Market Synopsis
The siding market ranges from USD 101.7 billion to USD 126.3 billion during the forecast period of 2022 to 2028. The siding market is expected to project at a CAGR of 4.3% during the forecast period of 2022 to 2028.
Market Highlights
The Siding Market has seen substantial growth in the last few years. The demand for siding is anticipated to be driven by the upsurge in the number of construction activities and the increasing recognition of their benefits among homeowners. Growth in the number of housing projects worldwide is expected to fuel demand for siding across the globe. The need for new residential building projects is increasing due to the rising urbanization, which is poised to fuel the demand of home siding around the world. In addition, buyers tend to use exterior siding when constructing residential or commercial areas, because it increases a building's esthetic appeal. In addition, there are various benefits, such as longevity, fire resistance , and high thermal performance, which improve the construction of sidings. In addition, with the enhancement of living standards, customers are inclined to better interior decoration and esthetic enhancement, which fuel the demand for interior siding, contributing to the growth of the industry. The need for sidings in the manufacturing and construction sector is on the rise with the growing growth of infrastructure across developing countries. At the other side, the developing countries are moving towards sidings as defensive systems and improving building aesthetics. Major market players are taking key approaches to remain competitive, such as expansion, acquisition and product launches.But fluctuating raw material prices and high installation costs could hamper market growth.
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Market Segmentation
The global siding sector was segmented into content, application, and area. The global market is segmented by content as vinyl, cement fiber, wood , concrete, and others. The fiber cement siding segment had the largest market share in the Siding Market in 2022, and is projected to see the highest CAGR over the forecast period. The siding of fibre cement is cost-effective and can be easily built in regions of severe weather conditions. In fact, it is more durable than the other siding material and also avoids cracks that may occur on the surface.
The global market is segmented, by use, as residential, commercial , and industrial. The residential segment accounted for the largest market share in the Siding Market in 2022, and is anticipated to experience the highest CAGR over the forecast period. In addition, the commercial segment is segmented as office spaces, health care, shopping malls & hubs, educational centers, hospitality and others. The residential segment is expected to experience tremendous growth in the siding industry , owing to rapidly increasing population , rapid urbanization, government funding for housing projects and strong economic development, which has further enhanced the need for residential buildings globally.
Regional Outlook
The global market was segmented by region into North America, Europe , Asia-Pacific, Middle East and Africa and South America. North America had the largest share on the world siding market in 2022, led by Asia-Pacific and Europe. Dominance in North America will continue until 2028. Building industry development and the presence of major manufacturers in this area have resulted in a high demand for the siding sector. In addition, commercial buildings such as commercial complexes and offices are increasing as business hubs overpopulate, creating demand for new complexes, leading to growth in the market.
Competitive Dashboard
The major players operating in the global siding industry include James Hardie Industries Plc (Ireland), Saint-Gobain (France), Westlake Chemical (US), Etex Group (Belgium), Boral Limited (Australia), Kingspan Group (Ireland), Georgia-Pacific (US), Cornerstone Building Brands (US), Louisiana Pacific Corporation (US, and Nichiha Corporation (Japan).
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