Siding Market Research Report - Global Forecast 2027

Siding Market Information: by Material (Vinyl, Fibre Cement, Wood, Concrete and others), Application (Residential, Commercial and Industrial) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2027

ID: MRFR/CO/6883-HCR | February 2021 | Region: Global | 107 pages

Siding Market Overview

The siding market ranges from USD 101.7 billion to USD 126.3 billion during the forecast period of 2019 to 2024. The siding market is expected to project at a CAGR of 4.3% during the forecast period of 2019 to 2024. The rise in infrastructural development along with the increase in population can never resist the growth of the market. From the market analysis, it has been marked that the growth of indisposable income of the people along with their adopting the latest siding market trends has beautified the market scenario. The siding market has opened various options along with various other alternatives so launched has flourished the market. The market section comprising various products has increased the market value and also has brought the year-to-year progress thus reshaping the market size during the forecast period.

COVID 19 Analysis

The growth of the siding industry was disrupted during the times of COVID. Due to the strict regulations like lockdown imposed by the government, a decrease in demand from the construction site was marked. The widespread of this virus has severely affected the export and import business thus affecting the market growth. Due to the outbreak of COVID, the rise in demand for raw materials gave a negative tilt towards the market. The market value was affected as the government imposed a shutdown where the prohibition of traveling was imposed, thus affecting the trade and the e-commerce of the industry. Another strict rule of home quarantine affected the production of these materials. The demand of consumers and the consumption has minimized the sale of products.

  The government took various initiatives only to protect the nationwide people from such dangerous viruses.

Market Dynamics

  • Drivers- the rise of construction activities, growth in repair and maintenance of exterior parts of the building, and the expansion of the hospitality industry are the most driving factors of the siding market. An increase in the adoption of fiber cement siding steers up the siding market sizeUsing good insulation sidings drives the market growth because it minimizes the use of energy by air conditioners and heaters. The rise of residential and non-residential commodities along with the enhancement of infrastructural activities act as lucrative driving factors for the siding industry.

  • Opportunities- use of durable materials protects the building from being affected by the chemicals and prevents deterioration thus increasing the siding market value and raising its opportunities. Some hotels or other mortals if they use ultra-luxury features that make it look trendy will help in expanding the growth. The use of these materials for renovating the existing walls brings lucrative opportunities for expansion of the market.

  • Challenges- globally the rise of real estate transactions along with stabilized housing markets have become the challenging factor of the industry. Disposing of the vinyl sidings has become the most challenging factor affecting the growth. Installation of those sidings is becoming much more expensive, thus challenging the whole industry. Moreover, the resale value of non-insulated siding is also increasing which may be harmful, thus challenging the environment. The key players are also facing challenges at times of environmental compliance.

  • Cumulative growth-the maintenance cost and the widespread availability of a various range of colors boost up the market growth. The products of the siding market are in great demand due to their environment-friendly nature and fire-resistant property. The rise in urbanization and growth of construction activities steers up the market sizeExpanding the distribution channels and using a variety of alternatives helps in raising the customer base and fulfilling their diverse requirements.

  • Restraints- High cost of siding materials largely hampers the expansion of the industry. These products if installed in hot weather regions will fail to retain the weather conditions thus restraining the market size. Lack of awareness about the market will surely hamper the market size expansion and its growth.

Market Segmentation

  • By type- based on material, the siding industry started covering the largest part of the market shareAs per the siding market trendsthe market is categorized into vinyl, fiber cement, concrete and stone, wood, and many more. Based on the end-use industry, the market is diversified into residential and non-residential segments( medicals, education centers, offices, etc). Regionally, it is marked that the market is divided into North America, European region, Asia Pacific region, Middle East regions, and South American regions.

  • By technology- with the advancement of technology, the materials are found to have a unique composition that will help in expanding and contracting. These innovative fibers made them more durable and stronger. Before you could notice cracks on the surface of these materials but due to technology, such errors of these products were minimized. Due to technology, fiber cement replaced asbestos cement thus reducing the carcinogenic effect on humans. The products were prevented from being weathered by the external climatic conditions.

