Global Siding Market to Grow at a CAGR of 4.4% During 2024-2032, Driven by the Rapid Growth of Commercial and Residential Construction

North America holds a significant market portion of the global siding market share, as the construction sector is one of the major contributors to the US economy. According to reports, in the first quarter of 2023, there were over 919,000 construction establishments in the United States. An estimated USD 2.1 trillion worth of structures are produced annually by this industry.

Additionally, the U.S. is witnessing an investment surge in non-residential manufacturing facilities. Since the end of 2021, real spending on manufacturing and construction has doubled. Siding acts like an insulation barrier that acts like a shield to withstand harsh weather conditions and drastic temperature changes. With an average daily temperature of -5.6C, Canada’s drastic temperature aids the market in North America.

Production expansion of siding mills to meet increased demand for siding supports the market. In March 2023, the leading producer of high-performance building goods, LP Building Solutions (LP), (NYSE: LPX), announced plans to commence producing LP® SmartSide® siding at its Sagola, Michigan, facility with an APA-approved SmartSide board. To supply the growing demand for SmartSide products, the business announced in 2021 a multi-year, phased plan to boost the capacity of its siding production.

LP Sagola was one of the two plants. LP pressed the mill's first siding board, marking the completion of the first stage of Sagola's conversion to a siding mill. These Sagola expansion projects allow the business to thrive over the long run and satisfy the growing demand for SmartSide siding throughout North America. LP Sagola's entire siding production capacity will be over 2.3 billion square feet, and the company will be able to produce about 330 million square feet of SmartSide siding annually at its maximum capacity.

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Market Analysis by Material, End Use, and Region:

• The market, on the basis of material, can be divided into vinyl, fibre cement, and wood, among others.

• Based on end use, the market can be divided into residential and non-residential.

• The major regional markets for siding include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• British Columbia in Canada has witnessed a rise in both commercial and residential construction, with the value of construction permits rising 58% over five years till July 2022. In 2021, British Columbia’s construction sector represented 9.7% of the Province’s GDP. A rise in commercial activities plays a pivotal role in the siding market growth.

• Consumers’ growing awareness of sustainability and energy efficiency drives the market demand for eco-friendly siding materials such as wood, brick, fibre cement, and others. Government programmes focusing on energy efficiency, such as building codes and standards, and incentives and financing programmes further create the demand for sustainable siding.

• The escalating real estate demand and the affordability offered by siding with long-lasting durability are some of the key drivers of the market.

• Innovation in material technology such as fibre cement and engineered wood offers better durability than conventional materials. Additionally, improvements in siding designs enhance the aesthetic appeal of a home, which can complement consumers' growing demand for aesthetic designs.

Table: Global Growth Rate of Construction Sector (% of World GDP), 2018-2023
  
 

Key Offerings of the Report:

• The EMR report gives an overview of the global siding market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the materials, end uses, and major regions of siding.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global siding market are 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., and Etex Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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