) The rain gutter market size is projected to reach US$ 10.75 billion by 2031 from US$ 7.66 billion in 2023 to register a CAGR of 4.3% during 2023–2031.
US & Canada, Oct. 23, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners,“Rain Gutter Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Material Type (Aluminum, Steel, Vinyl, and Others), Application (Residential, Commercial, and Industrial), and Geography”, the global rain gutter market is observing significant growth owing to increasing investment in rainwater harvesting by residential and commercial building contractors and owners. Browse Detailed Insights:
Global Rain Gutter Market experiences growth owing to increase in demand for rainwater harvesting owing to water scarcity problem around the globe.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the rain gutter market made from wide range of material types such as aluminum, steel, vinyl and others.
Overview of Report Findings:
Market Growth: The global rain gutter market share is expected to reach US$ 10.75 billion by 2031 from US$ 7.66 billion in 2023, at a CAGR of 4.3% during the forecast period. Rainwater harvesting is widely adopted globally as it allows the collection of large amounts of water and mitigates the current water scarcity problems in various countries. Rainwater harvesting is adopted by most of the residential and commercial construction companies and contractors to solve the water scarcity problems. Most rooftops have the necessary platforms and rain gutter systems for collecting rainwater. Rainwater is freely available and can be utilized for various household purposes.
Consumers have become environmentally conscious and prefer eco-friendly and sustainable materials, owing to increased awareness of carbon footprint. As a result, the manufacturers are using sustainable materials such as aluminum and steel to develop rain gutters. For instance, in April 2024, Rainclear Systems launched its new infinity ZM steel gutters. The steel used in this new product is coated with zinc, aluminum, and magnesium to provide better corrosion resistance and survive harsh environments.
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Growing Adoption of Do-it-Yourself Rain Gutter Systems: The do-it-yourself (DIY) trend is growing rapidly across industries; the rain gutter industry is one of them. Rising inflation and growing awareness of the DIY concept among Gen Z and Millennials are contributing to the growing DIY trend. As per the survey conducted by Today's Homeowner Media in 2023, approximately 71% of the respondents stated that the adoption of DIY projects was due to increased inflation. In addition, owing to increased exposure of consumers to DIY and how-to-videos, the preferences for DIY projects have increased, ultimately driving the demand for DIY rain gutters.
Increasing Residential and Commercial Construction Activities Worldwide: The residential and commercial sector construction activities are growing rapidly owing to the increasing urbanization. For instance, according to the Insight Partners Insights, the global construction output increased by 3.2% in 2023 compared to 2022. The construction industry's future is promising due to population growth and urbanization, resulting in opportunities for nonresidential, residential, and infrastructure sectors.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. Europe is expected to register the highest CAGR during the forecast period.
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Market Segmentation:
The global rain gutter market is segmented based on material type and application.
Based on material type, the rain gutter market is segmented as aluminum, steel, vinyl, and others.
Based on application, the rain gutter market is segmented into residential and commercial.
The rain gutter market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Competitive Strategy and Development:
Key Players: A few major companies operating in the global rain gutter market include Lindab AB; Cornerstone Building Brands Inc.; Seamless Aluminium Group; RHEINZINK; Plastmo A/S; Marley Deutschland GmbH; Areco; Guttercrest LTD; Englert Inc; Euro Guard Hysquare; Alside; OmniMax International, LLC; Gibraltar Building Accessories Division; Spectra Gutter Systems; and Schluter-Systems KG.
Trending Topics: Scaffolding Market, Facade Market, Rainwater Harvesting Market, Waste Water Treatment System Market.
Global Headlines on Rain Gutter:
"ARP announced the launch of its new steel guttering range, offering stunning galvanized steel gutters and downpipes as well as stylish copper and colored finishes."
"Ruukki Construction, part of SSAB group, is launching the innovative Siba Tech rainwater system in Poland. Suitable for both residential and non-residential buildings, the deep gutter rainwater system is the first steel solution on the market that combines the advantages of half-round and square gutters. The unique design enables an aesthetic and effective solution for controlled drainage of rainwater from roof and building structures."
"Associated Materials (the“Company”) and SVPGLOBAL, a global investment firm with over $18 billion of assets under management, jointly announced that funds managed by SVPGLOBAL completed the acquisition of Associated Materials."
"Boxwood Partners – a leading boutique middle-market M&A advisory firm –announced the sale of The Brothers that just do Gutters to Evive Brands, LLC, a portfolio company of The Riverside Company."