Regional Analysis

In 2018, it is marked that the North American region held the largest position in the entire market industryDuring the forecast period, it is marked that this region attained a high CAGR during the forecast period. The government of this region took several initiatives which helped in boosting up the demand of the industry thus increasing the market valueThe people of this region started using energy-efficient materials.

Competitive Landscape

The market players operating in the industry took the help of several strategies to strengthen their product portfolios. This in turn expanded their presence in the industry and also helped in raising their growth. Some of the competitors are Georgia Pacific of United States, Saint Gobain of France, Etex Group of Belgium, James Hardie Industries PLC of Ireland, Boral Limited of Austria, Kingspan Group of Ireland, Louisiana Pacific Corporation of United States, Nichia Corporation of Japan, Cornerstone Building Brands of United States are some of the industries present globally. These industrial groups design, manufacture and supply the raw materials Nowadays vinyl siding materials are much more preferred than aluminum siding materials. These sidings have increased the architectural beauty of the apartments and along with the integrated solutions for transportations and also for building and industrial usage. The above-mentioned competitors operate through their business segmentation by using their innovative materials and constructive parts. To attain the topmost position the key players merged and developed partnerships and used high-performance excellent materials which provided the best solutions for both exterior and interior. Using these diversified operations, the key players expanded their business.

Recent Developments

  • In the year 2019 of January, Westlake Chemical obtained NAKAN, which provided various integrated business solutions globally thus expanding its applications in the regions of China, Germany, France, Japan, Mexican and Italian regions, United States, Vietnam, and Spain, and some areas of France. NAKAN is widely used in various sectors like automotive, medical sectors, building, and construction fields.

  • In January 2019, LP Building solutions launched two new and innovative portfolios namely LP Smartside Smooth Trim, Siding and LP WeatherLogic Air and the Water Barrier. These products are used by homeowners and professionals of the building industry.

  • In the year of October 2017, Louisiana Pacific Corporation obtained the new modernized International Barrier Technology of the United States. After acquiring it the company can boast about in the industry offer new products to the new markets for commercial and for construction purposes.

  • In the year of August 2019, Wolf home products have developed a new portrait which has enhanced the aesthetic beauty of the exterior and interior walls of the buildings. The canvas is made from vinyl paint shades.

Report Overview

The report summarises that within the market, the non-residential remains dominant during the period from 2019 to 2024. The report gives an in-depth assessment of the current trends and gives good estimates about the future. It gives information about the factors that help in driving the market, the opportunities and the various challenges, and the restraints operating in the market. The report also gives data about the qualitative and quantitative assessment. It gives a clear idea about the market scenario. It gives a detailed analysis of the distributors, and the suppliers operating in the market. This qualitative report also summarises the intensity of the competition which will help in taking the key players to the top.

Report Scope:
Report Attribute/Metric Details
  Market Size   2025: USD 100.1 Billion
  CAGR   4.3% CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Material, Application, Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Saint-Gobain (France), James Hardie Industries Plc (Ireland), Westlake Chemical (US), Boral Limited (Australia), Etex Group (Belgium), Kingspan Group (Ireland), Georgia-Pacific (US), Louisiana Pacific Corporation (US, Cornerstone Building Brands (US), and Nichiha Corporation (Japan).
  Key Market Opportunities   Increasing as the business hubs are turning overpopulated, creating demand for new complexes, leading to the market growth
  Key Market Drivers

  • Growing construction sector
  • Growth in the number of housing projects across the globe
  • Growing population, rapid urbanization, government funding for housing projects, and strong economic growth,

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    Frequently Asked Questions (FAQ) :

    Siding market is projected to grow at a 4.4% CAGR between 2019-2025.

    The Asia Pacific region is expected to dominate the siding market.

    The fiber segment will lead the siding market.

    Growing construction sector is a key factor driving the siding market.

    Volatile raw material prices may limit the siding market growth.