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 global Siding market was valued at USD 100.1 BN in 2018, which is expected to grow at a 4.4% CAGR during the forecast period (2022-2028).
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.
Global Siding Market – Segmentation
The siding market Size 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.
Global 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.
Global Siding Market – Competitive Analysis
Fiercely competitive, the siding market appears fragmented with many well-established players. Mergers acquisitions, collaboration, brand reinforcement, and innovation remain popular trends for the key players. Leading players make substantial investments locally and in emerging countries to expand their production capacity, distribution network, and supply chain.
Major Players:
Key players leading the global siding market include James Hardie Industries Plc (Ireland), Saint-Gobain (France), Westlake Chemical (US), Etex Group (Belgium), Boral Limited (Australia), Kingspan Group (Ireland), Louisiana Pacific Corporation (US), Georgia-Pacific (US), Cornerstone Building Brands (US), and Nichiha Corporation (Japan), among others.
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.