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The US, Canada, and Mexico are the major nations contributing to the growth of the rain gutter market in North America. In the US, the demand for rainwater harvesting technologies is widely generated by residential, agricultural, commercial, municipal, industrial, and institutional end users. Government policies and regulations in terms of the proper application of harvested rainwater to lower the occurrence of waterborne diseases and proper usage of rainwater for agricultural and industrial applications are the major factors boosting the growth of the rain gutter market in the US.
The emphasis on rainwater harvesting, the surge in requirement for water retrieval and reuse technologies, and the increase in the number of manufacturing plants are driving the demand for rain gutters in the US. The presence of key rain gutter manufacturers such as Cornerstone Building Brands; Englert Inc; Alside; and OmniMax International, LLC is positively impacting the rain gutter market in the US.
Texas, California, Arizona, Iowa, and Illinois are among the major US states with government-supported incentives for rainwater harvesting. For instance, Texas offers a number of government-assisted incentives and programs for rainwater harvesting, including Texas Tax Code section (§) 11.32. Texas Tax Code §11.32 of the Texas State Legislature permits a tax exemption to be offered for part or all the assessed property value on which water conservation initiatives such as rainwater harvesting are made. Santa Rosa (a city in California) offers various residential and commercial rebates and incentives for water conservation. Residential rainwater harvesting rebates offer a US$ 0.25 per gallon cash value return. The water district of Southern California offers rebates for rain barrels and cisterns from US$ 35 up to US$ 350 across its counties, such as Los Angeles, Orange, San Diego, Riverside, San Bernardino, and Ventura.
The country has witnessed rapid development in the industrial sector, including manufacturing facilities, which is contributing to the growing applications of rain gutters in the US. As per the report by the US Census Bureau, till June 2022, the US Department of Housing and Urban Development sanctioned ~1,800,000 permissions for new residential constructions across the US, which is likely to boost the use of rain gutters.
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Apart from the growth in overall DIY preferences, the use of lighter materials such as vinyl and PVC is further leading to the growing adoption of the DIY concept globally. In addition, continuous growth in home improvement and DIY tools in emerging countries such as India and China is currently driving the demand for DIY rain gutters. For instance, as per the data published by Forbes Global Properties in September 2023, China is leading the home improvement and DIY tools. Consumers in China spent approximately US$ 711 million on DIY tools. Due to strong economic growth, the expenditure on DIY tools and home improvement has also increased in India. Increased spending on DIY tools indicates increased preferences for DIY projects. PVC rain gutter is low-priced and lightweight compared to all other materials; thus, it is becoming a preferred material for DIY projects.
Many key players in the market are focusing on developing new materials for consumers. For instance, in April 2024, the CNP Plastic Industry Company Limited, which produces vinyl rain gutters and roof sheets, announced product development activities for developing innovative products made up of vinyl. Such growing DIY spending, the demand for rain gutters is projected to bolster the rain gutter market size in the coming years.
The rising population worldwide has been propelling the growth of the residential construction sector globally. The rising demand for rainwater harvesting among various European nations is also supporting the growth of the construction sector. As per the European Commission, Germany has the highest rainwater reprocessing and recycling rate. A massive amount of rainwater from public facilities or private households is discharged into nearby sewage treatment plants for processing. Every year, in the country, ~5 billion cubic meters of rainwater is collected by the private household sector.
Population growth and climate change are expected to severely impact the aging water infrastructure globally. Hence, different countries are integrating novel technologies into their existing infrastructure. The trend is expected to substantially push the rain gutter market growth across different regions in the coming years. Moreover, a rise in permits for constructing residential buildings and fluctuating climatic conditions are responsible for the growth of the global rain gutter market.
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Conclusion:
The manufacturers of rain gutters rely on local contractors and installation laboratories and do not have a permanent workforce. It is difficult for rain gutter manufacturers and contractors to get qualified and professional gutter installers in their areas. The cost of labor and materials is constantly rising, which creates difficulties in maintaining competitive pricing and affects profitability. According to a few market players, their expansion efforts have been scaled back because they cannot find skilled workers for gutter work. Thus, high competition and difficulties in getting qualified workers are hampering the growth of the rain gutters market.
The report from The Insight Partners, therefore, provides several stakeholders-including component providers, system technology integrator, system manufacturers and others-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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