“Increase in the infrastructural and construction activities are projected to drive the overall growth of the siding market across the globe from 2019 to 2024”
The siding market is projected to grow from USD 72.9 billion in 2019 to USD 93.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 5.0% from 2019 to 2024. The global siding market has witnessed high growth primarily due to the increasing infrastructure and construction activities worldwide. Not only these systems protect the building structure, but they also enhance the appearance of a building. Rebound in residential construction is expected to increase the demand for the siding.
“In terms of value, the fiber cement siding segment is projected to grow at the highest CAGR during the forecast period.”
The fiber cement segment of the siding market is projected to grow at the highest CAGR during the forecast period, in terms of value. Fiber cement material is used mainly for siding applications such as in residential, and non-residential buildings and can last up to 50 years. Fiber cement siding is affordable and is installed in regions having extreme weather conditions. It can expand and contract because of its unique composition. The fiber added to the cement makes it stronger and more durable. It also prevents cracks from appearing on the surface. Fiber cement is seen as a replacement for asbestos cement, which has carcinogenic effects on human health.
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“In terms of both value and volume, the residential segment is projected to lead the siding market from 2019 to 2024.”
Growth of residential segment in the siding market is attributed primarily to the favorable and lenient lending policies initiated by governments across all regions, which is driving the sales of residential construction projects. The residential construction spending is estimated to increase, particularly in the emerging Asia Pacific and Latin American regions as there is a trend of urbanization observed in these regions, resulting in a much higher growth rate for the residential construction market, than in developed markets.
“In terms of value, the North American siding market is projected to contribute to the maximum market share during the forecast period.”
In terms of value, the North America region is projected to lead the siding market from 2019 to 2024 due to the strong demand from countries such as the US and Canada. The demand is driven by the willingness of companies in the region to take up capital-intensive projects, along with the availability of technical expertise. Strong government support further aids the growth of the siding market, as the demand for these products will increase. Government initiatives such as the Home Renovation Tax Credit and Home Energy Loan Program (HELP) allow homeowners to install the energy-efficient siding.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the siding market.
- By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
- By Designation: C-Level: 25%, D-Level: 35%, and Others: 40%
- By Region: North America: 20%, Europe: 35%, Asia Pacific: 25%, Middle East & Africa: 15%, and South America: 5%
The siding market comprises major manufacturers such as Louisiana Pacific Corporation (US), James Hardie Industries PLC (Ireland), Boral Limited (Australia), Nichiha Corporation (Japan), and Etex Group (Belgium).
- The market study covers the siding market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on the type, end-use industry, and region.
- The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the siding market.
Key Benefits of Buying the Report
- The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall siding market and its segments and subsegments.
- This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
- The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.