Siding Global Market Report 2024

Siding refers to protective materials affixed to the exterior of a wall, serving to shield against the elements, prevent heat loss, and enhance the visual appeal of a building. It contributes to the overall aesthetic, durability, and protection from harsh weather conditions, particularly in the residential sector.

The primary types of siding include fiber cement, vinyl, metal, stucco, concrete, stone, brick, wood, and other materials. Fiber cement, in particular, stands out as a composite construction material known for its strength and durability, commonly applied in roofing and facade products. Siding finds application in various end-user sectors such as residential, non-residential, healthcare, education, hospitality, retail, offices, and others. Its usage spans new construction as well as repair and maintenance projects.

The siding market research report is one of a series of new reports that provides siding market statistics, including siding industry global market size, regional shares, competitors with a siding market share, detailed siding market segments, market trends and opportunities, and any further data you may need to thrive in the siding industry. This siding market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The siding market size has grown strongly in recent years. It will grow from $93.88 billion in 2023 to $98.62 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth observed in the historical period can be attributed to several factors, including increased activity in residential and commercial construction, a rise in exterior home renovation and remodeling projects, the emphasis on weather resistance and durability in siding materials, evolving architectural and design preferences, and a growing demand for sustainable and eco-friendly siding options.

The siding market size is expected to see steady growth in the next few years. It will grow to $119.58 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period can be attributed to various factors, including the implementation of energy-efficient and green building codes, the emergence of smart siding materials designed for automation, the demand for impact-resistant siding to withstand severe weather conditions, a focus on siding customization and personalization, the need for upgrading aging building infrastructure, and the ongoing trends in urbanization and suburban development. Key trends expected in the forecast period include the introduction of solar-integrated siding for energy generation, advancements in self-cleaning and self-repairing siding materials, the development of transparent and see-through siding options, the use of flexible and lightweight siding materials, the adoption of sustainable and biodegradable siding materials, and the incorporation of noise reduction and acoustics features in siding options.

The growth of the siding market is being driven by its high durability and its ability to enhance the aesthetic appearance of buildings. Siding, whether used in new construction or for repairs, contributes to various aspects of a building. It plays a crucial role in ensuring the structural integrity by protecting against water-induced wood rot. Additionally, certain types of siding offer resistance to moisture and protection from harsh weather conditions, including winds of up to 180 mph. Moreover, siding contributes to the resale value of a house by improving its aesthetic appeal, with various customizable materials offering an attractive finish that is also resistant to UV rays, ensuring a visually appealing building in the long run.

The anticipated growth of the siding market is further propelled by the increasing trend in residential construction. Residential construction involves the construction or renovation of homes and living spaces for individuals or families. Siding in residential construction serves a dual purpose of providing protection from the elements and enhancing the overall appearance of the home. For instance, in June 2023, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported a significant increase in privately owned home starts, reaching an annual pace of 1,631,000. This represents a 21.7% increase over the revised April 2023 prediction of 1,340,000 and a 5.7% rise from the May 2022 rate of 1,543,000. The surge in residential construction is expected to be a driving force behind the siding market during the forecast period.

The siding market is also influenced by the growing use of sidings with good insulation to reduce energy consumption through air conditioners and heaters. Sidings with good insulation, particularly vinyl sidings, come with a preinstalled layer of insulating foam, eliminating hollow spaces and enhancing stiffness, ultimately improving impact resistance. Well-insulated sidings contribute to even temperatures throughout the house, leading to substantial energy savings by reducing indoor heating requirements in winter. Additionally, insulated walls provide noise reduction benefits, making them suitable for residential buildings situated on busy streets.

Innovations in the siding market include the development of a new range of siding colors by major companies aiming to gain a competitive edge. These siding colors add vibrancy and personalization to homes, elevating curb appeal and reflecting individual style preferences. For instance, in February 2022, Steelscape LLC introduced the Natural Matte collection, a new range of ultra-matte metal roofing and siding colors. This innovative paint technology eliminates shine and glare, offering a low-gloss finish inspired by natural environments. The collection includes six highly adaptable, ultra-low colors designed specifically for metal roofing and siding, catering to both residential and commercial projects.

In January 2022, Beacon, a U.S.-based company, acquired Crabtree Siding and Supply, a Cookeville-based wholesale distributor of exterior building materials, for an undisclosed amount. Through this acquisition, Crabtree is set to leverage Beacon's customer relations and supplier services while also strengthening its geographic footprint.

Major companies operating in the siding market include Compagnie de Saint-Gobain S.A., Westlake Chemical Corporation, Louisiana-Pacific Corporation, Etex Group SA, Boral Limited, James Hardie Industries PLC, Nichiha Corporation, Cornerstone Building Brands, SHERA Public Company Limited, Döcke Extrusion Co. Ltd., Georgia-Pacific LLC, Kingspan Group, Ply Gem Industries Inc., LIXIL Group Corporation, Saint-Gobain S.A., DuPont de Nemours Inc., Tata Steel Limited, Arconic Corporation, Alumasc Group PLC, ROCKWOOL International A/S, National Cladding, Revelstone, Wienerberger AG, Knauf Gips KG, Carea Community Health Centre, Al Ghurair Group, Owens Corning, CertainTeed Corporation, Kaycan Ltd., Alside Inc., BlueScope Steel Limited, Gentek Building Products Inc., Designer Panel Systems Pty Ltd., Forterra Building Products Limited, Norandex Building Materials Distribution Inc.

Asia-Pacific was the largest region in the siding market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the siding market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the siding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The siding market consists of sales of hardie board siding, natural wood siding and ever last composite siding. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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