Global Siding Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Siding Market Growth

The industry is driven by the rising residential and non-residential construction and other infrastructural activities, the ability to enhance the aesthetic appearance of the buildings, and the product’s high durability.

The growth of the siding market is driven by the rise in infrastructure activities and an increase in residential as well as non-residential construction. The market is further aided by the ability of siding to enhance the aesthetic appearance of the buildings further. Siding also provides durability to the building and protection from extreme weathering, thus, propelling the industry growth of siding.

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Siding Market Trends

A crucial trend of sliding market is the increased demand for green materials such as engineered wood and fibre which contribute to sustainability, are low maintenance, and offer superior insulation properties to the houses.

Recent Developments

As per the siding market dynamics and trends, the Indian government inaugurated the automobile in-plant railway siding project of Maruti Suzuki (MSIL), the first of its kind, at its plant in Gujarat, India on March 2024.

Industry Outlook

As per the siding industry analysis, the Asia Pacific region accounted for around 5.7% CAGR in the forecast period which indicates a positive trend in the market. India held the largest share in the region with a CAGR of 6.5% owing to the burgeoning popularity of vinyl wall siding which can be available in the materials of cement wood cladding and wooden wall cladding. Moreover, India is expected to become the third largest market for construction globally by 2025, which can boost the demand for siding. 

The vinyl siding segment is expected to have a CAGR of 4.8% in the forecast period owing to its capability to withstand harsh weather conditions which makes it suitable for areas that witness heavy rainfall. It can contract or expand depending upon temperature change without causing any cracks in the material which further makes it an attractive option among the customers. Additionally, it is affordable and requires less maintenance which makes it a viable option in the tighter budget scenario, contributing to the overall growth of the siding industry. Engineered wood siding has also emerged as an innovative siding material as it mimics the appearance of the wood, offers a warm aesthetic, requires less maintenance and is moisture-resistant in nature.

The Growth of the Global Market Driven by Urbanization and Energy Efficiency

• Urbanization and Construction Boom: Rapid urbanization and growth in the construction industry, particularly in developing economies, drive demand for siding materials.
• Energy Efficiency: Increasing focus on energy-efficient building materials boosts the demand for insulated siding options that contribute to thermal performance and siding demand growth.
• Aesthetic Appeal: Growing consumer preference for aesthetically pleasing and customizable exterior finishes supports the demand for diverse siding materials.
• Technological Advancements: Innovations in materials, such as fibre cement and vinyl siding, enhance durability, ease of installation, and maintenance, driving the market growth.

Challenges Impacting the Growth of the Global Market Include Environmental Regulations and Raw Material Costs

• Environmental Regulations: Stringent environmental regulations and sustainability requirements pose challenges for manufacturers in terms of compliance and production practices.
• Raw Material Costs: Fluctuations in the prices of raw materials, such as timber, cement, and PVC, impact production costs, market pricing strategies, and siding demand forecast.
• Competition from Alternatives: Competing exterior finishes, such as brick, stucco, and stone, offer alternatives to traditional siding, affecting market share.
• Installation Complexity: Skilled labour shortages and the complexity of installing certain siding materials can lead to higher labour costs and potential delays in projects.

Opportunities in the Global Siding Market Share Driven by Green Building Initiatives and Renovation Projects

• Green Building Initiatives: Growing emphasis on sustainable construction practices and green building certifications creates opportunities for eco-friendly siding materials.
• Renovation and Remodelling: Increased investment in renovation and remodelling projects, especially in mature markets, drives demand of siding market.
• Smart and Innovative Products: The development of smart siding materials with features like integrated solar panels or enhanced insulation properties presents new growth avenues.
• Emerging Markets: Expansion into emerging economies with rising disposable incomes and construction activities provides untapped market potential for siding products.

Setbacks Faced by the Global Market Due to Economic Downturns and Climate Impact

• Economic Downturns: Economic instability and downturns can reduce investment in construction and real estate, impacting demand for siding materials.
• Climate Impact: Extreme weather conditions and natural disasters can damage existing siding installations, leading to increased maintenance and replacement costs.
• Market Saturation: In mature markets, high penetration rates of siding products can lead to market saturation, slowing growth, intensifying competition and affecting siding market value.
• Consumer Preferences: Shifts in consumer preferences towards alternative exterior finishes or changing architectural trends may negatively impact siding demand.

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Global Siding Industry Segmentations

Siding Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

A siding is referred to as the short track along the side of and opening on to a railway line, which is primarily used for shunting or stabling trains.

The market is segmented based on its materials and end-uses.

Based on materials, the market is divided into:

• Vinyl
• Fibre Cement
• Wood
• Others

On the basis of end-use, the siding industry is divided into:

• Residential
• Non-Residential

The EMR report looks into the regional markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global siding market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Saint-Gobain Group
• Westlake Chemical Corporation
• Louisiana-Pacific Corporation
• NICHIHA Co., Ltd.
• SHERA Public Company Limited
• Cornerstone Building Brands, LLC
• James Hardie Building Products Inc.
• Etex Group
• Others

The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Players in the Global Market and Their Strategic Initiatives

Compagnie de Saint-Gobain S.A

• Expansion: Saint-Gobain has been expanding its footprint through acquisitions and establishing new production facilities. For example, in 2022, the company acquired Kaycan, a leading manufacturer of vinyl and aluminum siding, to enhance its siding market revenue in North America.
• Sustainability: Implementing sustainable manufacturing practices and promoting eco-friendly products.

James Hardie Industries plc

• Product Innovation: Continuously innovating and improving its fiber cement siding products to offer superior durability, aesthetics, and performance.
• Market Penetration: Expanding into new geographic markets, particularly in Asia-Pacific and Europe.
• Brand Building: Strengthening its brand through marketing campaigns and strategic partnerships with builders and contractors can enhance siding market opportunities.

Louisiana-Pacific Corporation

• Diversification: Expanding its product portfolio to include a variety of engineered wood siding products.
• Sustainability: Emphasizing sustainable forestry practices and eco-friendly products.
• Technological Advancements: Investing in technology to improve manufacturing processes and product quality.

Nichiha Corporation

• Global Expansion: Expanding its market reach beyond Japan, focusing on North America and other regions, can aid siding demand.
• Innovation: Developing innovative fiber cement siding products with enhanced design and performance features.
• Customer Service: Enhancing customer service and support to strengthen relationships with contractors and builders.

Royal Building Products

• Product Portfolio Expansion: Offering a wide range of vinyl, aluminium, and composite siding products.
• Innovation: Investing in product innovation to provide high-quality, durable, and aesthetically appealing siding solutions.
• Customer Engagement: Enhancing customer engagement through improved service and support in siding industry.

Cornerstone Building Brands, Inc.

• Vertical Integration: Leveraging vertical integration to control costs and improve product quality.
• Market Expansion: Expanding its market presence through strategic acquisitions and organic growth.
• Sustainability: Promoting sustainable practices and products to meet the increasing demand for eco-friendly building materials.

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Siding Market Regional Analysis

North America held the largest siding market share owing to the burgeoning popularity of vinyl siding due to its high durability and low maintenance nature which is beneficial for the extreme climates of this region.