Global Siding Market - 2021-2028

Global Siding Market - 2021-2028

Market Overview

The siding market size was worth US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).

Siding is any material that clads, covers and protects the exterior walls of a residential, industrial or light commercial building. Siding is made of several different materials, including wood, aluminum, vinyl, steel, cement, asphalt and composite materials, which combine one or more materials to make something new.

The primary purpose of house siding is to guard the home and contents within. It protects the house from rain, wind, snow and other precipitation. In cold climates, properly installed siding over a well-built wall can protect the home's interior from the cold outside and keep in the heat. Another major purpose of siding is to beautify a home; since it takes up most of the surface area outside a home, attractive siding designs are important to the value and appeal of any residence.

Market Dynamics

The global siding market growth is driven by the need for effective solutions to enduring severe climatic conditions.

Need of effective solutions to endure severe climatic conditions

Most Americans (54%) are more concerned about climate change as a result of severe weather. In recent years, extreme weather, ranging from heat waves to unexpected cold temperatures, has caused property damage for over half (41%) of homeowners. Homeowners are constantly on the lookout for durable materials that can endure brutal environments. Siding can offer superior protection against hail, moisture, wind, fungal decay and termites. To meet the expanding need, various types of siding are available to consumers. Engineered wood siding is one of the most durable types of home siding. It's made to keep the home safe from inclement weather, high winds, humidity and ordinary wear and tear.

Another durable siding option is composite siding, which is constructed of sand and cement. Fiber cement is chosen over other types of cement due because of its water and fire resistance. It is highly suggested in areas where tornadoes and storms commonly occur. As a result, homeowners can select the appropriate type of siding for their homes based on the environment. In case of extreme conditions also, siding may be damaged by hail, strong winds, fire, tornadoes and hurricanes while keeping the home safe.

Released harmful components on using of certain materials

Under certain circumstances, vinyl, also known as polyvinyl chloride (PVC), can be hazardous to human health and the environment. Some of its harmful components, such as chlorine gas and carcinogen dioxin, are released into the environment when it is burned at a high temperature. In general, however, the risk of vinyl siding harming people or the environment is negligible.

The majority of the risk is due to PVC factory workers failing to follow adequate safety rules. Even a little house fire that damages the vinyl siding would release many poisonous compounds known to cause serious lung and kidney tissue damage. Hence, the vinyl siding must be certified and labelled as meeting the requirements of ASTM D3679 by an authorized quality control agency.

Covid-19 Impact Analysis

The market for siding has increased in recent years, owing to increased demand from the residential sector. During the global covid-19 outbreak, there has been a steady shift in the time individuals spend at home, both for work and recreation. As a result, individuals are making considerable improvements to their houses and outdoor living spaces. Various leading companies, such as Boral Building Products, have witnessed high demand for siding and trim are in high demand.

Homeowners are less patient with builders than earlier in the pandemic, but builders are still dealing with supply-chain interruptions, material price spikes and other pandemic-related issues. The builders have to order siding in advance due to high demand from the residential sector. Moreover, in 2020, the National Association of Home Builders announced that several types of home improvement items are experiencing a material scarcity. While this was notably true of lumber, there was also a scarcity of vinyl siding and window replacement materials.

Segment Analysis

By material, the siding market is segmented into fiber cement, wood, metal, insulated, stucco and others.

Vinyl siding market is growing with demand for low-cost siding options for residential purposes

Vinyl siding is one of the most popular choices on a global basis. It's a form of plastic siding often seen on homes or apartment buildings that need weatherproof protection (particularly in areas with lots of precipitation and storms). The vinyl siding is available in a variety of colors, making it an aesthetically pleasing exterior choice. According to a recent survey, In the Middle Atlantic and New England, vinyl siding was used in 76% and 72% of the new homes started in 2020. In the East and West North Central divisions, vinyl siding accounted for 68% and 53% respectively.

Meanwhile, in East South Central, vinyl siding was used in 45% of the new homes in 2020. Vinyl is a relatively low-cost siding option for residential purposes. A typical single-family home of about 2,000 square feet costs between US$ 6,150 and US$ 15,900 to install.

The leading companies are launching new products, which is expected to boost its market demand. For instance, in 2021, Royal Building Products launched its newest colors and innovative product offerings in an all-virtual platform in 2021 NAHB International Builders' Show. Royal Building Products is launching five new vinyl siding colors across its Royal Vinyl and Exterior Portfolio lines.

Geographical Analysis

Expanding demand from new single-family homes is boosting sales in North America

The growing danger of the extreme environment, which can damage the homes and buildings, is boosting the market demand. The demand for durable siding materials, which can resist weathering, chemical exposure and deterioration, has significantly grown in recent times. Vinyl is considered as one of the most popular sidings in the U.S because of its versatility and low cost. According to the U.S. Census Bureau, about 33% of the new single-family homes constructed were clad in vinyl, making it the leading exterior siding.

The companies have been expanding their production lines and portfolio with growing demand in lucrative opportunities in the region. For instance, in 2021, SRS Distribution Inc. announced that it had acquired Marvic Supply Company, Inc., a distributor of residential roofing, siding and other related products. Moreover, Louisiana-Pacific Corporation has announced that a major construction project in New Limerick. The company will invest US$ 150 million in the project that will convert the mill to manufacture Smart Side Trim and Siding. In 2020, LP's sales for its siding segment grew 16% to $259 million and oriented strand board sales grew 148% to $428 million.

Competitive Landscape

The siding market is fragmented with the presence of local and global companies. The companies are attracting an audience with numerous materials and innovative designs for residential and commercial purposes. In addition, some of the key players contributing to the market's growth are Royal Building Products, James Hardie Building Products Inc, SRS Distribution Inc., Emmons LLC, Diamond Kote, EDCO Products, Inc., Ply Gem, CertainTeed, Associated Materials, LLC, Alcoa Corporation and others. The major players are adopting new strategies to dominate the market, such as acquisitions, launching new technologies, expansions and collaborations, contributing to the global growth of the siding market.

Royal Building Products

Overview: Royal Building Products, a Westlake Chemical company, is engaged in manufacturing and distributing materials for the home building, remodeling and construction markets. The company has operations throughout the U.S and Canada for offering the renovation, remodeling and new construction industries a wide range of innovative products, including siding, trim, soffit, accessories, rainware, mouldings and decking.

Product Portfolio: The company offers various types of products under horizontal siding, vertical siding, shake & shingle categories.

Key Development: In 2019, Royal added a Smooth Clapboard to the Celect line of composite siding. The company has also added Two new colors, Coastline and Castle Stone. Celect Siding replicates the aesthetics of wood with low maintenance and high durability. All of Celect's Clapboard, Board & Batten profiles are available in 15 fade-resistant colors and feature an interlocking seam design, which keeps moisture out and almost eliminates seams.

Why Purchase the Report?
• Visualize the siding market segmentation by material, type, application, end-user and region, highlighting the key commercial assets and players.
• Identify commercial opportunities in the siding by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of siding market-level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global siding market report would provide an approximate 69 market data table, 69 figures and 180 pages

Target Audience
• Raw Material Providers
• Buyers
• Siding Manufacturers
• Distributors
• Construction Companies
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Distributors