DUBLIN--(BUSINESS WIRE)--The "Siding Market by Type (Vinyl, Fiber Cement, and Wood), Application (Residential, and Non-residential), and Region (North America, Asia Pacific, Europe, Middle East and Africa, and South America) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Siding Market is Projected to Grow from USD 72.9 Billion in 2019 to USD 93.4 Billion by 2024, at a CAGR of 5%.
The market study covers the siding market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on the type, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the siding market.
The siding market comprises major manufacturers such as Louisiana Pacific Corporation (US), James Hardie Industries PLC (Ireland), Boral Limited (Australia), Nichiha Corporation (Japan), and Etex Group (Belgium).
Increase in the infrastructural and construction activities are projected to drive the overall growth of the siding market across the globe from 2019 to 2024
The global siding market has witnessed high growth primarily due to the increasing infrastructure and construction activities worldwide. Not only these systems protect the building structure, but they also enhance the appearance of a building. Rebound in residential construction is expected to increase the demand for the siding.
In terms of value, the fiber cement siding segment is projected to grow at the highest CAGR during the forecast period
The fiber cement segment of the siding market is projected to grow at the highest CAGR during the forecast period, in terms of value. Fiber cement material is used mainly for siding applications such as in residential, and non-residential buildings and can last up to 50 years. Fiber cement siding is affordable and is installed in regions having extreme weather conditions. It can expand and contract because of its unique composition. The fiber added to the cement makes it stronger and more durable. It also prevents cracks from appearing on the surface. Fiber cement is seen as a replacement for asbestos cement, which has carcinogenic effects on human health.
In terms of both value and volume, the residential segment is projected to lead the siding market from 2019 to 2024
Growth of residential segment in the siding market is attributed primarily to the favorable and lenient lending policies initiated by governments across all regions, which is driving the sales of residential construction projects. The residential construction spending is estimated to increase, particularly in the emerging Asia Pacific and Latin American regions as there is a trend of urbanization observed in these regions, resulting in a much higher growth rate for the residential construction market, than in developed markets.
In terms of value, the North American siding market is projected to contribute to the maximum market share during the forecast period
In terms of value, the North America region is projected to lead the siding market from 2019 to 2024 due to the strong demand from countries such as the US and Canada. The demand is driven by the willingness of companies in the region to take up capital-intensive projects, along with the availability of technical expertise. Strong government support further aids the growth of the siding market, as the demand for these products will increase. Government initiatives such as the Home Renovation Tax Credit and Home Energy Loan Program (HELP) allow homeowners to install the energy-efficient siding.
- Rise in Residential Construction & Infrastructural Activities
- Increase in Non-Residential Construction & Infrastructural Activities
- High Durability of Siding Systems
- Technological Advancements in the Glass Industry
- Stringent Regulations to Reduce Greenhouse Gas Emission
- High Raw Material and Installation Costs
- Availability of Green Insulation Material
- Increasing Demand for Protective Systems and Enhancement in the Aesthetic Appeal of Buildings
- Rise in Population & Urbanization in Emerging Economies
- Increase in Demand for Fiber Cement in Siding Systems
- Increase in Demand for Sustainable Siding Materials
- Policies & Regulations
- High Repairing Cost
- Lack of Awareness
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Siding Systems Market, By Type
7 Siding Systems Market, By End-use
8 Siding Systems Market, By Region
9 Competitive Landscape
10 Company Profiles
- Boral Limited
- Etex Group
- Georgia-Pacific LLC
- James Hardie Industries PLC
- Kingspan PLC
- Louisiana Pacific Corporation
- Nichiha Corporation
- Universal Cement Corporation (UCC)
- USG Corporation
- Vinh Tuong Industrial Corporation (VTI)
For more information about this report visit https://www.researchandmarkets.com/r/3ovojl