As per the latest report by IMARC Group, titled "Siding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global siding marketsize reached US$ 82.7 Billion in 2018. A siding is a material that is utilized for cladding, insulating and protecting the exterior walls of a building from harsh weather conditions. It is applied on the roof and walls in numerous shapes and styles, such as panels, shakes, shingles, verticals and clapboard, based on the requirements of the user. It assists in improving the aesthetic appeal of a structure and offering thermal efficiency to maintain the temperature of the building. Some of the widely utilized siding materials include vinyl, bricks, stucco, asphalt, aluminum and fiber cement.
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Global Siding Market Trends:
The burgeoning travel and tourism industry, in confluence with the increasing investments in the construction of hotels, is strengthening the growth of the global sliding market. Hotels generally focus on the aesthetics of structures and exteriors. The emerging trend of boutique hotels, which are relatively smaller than tradition hotels but offer ultra-luxury services, is also boosting the overall sales of siding around the world. Apart from this, the utilization of combined siding materials is also gaining traction worldwide as they help in providing a different texture to buildings. Moreover, there is a rise in the demand for siding materials in the construction industry, especially from the residential and commercial constructional projects. In addition to this, the improving distribution channels, along with the easy availability of numerous product variants, have enabled manufacturers to suffice the diverse requirements of consumers. Looking forward, the market value is projected to reach US$ 104.7 Billion by 2024, expanding at a CAGR of around 4% during 2019-2024.
- Based on the material, the market has been classified into fiber cement, vinyl, metal, stucco, concrete and stone, brick, wood, and others. Amongst these, fiber cement and vinyl are the two major materials.
- On the basis of the end-use, the market has been segmented into the residential, non-residential, healthcare, education, hospitality, retail, offices and other sectors. At present, the non-residential sector accounts for the largest market share.
- The market has been analyzed on the basis of the application into new construction, and repair and maintenance.
- Region-wise, North America represents the largest market. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined with some of the key players being Boral Limited, Georgia-Pacific Wood Products LLC, James Hardie Building Products Inc., Kingspan Group, Nichiha USA Inc., Louisiana-Pacific Corporation, Döcke Extrusion LLC, Alumasc Group PLC, Ply Gem Industries Inc., Knauf Gips KG, Etex Group, Lixil Group Corporation, ROCKWOOL Group, C. & S. Cladding (Wales) Limited T/A National Cladding Wales, Revelstone Cape (Pty) Ltd, and Wienerberger AG.
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