The Global Siding industry is Forecast to Reach 74.6 Billion Square Feet by 2022
Dual Value as a
Weather-Protective and Ornamental Exterior for Buildings Sustains Global Growth
of the 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 dual value of siding as a weather-protective and ornamental building
exterior.
Siding is a wall cladding product,
applied to create an elegant, adorning, waterproofing and protective building
exterior. Siding can be made with different materials such as bricks, fiber
cement, stucco/EIFS, vinyl, wood, stone, and metal, and in various styles such
as bars, boards, shingles and laps etc. Siding, over the years, has evolved as
a decorative and safety component virtually in all new residential and
non-residential construction programs and also in building renovation &
remodelling projects as well as in prefabricated buildings vertical. Against
the backdrop of growing focus on architectural efficacy and structural
robustness of buildings, the importance of siding is gathering momentum. Extending
an important element of external architecture vital for construction of
resilient buildings, siding continues to make robust progress. Besides
improving aesthetics and waterproofability of a building, siding is also gaining
traction due to its functional properties such as insulation and resistance to fire,
and chemicals.
Siding, like all other construction
materials, remains exposed to swings in the construction sector, with number of
new construction projects in residential & non-residential segments, and
home repairs & remodeling spending volumes determining the siding demand. Siding
industry is poised to gain from ongoing stable growth in the world construction
sector. While emerging nations are forecast to play a major role in steering the
construction industry, contribution of developed nations is also expected to
remain highly relevant. Macro factors such as growing population, rapid pace of
urbanization, expanding middle class group, growing disposable incomes and improving
living standards, are poised to play pivotal role in construction spending in
the immediate term. Similarly, higher bracket for building construction and
infrastructure development by governments across the world would also infuse
growth into the construction sector. The overall optimistic scenario in the
construction sector, thus favors growth of the siding industry in the short- to
medium-term. However, siding industry has to deal with certain issues such as growing
concerns over fire safety of wall cladding in high-rise buildings, and
increased use of glass for exterior walls, which invalidates the use of
conventional building materials in wall construction.
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 Alside
Inc., Alumasc Group Plc, American Building Components, Associated Materials
Inc., BlueScope, Boral Limited, Certain Teed Corporation, Designer Panel
Systems, Etex, Forterra Building Products Limited, Gentek Building Products
Inc., Georgia-Pacific Corporation, James Hardie Industries PLC, Kaycan Ltd.,
Kingspan Panels, LIXIL Group Corporation, Louisiana-Pacific Corporation, Metal
Building Components Inc., National Cladding Wales Ltd., NCI Building Systems,
Nichiha Corporation, Palagio Engineering Srl, Peter L. Brown Co., Ply Gem
Holdings Inc., Royal Building Products, Ruukki Construction, Sto Corp., Toray
ACE Co. Ltd. and Wienerberger 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. The report analyzes Siding
Industry by Product Segments – Brick, Fiber Cement, Stucco/EIFS, Vinyl, Wood
and Others (Includes Metal Siding among Others).
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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