Siding enhances the aesthetic appeal of a building, along with properties such as durability and protection from extreme weathering. Also, other benefits such as fire protection and high thermal efficiency further contributes to the strong demand for siding. Additionally, factors such as the reduction in greenhouse gas emissions and the development of green buildings are some of the major drivers of siding market growth. The presence of stringent building energy codes in Europe and North America drives the demand for fiber cement for siding purpose. However, high cost of raw materials may inhibit the growth of the siding market.
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MarketsandMarkets expects the siding market to grow from USD 101.7 billion in 2019 to USD 126.3 billion by 2024, at a CAGR of 4.0% from 2019 to 2024.
The market for siding is segmented on the basis of material into vinyl, fiber cement, wood, and others. Fiber cement siding dominated the market during the forecast period and, is projected to grow at the highest rate during the forecast period.
On the basis of end-use industry, the residential segment is projected to be the largest and fastest-growing segment, during the forecast period. The growth of residential segment in the siding market is primarily attributed to the favourable 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 go up, particularly in the emerging Asia Pacific and Latin American regions; 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.
The siding market is studied for five regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The North American region, which is seeing a rebound in its residential and non-residential construction sector, held the largest market share in 2018, in terms of value. Also, the market for siding in this region is projected to grow at the highest CAGR from 2019 to 2024, in terms of value.
The purpose of a siding is more than just being a medium of protection of a building from moisture and environmental pollution. Apart from protection, siding can have a substantial impact on the appearance of a building. They give the building a unique look and enhance its image and appearance. The durability of siding may be defined on the basis of its ability to withstand various weathering actions and resist chemical attacks & deterioration.
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Compagnie de Saint-Gobain S.A. (France), Westlake Chemical (US), Louisiana Pacific Corporation (US), Boral Limited (Australia), and Etex Group (Belgium) are key players operating in the siding market.
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