- Siding is a protective material on the exterior side of a wall of a house or any other building. It is one of the most important elements of a home’s exterior. Siding protects the home from harmful weather elements such as rain, snow, and harsh winds. It also enhances the appeal of the building by providing a common theme on its exterior.
- Siding acts as a waterproof envelope and protects the walls from moisture during rain, as moisture leads to deterioration of the interior of buildings. Various materials such as vinyl, wood, and fiber cement are used for siding. According to the U.S. Census Bureau, vinyl siding is a highly used siding due to its durability and low cost. Rise in population and urbanization in Asia Pacific is expected to drive the demand for residential buildings in the region. This, in turn, is likely to boost the demand for siding.
Key Drivers and Restraints of Global Siding Market
- The siding market has developed significantly of late. This can be primarily ascribed to the high performance and increasing recognition of siding materials globally. Siding plays an important role in addressing several issues associated with waterproofing, insulation, and pest infestation. Rise in usage of siding materials for residential purposes is expected to propel the siding market during the forecast period. Growth in awareness about the impact of heavy construction materials on the planet is anticipated to drive the demand for ecofriendly construction. High usage of wood for siding purposes is expected to drive the demand for siding in the near future.
- Increase in demand for commercial buildings is also projected to create significant opportunities for the siding market
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Siding: Material Type Segment
- In terms of material type, the global siding market can be segmented into vinyl, fiber, wood, stone and others
- The vinyl segment is expected to account for significant share of the global siding market during the forecast period. It is anticipated to be followed by the fiber segment.
Siding: Type Segment
- In terms of type, the global siding market can be divided into vertical board siding, horizontal lap siding, clapboard, shingles, and others
- The vertical board siding segment is expected to account for significant share of the global siding market during the forecast period. It is anticipated to be followed by the horizontal lap siding segment.
Siding: Application Segment
- In terms of application, the global siding market can be segregated into commercial and residential
- The residential segment is estimated to expand at a rapid pace during the forecast period
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COVID-19 Impact on Siding Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the siding market.
North America to Dominate Siding Market
- In terms of region, the global siding market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global siding market in 2020. This trend is anticipated to continue during the forecast period. This can be ascribed to the higher production and consumption of siding materials, especially in the U.S. However, the siding market in Asia Pacific is anticipated to expand at a rapid pace in the near future owing to the increase in demand for construction in emerging countries such as China and India.
Key Manufacturers Operating in Global Siding Market
The global siding market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global siding market include:
- Westlake Chemical
- Louisiana Pacific Corporation
- Etex Group
- Boral Limited
- James Hardie Industries PLC
- Nichiha Corporation
- Cornerstone Building Brands
- Döcke Extrusion Co. Ltd.
Global Siding Market: Research Scope
Global Siding Market, by Material Type
Global Siding Market, by Type
- Vertical Board Siding
- Horizontal Lap Siding
Global Siding Market, by Application
Global Siding Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Companies in the Siding market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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