LONDON, March 26, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Siding Global Market Report 2024, the siding market has experienced robust growth, with projections indicating continued expansion. From $93.88 billion in 2023, the siding market is poised to reach $98.62 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 5.1%.
Steady Growth Driven by Multiple Factors
The siding market is forecasted to see steady growth, reaching $119.58 billion by 2028, attributed to various factors. Energy-efficient building codes, smart siding materials, and the demand for impact-resistant options contribute to market expansion. Additionally, customization needs, urbanization, and aging infrastructure drive demand for siding products.
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Increasing Construction Activities Boost Market Demand
Growing construction activities worldwide fuel the demand for siding materials. Residential, commercial, and infrastructure projects require siding solutions for exteriors. Notably, statistics from organizations like the Australian Bureau of Statistics and Deloitte Touche Tohmatsu Limited highlight the surge in construction spending, driving market growth.
Key Trend: Integration of Poly-Ash Material
A notable trend in the siding market is the integration of poly-ash material, offering enhanced stability and durability. Companies like Westlake Royal Building Products are introducing innovative siding products, such as TruExterior 5/8” Lap Siding, composed of poly-ash. This material ensures dimensional stability and resistance against environmental factors, catering to evolving consumer needs.
Market Segmentation and Regional Analysis
The siding market covered in this report is segmented –
1) By Material: Fiber Cement, Vinyl, Metal, Stucco, Concrete And Stone, Brick, Wood, Other Materials
2) By Application: New Construction, Repair And Maintenance
3) By End-User: Residential, Non-Residential, Healthcare, Education, Hospitality, Retail, Offices, Other End-Users
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Vinyl dominates the material segment, while North America leads in regional market share. Asia-Pacific and Western Europe are expected to be the fastest-growing regions, reflecting increasing construction activities and adoption of siding solutions.
The siding market is witnessing significant growth, fueled by factors like increasing construction activities, demand for energy-efficient solutions, and innovative product offerings. With the integration of advanced materials and customization options, the siding market is poised for continued expansion, catering to the evolving needs of residential, commercial, and infrastructure projects globally.
Siding Global Market Report 2024 by The Business Research Company provides insights on the siding market size, siding market segments, siding market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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