According to a current analysis by Emergen Research, the global siding market size is expected to reach USD 118.50 Billion by 2027from USD 87.26 Billion in 2019, at a CAGR of 3.8% through the forecast period. The market growth is driven by the rise in residential construction across the globe and drastic changes in consumer lifestyles.
Siding offers various benefits in residential applications, including protection from extreme weathering, durability, fire protection, along with the enhanced aesthetic appeal of a building.
The thermal efficiency of sidings is resulting in increased demand for the product. Some of the most efficient and favourable material for residential siding include vinyl, fiber cement, wood, and bricks. Vinyl siding is extensively house-owners worldwide due to its relative inexpensiveness and durability.
Vinyl siding is engineered and designed primarily from polyvinyl chloride and is useful in the construction of houses. These sidings eliminate the need for maintenance and yearly painting. A variety of siding types are available in the marketplace for residential and non-residential applications. Increasing global population, urbanization trends, and increased purchasing power of consumers will favor siding market growth during the forecast period.
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Further Key Findings from the Report Suggest:
- On the basis of application, the siding market has been bifurcated into non-residential and residential. The residential sub-segment is expected to hold a major chunk of the siding market share, registering a notable CAGR of 4.3% through 2027. Changing lifestyles, rapid urbanization, and increasing per capita income are the key factors bolstering residential construction activities.
- In the regional landscape, North America is forecast to contribute significantly to the global siding market revenue share through 2027. Increasing consumer inclination toward modern décor, availability of cost-effective construction materials, and strict regulations regarding the usage of sustainable materials will be fostering regional industry size over the analysis period.
- The APAC market is projected to deliver a CAGR of 6% over the analysis period. The rise in urbanization and industrialization trends, favourable government schemes for sustainable development and growth of the construction sector, and the launch of government schemes for residential & commercial construction are playing a vital role in the expansion of the regional siding market.
- Key players contributing to the global siding market share are James Hardie Limited Plc, Compagnie de Saint-Gobain S.A., Westlake Chemical, Boral Limited, Etex Group, Louisiana Pacific Corporation, Cornerstone Building Brands, Docke Extrusion Co. Ltd, Kingspan Group, and Nichiha Corporation, among others.
- These industry players are adopting several strategies such as acquisitions, mergers, collaborations, new product development, and capacity expansion, thereby supporting the overall growth of the market.
- In January 2019, Westlake Chemical, an international manufacturer and supplier of polymers, petrochemicals, and fabricated building products, acquired France-based NAKAN, a PVC compounding solutions company in January 2019. NAKAN’s products are used in various end-user industries, including building & construction, medical, and automotive. This acquisition is predicted to better position Westlake Chemical to cater to changing consumer demand.
For this report, Emergen Research has segmented the global siding market based on application, material type, and region:
- Application Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2017–2027)
- Material Type Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2017–2027)
- Fiber Cement
- Regional Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2017–2027)
- North America
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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