Siding Market Analysis

Global Siding Market Overview

Siding Market Size was valued at USD 110.61 Billion in 2023. The Global Siding industry is projected to grow from USD 116.29 Billion in 2024 to USD 170.12 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.9% during the forecast period (2024 - 2032). Increasing demand for household & construction, government regulations & incentives, and technological advancements in the field of siding is driving the Siding Market.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Siding Market Trends

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  Technological advancements in the field of siding market and government regulations & incentives augmenting siding market.

  
  

The fast-evolving world of construction and building materials, technology has emerged as a key opportunity of innovation in the siding industry. With ongoing developments, the creation of new and enhanced siding materials and production techniques has turned into a priority for businesses looking to obtain a competitive edge in the market. One of the significant areas where technology has made a substantial impact is in material innovation. Modern materials science and engineering are being used by siding manufacturers to provide high-performance siding solutions that outperform conventional siding options in terms of durability, weather resistance, and energy efficiency. For instance, fiber cement siding, a result of technological breakthroughs, has gained popularity due to its low maintenance requirements, fire resistance, and remarkable longevity. Moreover, technology has fueled a shift towards sustainability in the siding industry. Eco-friendly practices have become increasingly important for customers, and companies that invest in research and development can develop sustainable siding solutions that incorporate recycled materials and energy-efficient manufacturing processes. By offering environmentally responsible products, siding manufacturers can not only attract environmentally conscious customers but also meet evolving regulatory demands related to sustainability.

Additionally, government policies and incentives are further driving the adoption of sustainable siding materials. Various regions are introducing regulations that mandate or incentivize the use of greener construction materials. These policies can range from tax incentives for using sustainable siding to setting minimum environmental performance standards for buildings. As the siding market evolves, siding manufacturers that prioritize sustainability and offer products with a lower life cycle environmental impact are likely to gain a competitive advantage. Embracing greener practices not only aligns with global environmental goals but also caters to the increasing demand from consumers and builders who seek to construct energy-efficient, environmentally responsible buildings. By leading the charge in offering sustainable siding solutions, manufacturers can position themselves for long-term success in an industry increasingly committed to reducing its environmental footprint.

Siding Market Segment Insights

Siding Material Insights

Based on material, the global siding is segmented into vinyl, fiber cement, wood, metal, and others. The vinyl segment dominated the global market in 2022, while the fiber cement segment is projected to be the fastest–growing segment during the forecast period. This is due to vinyl siding is a long-lasting kind of plastic that is often used on the exterior of houses. It is available in a variety of colors and designs, including some that mimic the appearance of wood and other siding materials. A color coating is applied to nearly every siding material other than vinyl. Vinyl siding and shutters are distinguished by their baked-in color. The color of vinyl siding is completely homogeneous: the color on top runs all throughout. This means the color cannot be mechanically abraded, scraped off, or peeled away. According to the annual data from the Census Bureau’s Survey of Construction (SOC) vinyl siding (24 percent) was the commonly used siding material on new single-family homes started in 2021 after stucco. Furthermore, Fiber cement siding is a long-lasting and low-maintenance material that is frequently used to cover the exterior of homes and, in some circumstances, commercial structures. It is made of cellulose fibers, cement, and sand, which makes it long-lasting and sturdy. fiber cement siding is made from a variety of materials, the most common of which are Portland cement (limestone, clay, and iron), sand or fly ash, water, and cellulose fibers or wood pulp. For binding and durability, some producers use a few unique chemicals.

Siding Application Insights

The application segment of the Siding Market size includes residential, commercial, and industrial. The commercial segment is further bifurcated into commercial office spaces, healthcare, shopping malls & centers, educational centers, hospitality, and others. The residential segment is expected to dominate the market during the forecast period. The commercial category is anticipated to be the fastest growing in the segment.

Figure 1: Siding Market, by Application, 2022 & 2030 (USD Billion)

The residential building sector is the primary end-user business for fiber cement, which is utilized for internal claddings such as partition walls, windowsills, ceilings and floors, and tile backer boards. The extensive usage of fiber cement products in the residential business is owing to a variety of benefits, including concrete wear and tear durability, UV resistance, fire resistance, insect, and algae resistance, corrosion-free, aesthetically pleasing, and others. Furthermore, fiber cement products are easy to install, low-maintenance, long-lasting, and cost-effective, with low noise penetration and heating impacts, making them the ideal material in inexpensive housing around the world. For instance, the US is investing heavily in residential development and home renovation. Moreover, stucco is a popular choice for many commercial structures. It can be painted in a variety of colors and styles to complement various architectural styles and regions. It requires less upkeep than wood and, when correctly coated, can occasionally maintain color better. Stucco may offer the property a modern appearance, making it ideal for commercial structures that prefer a plain exterior with few detailing. It can be used for office spaces, healthcare structures, shopping malls & centers, educational centers, and hospitality structures.

