Global Siding Market Size By Material(Fibre cement, Vinyl, Concrete & stone), By End Users(Residential, Nonresidential), By Application(New Construction, Repair and rehabilitation), By Geographic Scope And Forecast
Report ID: 308736|No. of Pages: 202
Global Siding Market Size By Material(Fibre cement, Vinyl, Concrete & stone), By End Users(Residential, Nonresidential), By Application(New Construction, Repair and rehabilitation), By Geographic Scope And Forecast
Siding Market Size and Forecast
Siding Market size was valued at USD 120.40 billion in 2021, and it is projected to reach USD 174.9 billion by the end of 2030, growing at a CAGR at a CAGR of 3.81% from 2023 to 2030.
Rapid growth in the construction industry has elevated the demand for the siding market worldwide. The requirement for better quality building materials is increasing the growth in the siding market. The Global Siding Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Siding Market Definition
Siding can be defined as the high-quality materials used for covering, cladding, and protecting the outer walls of a building. The most commonly used materials for siding are vinyl, stucco, fiber cement, asphalt, bricks, and aluminum. These materials are applied on the outer walls and roof of the building and are available in various shapes as well as styles including shingles, verticals, panels, and clapboard. The aesthetic appeal can be improved effectively by using siding on the buildings. Besides this, it also protects the buildings from fire hazards and adverse weather conditions. Siding materials provide better thermal efficiency so that the temperature inside the building can be maintained properly.
Over the past years, residential, as well as nonresidential structures such as commercial buildings, institutions, and offices, have developed across the globe. It has also increased the demand for protecting them from extreme conditions. Durable siding materials are aiding these buildings from getting damaged out of adverse conditions. They can prevent the buildings from exposure to the elements and also avoid heat losses. Most of the siding materials have weather-resistant material due to which they are gaining more popularity in the market.
Furthermore, it can be observed that the siding material serves a very crucial purpose in preventing residential and nonresidential buildings along with their foundations. Besides this, it also enhances the beauty and aesthetics of the buildings which makes them more attractive.
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Siding Market Overview
The siding market experienced a negative impact due to COVID-19. Due to the global pandemic COVID-19, the import and export of the materials that are used for construction purposes also got affected due to which negative trends has observed in the siding market as well.
The rapid increase in residential and non-residential buildings is the biggest driver of the siding market. Significant demand for siding material resulted in rapid growth in this market, and it is expected to grow more in the forecast period. With the increasing population, the demand for residential as well as non-residential buildings is increasing. To protect and prevent these buildings, siding materials are being used worldwide. Such factors are driving the growth in the siding market. Siding materials have chemical exposure-resisting properties, and they are also weatherproof materials due to which they are gaining more popularity in the market. Besides this, the additional beauty and attractive aesthetics provided by the siding material to the buildings can also be considered as the drivers of growth in this market.
Furthermore, it can be observed that there is a lack of awareness and knowledge about the siding market. It can act as one of the biggest restraints of this market and it can also impede the growth in the siding market. Besides this, safe production of the siding material comes with an extra cost. This factor can also impact the sales revenue in the siding market.
Most companies are focusing on developing their manufacturing facilities, infrastructure development, and R&D investment. Such strategies cater to the demand and opportunities in the siding market in order to ensure a competitive edge and develop more new innovative technologies and products. Due to such factors, the customer base in the siding market is also increasing rapidly. Moreover, green siding materials are also introduced into the market by the Government so that the public infrastructure can be developed. This initiative is also increasing opportunities and future growth in the siding market. In addition, the siding market is getting various promising opportunities due to the development of residential and non-residential buildings.
Siding Market: Segmentation Analysis
The Siding Market is segmented by material, end users, application, and region.
Siding Market, By Material
• Fibre cement
• Vinyl
• Concrete & stone
• Aluminum
• Wood
It can be analyzed that fiber cement is dominating the market as it is adopted by various mega-construction companies. Fiber cement is used to provide a lavishing look to the buildings and is preferred mostly over the other siding materials. Vinyl is used for modern construction and this segment is also developing followed by concrete & stone, aluminum, and wood.
Siding Market, By End-User
• Residential
• Nonresidential
Rapid development in residential buildings is increasing all around the world. however, the nonresidential is dominating segment is dominating the siding market and it is expected to grow more in the forecast period. The non-residential segment includes the development of healthcare, hospitality, education, and commercial buildings.
Siding Market, By Application
• New Construction
• Repair and rehabilitation
The new construction segment is dominating the market and accounts maximum share of the siding market. This segment comprises both residential as well as nonresidential construction of buildings. It is also expected to grow more followed by the repair and rehabilitation segment of the siding market.
Siding Market, By Geography
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
North America has the highest share of the siding market, and it will continue its dominance in the forecast period. The high demand for fiber cement for siding is the biggest driver of the siding market growth in this region. On the other hand, Asia Pacific also reflects lucrative growth in the siding market. The continuously developing requirements for commercial and residential building is increasing the demand for siding materials in this region.
Key Players
The key players in the siding market include Boral Limited, Associated Materials Inc., Alumasc Group Plc., Saint Gobain, Cornerstone Building Brands, Kingspan Group, Ply Gem Industries Inc., Certain Teed Corporation, Alside Inc., Wienerberger AG, and American Building Components.
These companies are focusing on adopting various strategies for rapid expansion, acquisition, partnership, and collaboration to get a competitive edge in the siding market.
Key Developments
• In May 2022, Boral Limited made a strategic partnership with Calix Limited and announced to explore the viability based on capture plant development in Southern Highlands. It can result in creating high-quality products and reducing carbon footprints.
• In December 2022, Building Brands announced a partnership with Dave and Jenny Marrs to offer customized new construction and exclusive remodeling projects for their customers. This partnership can help in offering innovative and versatile building products for their upcoming projects.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2019-2030 |
| BASE YEAR | 2022 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2019-2021 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Boral Limited, Associated Materials Inc., Alumasc Group Plc., Saint Gobain, Cornerstone Building Brands, Kingspan Group, Ply Gem Industries Inc., Certain Teed Corporation, Alside Inc., Wienerberger AG, and American Building Components. |
| SEGMENTS COVERED | By Material, By End Users, By Application, and By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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Industry Analysis Matrix
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