The Global Siding Industry is Forecast to Reach 74.6 Billion Square Feet by 2022

Indispensable Function of Siding in Waterproofing Exterior Walls Sustains Growth in the Global Siding Industry, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Siding Industry. The global Siding industry is forecast to reach 74.6 billion square feet by 2022, driven by the need to waterproof building walls to prevent moisture damage and the pivotal role played by siding as the most effective rain-screen cladding material built to achieve this very important architectural goal.    

Building architecture is growing in importance. The practice of architecture is no longer a dispensable, superfluous activity of the rich and wealthy. Buildings of all shapes, sizes, and functions require architectural plans. External architecture is growing in prominence on par with internal architecture. Defined as the design and styling of exterior structural boundaries of a building, external architecture is vital for both the aesthetic appeal and protection of the building. With a growing world population which is also rapidly urbanizing, the role of architecture is becoming ever more important in designing affordable and robust structures with sustainable living spaces.

The three main elements of exterior architecture include building facade, skin and roofing, all of which impact physical aspects that influence the structural integrity of building walls as well as the artistic, tactile and visual characteristics of the building. Against the backdrop of the growing focus on structural robustness of buildings, the importance of siding is gathering momentum. An important element of external architecture vital for the construction of resilient buildings, siding are external wall claddings comprising of horizontal or vertical boards, shingles, or sheet materials made of wood, stone, asphalt, vinyl, metal, plastic etc., for providing protection against harsh weather conditions such as wind and rain infiltration. In addition to shedding water and improving aesthetics of a building, sidings are known for their functional properties like insulation as well as resistance to fire, and chemicals.

The recovery of the world construction industry and its projected growth higher than world GDP is positively benefiting growth in the market. Emerging markets are forecast to play a major role in driving the recovery of the construction industry. Emerging economies will grow at the highest rate of 4.5% to 5.5% despite China weighing down heavily on the economic front. Economic recovery in the advanced economies will also help in partially brightening the outlook for the industry. The siding industry is also poised to benefit from the optimistic outlook for the world hospitality industry which is witnessing healthy gains in hotel occupancy rates in Asia-Pacific, Europe, the Middle East and Africa. Few of the factors driving this growth include recovery in business travel, rise of the young millennials in the 25 to 35 age group as global travelers against the backdrop of aging baby boomers, explosion of middle class growth in emerging markets, favorable travel trends, opening up of tourism in countries such as Myanmar, Iran, Saudi Arabia and other remote indigenous homelands and the ensuing increase in visitation rates, and improving transportation infrastructure in aspiring tourism-oriented economies. With hotel transactions increasing at double digit rates, and with hotel values rising to record levels, there is strong growth in investments in hospitality construction such as mall clubs, restaurants, hotels, lodging, resorts and entertainment centers, convention centers, banquet, casinos, among others.

As stated by the new market research report on Siding Industry, Asia-Pacific represents the largest market worldwide and is forecast to emerge as the fastest growing market with a CAGR of 8.2% over the analysis period, led by factors such as growing population and a parallel increase in home constructions; healthy GDP growth, robust business environment and the ensuing increase in commercial building constructions; rise of tourism and the hospitality industry and the resulting increase in hotel constructions and the growing preference for clapboard style hotel architecture.

Major players in the market include Alumasc Group Plc., American Building Components, Associated Materials, Inc., Alside, Inc., Gentek Building Products Inc., BlueScope Steel Limited, Boral Limited, Designer Panel Systems, Etex, Forterra Building Products Limited, Georgia-Pacific Corporation, James Hardie Industries PLC, LIXIL Group Corporation, Kaycan Ltd., Kingspan Panels, Louisiana-Pacific Corporation, Metal Building Components Inc., National Cladding Wales Ltd., Nichiha Corporation, Palagio Engineering Srl., Peter L. Brown Co., Ply Gem Holdings, Inc., Royal Building Products, Ruukki Construction, Certain Teed Corporation, Sto Corp., Toray Industries, Inc. and Wienerberger Baustoffindustrie AG among others.

The research report titled “Siding Industry: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World.

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