Market Dynamics
The anticipated trajectory for the global siding market includes a steady growth in revenue CAGR over the forecast period. The primary driver for revenue growth in the siding market is the increasing demand for construction materials that offer durability and resistance.
Siding, a protective covering affixed to the exterior of buildings such as houses or multifamily apartments, shields them from weather conditions, impacts, and intruders like insects. It enhances curb appeal, enabling homeowners to express their style through various materials, textures, and colors. Serving as the first line of defense against external elements, siding protects structures from insect damage, weather issues, and extreme temperatures.
Siding plays multiple roles, with its architectural value being particularly significant. Particle board, used in framing houses, requires protection due to its susceptibility to moisture. Waterproof barriers like tar paper or house wrap are commonly used, and various siding types, such as vinyl, aluminum, or wood panels, provide additional protection. Each siding type has its pros and cons; for instance, wood siding has a classic appearance but demands regular upkeep, while vinyl is a low-maintenance choice with quick installation.
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Major Drivers of Global Siding Market Revenue Growth:
1. Increased use of siding for climate protection and external support for high-rise buildings.
2. Technological advancements leading to new equipment and processes.
3. Growing global construction activities.
Factors Restraining Global Siding Market Revenue Growth:
1. High installation costs and frequent maintenance needs.
2. Potential damages, risks, and costs associated with reinstallation.
Opportunities for Players in the Global Siding Market:
1. The insulation properties of siding contribute to energy efficiency and resistance against temperature swings, presenting a potential market driver.
2. Growing use of energy-conserving materials due to environmental concerns.
Global Siding Market Revenue Growth by Type Segment:
The global siding market is segmented into wood siding, plastic siding, metal siding, composite siding, stone siding, and others. Wood siding is expected to experience significant revenue growth due to its charm, versatility, and advancements in engineered wood strand technology, enabling it to withstand various environmental challenges.
Global Siding Market Leading Application Segment:
The infrastructure segment is poised to hold the largest revenue share, driven by increased construction activities globally. Siding provides durability, extending the life of structures, and is a crucial support system for various types of infrastructural buildings.
Regional Trends:
1. Asia Pacific is expected to account for the largest revenue share, driven by rapid population growth, industrialization, and urbanization in countries like China, South Korea, and Japan.
2. North America is set to lead in terms of revenue CAGR, with a demand surge in high-rise buildings and robust construction in the U.S. and increased office space construction in Canada.
Major Companies:
Key players in the market include Alumasc Group PLC, Boral Ltd., James Hardie Industries Ltd., Kingspan Panels Group, Knauf LLC, Asahi Tostem Exterior Building Materials Co. Ltd., Tata BlueScope Steel, LP Building Solutions Ltd., Everite Building Products Ltd., and Etex Group AV.
Strategies and Objectives of Major Companies:
In July 2022, LP Building Solutions Ltd. announced a USD 24 million project to construct a new siding manufacturing facility in Bath, England, to meet rising market demand.
Market Segmentation:
The global siding market is segmented by type (wood siding, plastic siding, metal siding, composite siding, stone siding, and others), application/end-use (infrastructure, residential building, commercial building, industrial building, and others), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
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