Siding Market Analysis | 2023-2028

Market Insights

The siding market was estimated at USD 94.74 billion in 2022 and is likely to grow at a CAGR of 3.8% during 2023-2028 to reach USD 118.5 billion in 2028.

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Market Dynamics

Introduction

Siding is typically offered in a variety of materials, including wood, vinyl, fiber cement, and concrete. Buildings are shielded from heat, storms, and dust using it as an outside component. The defense of houses depends heavily on the siding. Siding comes in a variety of sizes and shapes, including vertical boards, horizontal lap siding, and clapboards. Depending on how it is placed, siding might be advantageous in changing weather conditions. Siding benefits a home's appearance in addition to providing protection. Visitors are drawn to the flawless, well-designed siding.

Market Drivers

The siding market is driven by siding's high durability, simplicity of installation, adaptability, and low cost. Both residential and non-residential uses exist for siding. Siding is utilized in non-residential applications for decoration, whilst homeowners use it to make their homes more durable. One of the oldest siding materials still in use today in construction is wood. Since the siding market has been expanding over the past several years, new and up-and-coming firms are joining the fray and attempting to take full advantage of chances in this sector.

In the foreseeable future, the siding industry is anticipated to remain extremely competitive and fragmented, with several tiny start-ups, medium-sized businesses, and substantial conglomerates. Growing consumer demand for technology developments and product diversification during the projection period are likely to present great possibilities for new players.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the siding market:

• Louisiana Pacific Corporation
• James Hardie Industries PLC.
• Boral Limited S.A.
• Etex Group
• Westlake Chemical
• Saint-Gobain SA
• Docke Extrusion Co. Ltd
• Kingspan Group
• Nichiha Corporation
• Cornerstone Building Brands

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Material Type

Based on the material type, the market is segmented into wood, vinyl, fiber cement, bricks, concrete, and others. Fiber cement is estimated to account for the major share of the market during the forecast period. It is mostly used for siding in residential and non-residential structures and has a 50-year lifespan. Fiber cement siding is affordable and can be placed in regions with harsh weather conditions because of its unusual composition; it may expand and contract. The fiber added to the cement makes it stronger and longer-lasting.

By Application Type

Based on the application type, the market is segmented into residential and non-residential. Residential is estimated to account for the major share of the market during the forecast period. Due to an increase in the number of retail and office buildings, rapid urbanization, rising per capita income, and changing lifestyles, the market is expected to grow during the forecast period.

Regional Insights

In terms of regions, Asia-Pacific is estimated to be the leading region in the market during the forecast period. The growth of the construction sector, rapid urbanization, and the launch of schemes regarding sustainable development have played a vital role in the region’s siding market growth. Countries, especially China and India, would have the highest growth in this region.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s siding market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The siding market is segmented into the following categories:

By Material Type

• Wood
• Vinyl
• Fiber Cement
• Bricks
• Concrete
• Others

By Application Type

• Residential
• Non-residential

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.