Siding Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The North America siding market accounted for largest market share in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is due to increasing demand for cement materials, namely vinyl, stucco, brick, and fiber materials in the region. According to the American Ceramic Society, vinyl held first place with up to 26%, followed by stucco at 25%, brick at 20%, and clay at 21% in 2019. Moreover, the aging housing stock in the US is increasing the demand for siding, which is propelling the region’s growth. The American Community Survey reported that the median age of owner-occupied homes was 40 years old in 2021 and increasing home prices forced homeowners to spend more on improvements to their homes. Thus, the aging of the housing stock implies boosting the growth of remodeling. Furthermore, outside players are entering into agreements to fulfill the demand for siding requirements in the Canadian market, creating opportunities for the region’s market. For instance, in June 2023, Saint-Gobain (France) acquired Building Products of Canada Corp. (Canada) to provide innovative and sustainable roofing solutions along with siding solutions through its Kaycan (Canada) subsidiary. Also in May 2022, Saint-Gobain acquired Kaycan, which is a manufacturer and distributor of exterior building materials in Canada and the US.

Figure 2: Siding Market, by region, 2022 & 2030 (USD Billion)

The Europe siding market includes the UK, Germany, France, Italy, and the rest of Europe, and market growth has been influenced by rising demand for energy-efficient homes. The European Climate Foundation reported in 2022 that in countries such as the Czech Republic, Germany, Italy, and Spain, the population is more inclined to buy and rent energy-efficient homes. Moreover, the rise in residential construction and infrastructure activities is fueling the demand for siding in the European market. As per EUROCONSTRUCT, there was an overall 3% increase in the European construction sector within the expansionary economic environment in 2022. Furthermore, the economic recovery is also playing an imperative role in the growing demand for siding in Europe’s siding market. According to the Organization for Economic Co-operation and Development, the economic recovery is stated to gain momentum in the second half of 2021 and remain robust until 2022.

The Asia-Pacific siding market growth is positively influenced by infrastructure projects, which are increasing the demand for the siding. According to the China 14th Five-Year Plan i.e., 2021–2025, which emphasizes projects associated with the new urbanization, transportation, energy, and water systems that also includes retrofitting. Moreover, as per the National Investment Construction and Facilitation Agency, more than 40% of the population of India is expected to live in urban areas by 2040, creating lucrative opportunities for the Asia-Pacific siding market.

Further, the major countries studied in the market report are the U.S., Canada, Mexico, Germany, France, Italy, UK, Spain, Japan, UAE, South Africa, Saudi Arabia, Argentina, and Brazil.

Siding Key Market Players & Competitive Insights

Many global, regional, and local vendors characterize the siding market. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, product quality, reliability, and government regulations. Vendors must provide cost-efficient, high-quality products to survive and succeed in an intensely competitive market.

The major players in the market include Saint-Gobain S.A, Westlake Corporation, Boral, Etex Group, Kingspan, Georgia-Pacific, James Hardie Industries PLC, Louisiana-Pacific Corporation, Nichiha Co., ltd, Cornerstone Building Brands, and among others. The Siding Market is a consolidated market due to increasing competition, acquisitions, mergers and other strategic market developments and decisions to improve operational effectiveness.

Key Companies in the Siding Market include.

• Saint-Gobain S.A


• Westlake Corporation


• Boral


• Etex Group


• Kingspan


• Georgia-Pacific


• James Hardie Industries PLC


• Louisiana-Pacific Corporation


• Nichiha Co., ltd


• Cornerstone Building Brands

Global Siding Industry Developments

• In July 2023, Stora Enso, the world's leading provider of sustainable wood-based building solutions, has launched new and updated building concepts in collaboration with major industry partners to provide more diverse and sustainable options for wood-based construction.


• In January 2023, Ahlstrom introduces innovative FibRoc® plasterboard performance solutions that provide outstanding fire and moisture resistance while also helping to reduce environmental impact.


• In June 2023, Saint-Gobain announced acquisition of Building Products of Canada Corp which is a well-known manufacturing of residential roofing shingles and wood fibre insulation panels in Canada. This acquisition strengthens the company business and provide support in growth.


• In August 2022, James Hardie Industries plc and The Magnolia Home (US) collaborated to produce a unique line of Hardie siding and accessories. As a result of this collaboration, James Hardie and Magnolia Home intend to inspire homeowners to explore the next frontier in home design while simplifying the process of selecting quality goods.

Siding Market Segmentation

Siding Market Material Outlook (USD Billion, 2019 -2030)

• Vinyl


• Fiber Cement


• Wood


• Metal


• Others

Siding Market Application Outlook (USD Billion, 2019 -2030)

• Residential


• Commercial
  
  
  
  • Office Spaces
  
  
  • Healthcare
  
  
  • Shopping Malls & Centers
  
  
  • Educational Centers
  
  
  • Hospitality
  
  
  • Others
  
  
  
  


• Industrial

Siding Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Spain
  
  
  • Italy
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Middle East and Africa
  
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  • South Africa
  
  
  • Rest of Middle East and Africa
  
  
  
  


• South America
  
  
  
  • Argentina
  
  
  • Brazil
  
  
  • South America