DUBLIN--(BUSINESS WIRE)--The "Siding in the US by Material, Market and Region, 17th Edition" report has been added to ResearchAndMarkets.com's offering.
US demand for siding is forecast to rise 3.1% annually through 2021 to 101.5 million squares. Rising building construction activity will drive demand gains.
Advances will be driven by increases in new housing completions, especially in the South and West. A rise in residential re-siding projects will further support growth. In the commercial segment, an expansion in nonresidential construction spending will boost siding demand for offices, restaurants, hotels, and retail stores.
Vinyl Siding to Continue to Account for Largest Share of Siding Demand
Vinyl will remain the leading siding material due to its continued popularity in the single-family housing market. Homes are often constructed using vinyl siding because of its low cost. Additionally, wood-like vinyl siding is popular because it resembles natural wood siding but is more durable and has fewer maintenance requirements. The large stock of homes with vinyl siding also will support replacement demand, as homeowners often replace their existing siding with the same materials.
Fiber Cement Expected to Gain Siding Market Share
Fiber cement is projected to increase its share of the siding market going forward, as consumers increasingly opt for this material because of its durability and ability to mimic the appearance of higher cost materials. In addition to natural wood, this includes brick and stone siding, which vinyl is unable to mimic. Additional improvements in fiber cement product design will allow even better imitation of products like cedar shakes or lap panels, further boosting share gains.
Stucco Siding to Register the Fastest Increases
Stucco siding is forecast to register the fastest percentage gains through 2021, driven by growth in building construction expenditures, particularly in the West and parts of the South, where the material is most popular because of a long tradition of use on buildings that demonstrate a Spanish colonial influence. Stucco will also gain market share because of its low cost and minimal maintenance requirements.
Residential Market to be Faster Growing
The residential market will post larger gains through 2021 than the commercial market in both volume and value terms. Advances will be driven by growth in new single-family housing construction. Additionally, a rise in the number of home renovation projects will boost product demand, as homeowners replace damaged siding or switch to more durable, low-maintenance siding materials. Growth will benefit in particular suppliers of vinyl, fiber cement, and stucco siding, which account for two-thirds of the residential market total.
This study presents historical demand (2006, 2011, and 2016) and forecasts for 2021 by material type (vinyl, fiber cement, stucco, wood, brick, concrete and stone, metal panels, other), market (new residential, residential improvement and repair, new commercial, commercial improvement and repair), and Census region (Northeast, Midwest, South, West).
The study also evaluates company market share and provides analysis on industry competitors, including:
- Acme Brick
- Associated Materials
- James Hardie
- NCI Building Systems
- Ply Gem
- Westlake Chemical
For more information about this report visit https://www.researchandmarkets.com/research/qjrfz9/the_siding_market?w=4