Siding Market Outlook
According to a new report by Expert Market Research titled, “Global Siding Market Analysis, Share, Size, Report and Forecast 2024-2032″, the global siding market reached a value of USD 115.56 billion in 2023. Aided by rising residential and non-residential construction and product’s high durability, the market is projected to further grow at a CAGR of 4.4% between 2024 and 2032 to reach a value of USD 169.88 billion by 2032.
Siding, primarily recognised as wall cladding, is an integral external material applied to the walls of buildings. Its primary functions encompass shielding the internal structures from environmental elements and enhancing the external aesthetics of the construction. Siding materials range from wood, vinyl, metal to fibre cement, each offering distinctive benefits in terms of appearance, durability, and insulation.
A significant driver fuelling the siding market growth is the burgeoning global construction industry. As urbanisation spreads its wings across developing nations, the surge in residential and commercial projects increases the need for adoption of reliable and visually appealing siding materials. This trend is further intensified by the modern consumers’ inclination towards sustainable, energy-efficient homes, and establishments.
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One of the major siding market trends includes the growing shift of the consumers towards innovative materials like composite siding and fibre cement. These materials, known for their durability and minimal maintenance, cater to the evolving demands of consumers seeking a blend of aesthetic appeal and longevity. Furthermore, advancements in production technologies have enabled manufacturers to provide an expansive range of textures, colours, and finishes, further enriching the choices available to consumers.
Further bolstering the siding market demand is the rising adoption of green and sustainable construction methods globally. As environmental concerns take centre stage, siding materials that offer insulation benefits and thus aid in energy conservation, are gaining considerable attention. For instance, insulated vinyl siding, which enhances the benefits of traditional vinyl siding with added insulation, is gaining traction for its role in enhancing energy efficiency.
From a geographical perspective, regions like North America, with its mature housing market and emphasis on remodelling, continues to contribute to the growing global siding market size. Meanwhile, the Asia Pacific region, boosted by rapid urbanisation, infrastructural developments, and rising living standards, is expected to account for a significant market share, changing the future course of the global market.
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Siding Market Segmentation
The market can be divided based on material, end use, and region.
Market Breakup by Material
- Vinyl
- Fibre Cement
- Wood
- Others
Market Breakup by End Use
- Residential
- Non-Residential
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global siding market. Some of the major players explored in the report by Expert Market Research are as follows:
- Saint-Gobain Group
- Westlake Chemical Corporation
- Louisiana-Pacific Corporation
- NICHIHA Co., Ltd.
- SHERA Public Company Limited
- Cornerstone Building Brands, LLC
- James Hardie Building Products Inc.
- Etex Group
- Others
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