Selbyville, Delaware,, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The siding market is expected to surpass USD 184 billion by 2032, as reported in a research study by Global Market Insights Inc.
The market expansion is driven by an increase in residential and commercial construction. With rapid urbanization and population growth, the demand for new homes and commercial spaces rises, consequently boosting the need for siding materials. As per UN Population Fund, the global population reached 8 billion in 2023, meanwhile the Worldbank.org data states that the global urban population is projected to record 6 billion by 2045.
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Moreover, technological advancements have propelled the innovation in siding materials including engineered wood, fiber cement, and vinyl siding as they offer improved performance and aesthetic options. The integration of smart technologies into siding products, such as energy-efficient coatings and sensors, further enhancing their appeal. The emphasis on energy efficiency and sustainability in construction practices is also shaping the industry dynamics.
The siding market from the wood siding segment is slated to record high demand through 2032, owing to the traditional aesthetics and modern appeal. Homeowners and builders are increasingly drawn to wood siding for its timeless charm, natural warmth, and versatility in design. They provide a sense of authenticity and a connection to nature that resonates with a growing consumer preference for sustainable and eco-friendly construction materials.
The siding market from the shake & shingle siding segment share is poised to grow at substantial rate through 2032, favored by authentic and rustic aesthetic, that creates a timeless and appealing exterior for residential properties. Beyond its visual charm, this siding variant provides excellent durability, with the natural thickness of the shakes offering enhanced resistance to the elements. Moreover, advancements in manufacturing processes have allowed for the creation of synthetic shake and shingle materials, offering the same classic appeal with added benefits of lower maintenance and increased longevity.
Europe siding market size will register a strong growth rate up to 2032, attributed to strict environmental regulations and a burgeoning focus on green building initiatives. Additionally, the historic architectural landscape prevalent in many European regions fuels a demand for siding materials that seamlessly blend modern efficiency with traditional aesthetics. The harsh and varied climates in the region contribute to the necessity for high-performance materials, fostering innovation in the development of weather-resistant and insulating solutions, which positively sway Europe market dynamics.
Some of the leading players in the global siding market are Royal Building Productsm, James Hardie Industries, Novik Inc., LP Building Solutions, Mastic by Ply Gem, CertainTeed Corporation, Boral Limited, Ply Gem Industries, Celect by Royal, Alside, Eldorado Stone, Georgia-Pacific, Versetta Stone and Kaycan Ltd.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Siding industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.3 Material type trends
2.4 Type trends
2.5 Application trends
2.6 End-use trends
2.7 Regional trends
Chapter 3 Siding Market Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Rising Construction Activity
3.2.1.2 Renovation and Remodeling
3.2.1.3 Energy Efficiency Regulations
3.3 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By material type
3.4.2 By type
3.4.3 By application
3.4.4 By end-use
3.5 COVID- 19 impact analysis
3.6 Regulatory landscape
3.7 Pricing analysis, 2022
3.8 Reimbursement scenario
3.9 Technology landscape
3.10 Future market trends
3.11 GAP analysis
3.12 Porter's analysis
3.13 PESTEL analysis
3.14 Impact of Russia Ukraine war
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
