The siding market ranges from USD 101.7 billion to USD 126.3 billion during the forecast period of 2022 to 2028. The siding market is expected to project at a CAGR of 4.3% during the forecast period of 2022 to 2028.
The siding market ranges from USD 101.7 billion to USD 126.3 billion during the forecast period of 2022 to 2028. The siding market is expected to project at a CAGR of 4.3% during the forecast period of 2022 to 2028. The rise in construction and infrastructural development along with the high rate of population caused the growth of the siding market. The demand for siding market products has increased because of the factors like the building of both residential and non-residential, infrastructure construction. Also, people show interest in the siding products because of their durability, ability to enhance the aesthetic appearance of the buildings which drives the demand for the siding products. It is known that siding products can last for up to 50 years. Even by using the siding products for the construction, you can protect your building from heat, storms and dust.
Fibre cement is one of the best sources which increased the market value of the siding products. It is also available at affordable costs. It is known that the growth of the siding products in the market of the Asia Pacific and Latin America has increased because the governments are planning to develop their economy by building commercial and industrial buildings. Siding products are even used for decor purposes.
The growth of the siding industry was interrupted by the break out of the pandemic globally. Because of the outbreak of the pandemic, all the governments imposed a lockdown to control the spread of the virus. As the lockdown gave an impact on the market value. Due to the lockdown, there was a lack of raw materials in the manufacturing companies which caused the negative side in the market value.
Even the lockdown also caused trouble in arranging the transportation and the shortage of labours in the construction site. Even the lack of consumers also created the loss in the siding market.
The rise in construction works across the world is one of the main reasons which is driving the siding market. As many governments are interested in showing their economic growth in construction works. So even many government buildings, industrial construction and factories are built using siding products. The growth of the residential and the non – residential constructions also paved way for the growth of the siding market.
In recent days many people are getting attracted by the siding products which brought an impact on the market value. The main reason which people are preferring siding market products is for the long term durability, cost efficiency, and protect the building from heat, storms and dust. While compared to other materials, siding products are easy to install and available at an affordable price. These are the main reason which brought the changes in the market value.
Because of the outbreak of the COVID, there was a lack of raw materials to manufacture the siding materials. One of the great restrain is the lack of awareness among the people about the benefits of the siding products. Then to get high durability it is mandatory to install the siding material with proper care. Or else it will not long last. If these products are used for the construction purpose in the hot region then they will fail to retain the weather condition which brings the loss to the market value.
The main challenge is the proper installation of the siding market material. If it is not properly installed then it has a possibility to lose the nature of the siding product. The second challenge faced is the cost of the installation of the siding material is very much expensive which has become a great challenge for the market. In the pandemic days transporting material and bringing the raw materials was challenging because of the shortage of labour. So the manufacturing company is working hard to get back to its position by increasing the production value.
The overall growth is steady after the relaxation of the lockdown. In recent days the siding market growth has increased because of the demand for environmental friendly products. An increase in urbanization also created the demand for siding products in the market. After the pandemic issue, everything became normal and the market was in steady growth. So the manufacturing companies are planning to increase their distribution channel. By this, they can increase their production rate and also the sales rate.
The primary activity of the organization is to satisfy the need of the customer. The manufacturing companies are working hard to increase their production with good quality to fulfil their customer's needs. So their company could able to reach the heights easily in the market with the customer's satisfaction.
Market segment overview
The Middle East and Africa
In recent days the growth of the siding product is tremendous because of the interest. This recent growth has brought many changes in the siding market. This is only because of the interest in people to use products that do not harm the environment. This made the growth to be steady. Even government buildings are been constructed using these products. The growth of the population and the sudden urbanization is also one of the reasons for the expansion of the siding market size.
After the COVID spread got reduced and when things became normal there was a great demand for the siding market. When the lockdown was implemented they were in lack of raw materials to produce the siding products. But later on, the manufacturing companies are in a sudden urge to produce the products in large numbers. So they are expanding their business to produce the products with good quality and good quantity.
In 2018 North America's market growth was high and was in the leading position globally. This is because of the initial measures taken by the government to boost up the demand of the industry. So then onwards the people of North America started to use the siding products for their construction works.
But later on in 2019, there was a growth in the population and urbanization in the Asia Pacific. So the siding market was growing gradually. This growth was because of the increase in the food and beverage sectors, health care sectors. The Asia Pacific and Latin America is considered to have a gradual growth in residential construction.
In recent days the usage of siding materials has increased which has led to tremendous growth. People are showing their interest in siding materials because of their eco-friendly nature and their long-lasting uniqueness.
|Market Size||2028: USD 126.3 Billion|
|Forecast Period||2022 to 2028|
|Historical Data||2019 & 2020|
|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||
Siding market is projected to grow at a 4.4% CAGR between 2022-2028.
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
A sudden increase in urbanization and the high population are the major factors that created the demand for siding products.
In recent days the regions like the Asia Pacific and the Middle East and African regions have increased their interest in siding products.
The residential segment is leading in the growth when compared to the non-residential segment.