ID: MRFR/CO/6883-HCR | February 2021 | Region: Global | 107 pages
The global market for siding has been witnessing substantial growth in the past couple of years. The demand for siding is expected to be driven by the rise in the number of construction activities and growing awareness among homeowners about its benefits. The growth in the number of housing projects across the globe is expected to increase the demand for siding across the globe. Due to the growing urbanization, the need of new residential construction projects is growing, which is expected to fuel the demand of home siding around the world. Moreover, consumers prefer using outdoor siding while constructing residential or commercial spaces as it enhances the aesthetic appeal of a building. Moreover, there are various benefits, such as durability, fire resistance, and high thermal efficiency, enhance siding construction. Moreover, with the improving standard of living, the consumers are inclined toward the better interior decoration and aesthetic enhancement, which fuel the demand of interior siding, adding to the market growth.
However, the fluctuating prices of raw materials and high installation cost might hamper the market growth.
The Siding Market size was valued at USD 100.1 billion in 2018; it is expected to witness 4.4% CAGR during the forecast period.
On the basis of region, the global market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. In 2018, North America held the largest share in the global siding market, followed by Asia-Pacific and Europe. North America will continue dominance until 2025. The growth of the construction industry and the presence of major manufacturers in this region have led to a high demand for siding market. Moreover, commercial buildings such as commercial complexes and offices are increasing as the business hubs are turning overpopulated, creating demand for new complexes, leading to the market growth.
The global siding industry has been segmented into material, application, and region. By material, the global market is segmented as vinyl, fiber cement, wood, concrete, and others. In 2018, the fibre cement siding segment held the largest market share in global siding market and is expected to witness the highest CAGR during the forecast period. The fiber cement siding is cost-effective and can easily be installed in regions having extreme weather conditions. Moreover, it is more durable, compared to the other siding material, and also prevents cracks, which can appear on the surface.
By application, the global market is segmented as residential, commercial, and industrial. In 2018, the residential segment held the largest market share in global siding market and is expected to witness the highest CAGR during the forecast period. The commercial segment is further segmented as office spaces, healthcare, shopping malls & centers, educational centers, hospitality, and others. The residential segment is anticipated to witness tremendous growth in the siding market, owing to the rapidly growing population, rapid urbanization, government funding for housing projects, and strong economic growth, which has further improved the need for residential buildings, globally.
The Key Players operating in the global siding industry include 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).
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.