New York, US, March 08, 2023 (GLOBE NEWSWIRE) -- Siding Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), Siding Market Information by Material, Application, and Region - Forecast till 2030", By 2030, the siding market is expected to be worth between USD 101.7 billion and USD 126.3 billion. The siding market is estimated to grow at a 4.3% CAGR from 2022 to 2030.
Siding Market Synopsis
Siding is a material used to clothe, cover, and protect the outer walls of a building. Fiber cement, vinyl, bricks, stucco, aluminum, asphalt, and other composite materials are examples of prevalent siding materials. According on the user's needs, they are applied to the roof and walls in a variety of shapes and styles such as clapboard, shingles, shakes, verticals, and panels. Siding enhances a structure's visual appeal while protecting it from extreme weather conditions and fire threats, as well as offering thermal efficiency to keep the temperature inside the building stable.
The increasing number of residential and commercial construction projects around the world is the primary factor driving market expansion. In the building business, there is an increasing demand for long-lasting siding materials that can survive weathering as well as chemical exposure and deterioration. Furthermore, the trend of combining siding materials is gaining pace, in which multiple siding materials with varying textures and qualities are used to offer a distinctive visual value to the building.
Furthermore, improved distribution channels and the availability of a diverse variety of alternatives have enabled vendors to extend their consumer base and cater to diverse requirements. Additional reasons, including government measures to expand public infrastructure and the introduction of green siding materials, are projected to propel the market even further.
Market Competitive Landscape:
The top companies in the siding market are
- Saint-Gobain (France)
- James Hardie Industries Plc (Ireland)
- Westlake Chemical (US)
- Boral Limited (Australia)
- Etex Group (Belgium)
- Kingspan Group (Ireland)
- Georgia-Pacific (US)
- Louisiana Pacific Corporation (US)
- Cornerstone Building Brands (US)
- Nichiha Corporation (Japan)
- Among others.
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| Report Attribute | Details |
| Market Size | USD 126.3 Billion |
| CAGR | 4.3% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material, By Application & Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing population, rapid urbanization, government funding for housing projects, and strong economic growth, |
To address expanding construction demand, major organizations are consolidating the global market by investing in the development of technologically advanced and cost-effective machines. Furthermore, other major rivals are employing aggressive strategies such as mergers and acquisitions, partnerships, and facility development, which will boost market growth in the coming years.
February 2022
Westlake Royal Building Products, a leading manufacturer and distributor of exterior and interior building products in North America, is happy to announce the addition of six new, on-trend colors to its Royal Haven Insulated Siding and Exterior Portfolio's CraneBoard Solid Core Siding lines.
Royal Haven Insulated Siding will introduce three deep, dark colours to its Board & Batten profile, inspired by popular exterior house design trends: Ironstone, Marine Blue, and Urban Bronze. CraneBoard Solid Core Siding from Exterior Portfolio will also get three new dark colors for its Board & Batten profile: Carbon, Indigo, and Peppercorn.
Browse In-depth Market Research Report (107 Pages) on Siding: https://www.marketresearchfuture.com/reports/siding-market-8355
Market USP Covered:
Market Drivers:
Because of the enormous rise in residential buildings around the world, the use of siding in the external walls of these structures is thought to be the primary growth engine for the siding sector. The siding market is being propelled forward by rising infrastructure development in a number of countries. The growing population and need for residential and commercial building construction are driving the market for siding, particularly wood and fiber siding. Increasing demand in the construction industry for siding materials that can withstand chemical exposure and can be used as weatherproofing materials to withstand variations in weather.
The key reason driving the growth of the tower crane renting industry is increased construction activity owing to urbanization. More than 4 billion people reside in urban regions, and it is estimated that by 2050, two-thirds of the population would live in urban areas, contributing to the expansion of this industry. Another reason driving the growth of the tower crane rental market is the increasing tendency of people to move from rural to urban regions due to higher money, which leads to increased demand for compressed work schedules and safety at plant sites.
The Associated General Contractors of America says that the demand for siding in the United States is surging every year by a whopping 12%. Y-o-y expansion due to increasing building quality and new material adhesion material that can withstand change People's rising affluence, combined with the expanding trend of using siding material to improve the appearance of buildings, could be a major growth factor for the siding sector. Furthermore, the wide variety of siding materials available, such as wood, fiber, plastic, and others, provides a number of options and alternatives on the market. As a result, these solutions also act as a growth driver for the siding market.
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Market Restraints:
It is a huge challenge to correctly install the siding market material. If it is not properly installed, the siding product's nature may be lost. The cost of installing siding material is highly expensive, which has become a significant barrier for the market. Because of the labor shortage during the pandemic, moving materials and bringing raw supplies was difficult. As a result, the manufacturing firm is working hard to reclaim its position by increasing production value.
COVID 19 Analysis
COVID-19's impact is expected to persist for a long time. The unexpected lockdown halted major construction and industry sectors. It caused significant disruptions in global production. According to a United Nations (UN) study, the global economy may decrease by up to 1% in 2020, compared to the 2.5% growth previously forecast. Construction and construction are among the most affected industries worldwide by the COVID-19 outbreak. It is related to labor shortages on construction sites, despite the fact that the majority of contractors have completed their work. The inability of workers to complete ongoing residential and commercial construction projects has an impact on the expected percentage of worldwide revenue.
Global governments are collaborating on a worldwide scale, followed by significant market participants. This effort is producing global market investment and financing, which will help to increase the product variety and offset market losses during the pandemic's outbreak in 2020.
Market Segmentation
By Material
The global industry is divided into material segments: vinyl, fiber cement, wood, concrete, and others. The siding market is projected to be dominated by fiber cement. Fiber cement siding is the most popular siding material among consumers because of its inexpensive installation cost and long service life.
By Application
The siding market can be classified into three applications: residential, commercial, and industrial. The commercial sector is further subdivided into hospitality, healthcare, shopping malls and centers, educational centers, office spaces, and others. The residential sector is expected to account for the majority of the market share in the global siding industry. Furthermore, the growing number of home improvement items is likely to raise the global demand for siding.
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Regional Insights
North America's market growth was strong in 2018, and it led the world. This is due to the early initiatives made by the government to promote industry demand. As a result, people in North America began to use siding products for their construction projects.
Nonetheless, there was an increase in population and urbanization in Asia Pacific later in 2019. As a result, the siding market grew steadily. This increase was due to an increase in the food & beverage and healthcare industries. Residential development is expected to rise gradually across Asia Pacific and South America.
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