Siding Market Analysis and Size
Over the last few years, the siding industry has grown significantly around the world due to the demand for high-quality building materials in a variety of residential and nonresidential structures, including offices, institutions, and commercial buildings. Furthermore, wood and vinyl siding are more commonly employed in current buildings rather than the more conventional aluminum siding. These factors further accelerate the market expansion over the forecasted timeline.
Global Siding Market was valued at USD 107.65 million in 2021 and is expected to reach USD 154.27 million by 2029, registering a CAGR of 4.60% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Siding is the protective material used in the outer wall to shield the building from the sun, wind, and rain. It keeps the building's temperature stable and stops heat loss. There are numerous siding options on the market, including clapboard, shingles, and horizontal lap and vertical board siding. Their siding enhances buildings' architectural splendor. According to the type of material used, siding can be divided into several categories, including wood, vinyl, stone, fiber, and composite siding. It is referred to as cladding material on the outer wall of large structures and is used as a weatherproofing and decorative material. Residential buildings and studio apartments are in strong demand for these siding materials.
Siding Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Usage of Siding
The siding industry has grown significantly worldwide due to the demand for high-quality building materials in a variety of residential and nonresidential structures, including offices, institutions, and commercial buildings. Furthermore, wood and vinyl siding are more commonly employed in current buildings rather than the more conventional aluminum siding. In order to enhance the texture and architectural beauty of tiny flats and residential buildings, siding is placed on them. It is utilized as a material that is resistant to fire, corrosion and the elements. It is sturdy and long-lasting and is utilized to strengthen the external wall's framework and length of service. The siding materials used to stop water and moisture from entering the walls are clapboard and shingles. The demand for siding materials that can withstand chemical exposure and be utilized as weatherproofing materials to withstand changing weather conditions is rising in the construction industry.
Furthermore, the growing income of people will further propel the growth rate of siding market. Additionally, the growing trend of using siding material to increase the buildings' beauty will also drive market value growth. The market for siding, particularly wood and fiber siding, is being driven by a growth in the population and rapid urbanization globally.
Opportunities
- Government Initiatives and Introduction of Green Siding Materials
Furthermore, the government initiatives for the development of public infrastructure further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the introduction of green siding materials will further expand the future growth of the siding market.
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Some of the major players operating in the siding market are
- Saint-Gobain (France)
- Westlake Chemical Corporation (U.S.)
- Louisiana Pacific Corporation (U.S.)
- Etex Group (Belgium)
- Boral (Australia)
- Georgia-Pacific (U.S.)
- James Hardie Industries Plc (Ireland)
- Kingspan Group (Ireland)
- NICHIHA Co.,Ltd (Japan)
- Cornerstone Building Brands (U.S.)
- SHERA (Thailand)
- Mapei S.p.A (Italy)
- MUHU (China)Construction Materials Co., Ltd. (China)
- Holcim (Switzerland)
- Döcke Extrusion LLC (Russia)
Global Siding Market Scope
The siding market is segmented on the basis of material type, end user and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Material Type
- Fiber Cement
- Vinyl
- Metal
- Stucco
- Concrete and Stone
- Brick
- Wood
- Others
Application
- New Construction
- Repair and Maintenance
End User
- Residential
- Healthcare
- Education
- Hospitality
- Retail
- Offices
- Others
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