Global Siding Market - Overview

The global siding market is growing at a rapid pace, mainly due to the rising consumer preference to include siding design in constructions. Siding is used in the building exterior to offer extra protection against exposure to the elements, prevent heat loss, and visually unify the facade. Besides, siding improves the durability and aesthetic properties of constructions, making it an irreplaceable modern construction element. 

The burgeoning construction industry is a major driving force allowing its market to increase vigorously.

Moreover, the increasing demand for siding escalates the market on the global platform. According to Market Research Future (MRFR), The siding market ranges from USD 101.7 billion to USD 126.3 billion during the forecast period of 2021 to 2030. The siding market is expected to project at a CAGR of 4.3% during the forecast period of 2021 to 2030. Additionally, the growth in the number of housing projects and various benefits that siding offers increases the demand for siding across the globe. Improving standard of living fuels the demand for home siding, leading to better interior decoration and aesthetic preference. Conversely, the price volatility and demand-supply gap of raw materials required for production are major factors impeding the market growth.

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Global Siding Market – Prominent Players
Compagnie de saint- gobain S.A,West lake chemical,Louisiana pacific corporation,Etex group,SHERA,Nichiha corporation,Boral limited,James Hardie Industries PLC,Cornerstone building brands,Docke extrusion Corporation limited,King span group are global Siding Market key players are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Siding Market.

Market Opportunity:

The global siding industry has seen substantial growth in the last few years. The demand for siding is anticipated to be driven by the upsurge in the number of construction activities and the increasing recognition of their benefits among homeowners. Growth in the number of housing projects worldwide is expected to fuel demand for siding across the globe. The need for new residential building projects is increasing due to the rising urbanization, which is poised to fuel the demand of home siding around the world. In addition, buyers tend to use exterior siding when constructing residential or commercial areas, because it increases a building's esthetic appeal. In addition, there are various benefits, such as longevity, fire resistance , and high thermal performance, which improve the construction of sidings. In addition, with the enhancement of living standards, customers are inclined to better interior decoration and esthetic enhancement, which fuel the demand for interior siding, contributing to the growth of the industry. The need for sidings in the manufacturing and construction sector is on the rise with the growing growth of infrastructure across developing countries. At the other side, the developing countries are moving towards sidings as defensive systems and improving building aesthetics. Major market players are taking key approaches to remain competitive, such as expansion, acquisition and product launches.

But fluctuating raw material prices and high installation costs could hamper market growth.

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Siding Market   - Segments:

The siding market is segmented into material, application, and regions. The material segment is sub-segmented into vinyl, fiber cement, wood, concrete, and others. Among these, the fiber cement siding segment holds the largest market share due to its higher durability compared to the other siding material. With its cost-efficiency and easy installation even in extreme weather conditions, the segment is projected to witness the highest CAGR during the anticipated period.

The application segment is sub-segmented into residential, commercial, and industrial. Among these, the residential segment holds the largest market share due to the rapidly growing population, rapid urbanization, government funding for housing projects, and strong economic growth. The segment is expected to witness tremendous growth during the forecast period.

The commercial sub-segment is further bifurcated into office spaces, healthcare, shopping malls & centers, educational centers, hospitality, and others. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.

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Siding Market   - Regional Analysis:        

North America dominates the global siding market, mainly due to the growth of the construction industry in the region. Besides, the largest market share attributes to the presence of major manufacturers and increasing constructions of commercial buildings in this region. Over the past few years, commercial buildings such as commercial complexes and offices are increasing as the business hubs are turning overpopulated, creating demand for new complexes, leading to market growth.

Asia Pacific is another lucrative market for siding globally. The market growth is driven by the burgeoning building and construction sector in the region. The ever-increasing population in the region demands quality housing as well as futuristic infrastructure, which, in turn, boosts the siding market size. Additionally, rapid urbanization and industrialization contribute to the growth of the regional market.

With the ample availability of raw material and cost-competitive labor force, the region has long been attracting foreign investors and encouraging them to shift their production bases to the region. Furthermore, flexible government regulations on the manufacturing of sliding materials define a large number of production plants in the region, providing an enormous impetus to the market growth.

The European siding market is witnessing moderate growth. Factors such as the augmented market demand due to the increasing expenditure in innovation and growing purchasing power of consumers foster the market growth. Besides, the growing construction industry fueled by the rising population and the resurging economy propels the market growth.

Industry/ Innovation/ Related News:

Aug. 12, 2020 ---- Kaycan (North America), a leading manufacturer of vinyl, aluminum, and engineered wood siding and accessories, announced its vinyl siding recycling initiative in Alberta to reduce unnecessary waste in our landfills. The GreenSENSE R3V program signifies Kaycan’s strong commitment to recycling the damaged vinyl siding from the affected homes.

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