- Siding is a protective material on the exterior side of a wall of a house or any other building. It is one of the most important elements of a home’s exterior. Siding protects the home from harmful weather elements such as rain, snow, and harsh winds. It also enhances the appeal of the building by providing a common theme on its exterior.
- Siding acts as a waterproof envelope and protects the walls from moisture during rain, as moisture leads to deterioration of the interior of buildings. Various materials such as vinyl, wood, and fiber cement are used for siding. According to the U.S. Census Bureau, vinyl siding is a highly used siding due to its durability and low cost. Rise in population and urbanization in Asia Pacific is expected to drive the demand for residential buildings in the region. This, in turn, is likely to boost the demand for siding.
Key Drivers and Restraints of Global Siding Market
- The siding market has developed significantly of late. This can be primarily ascribed to the high performance and increasing recognition of siding materials globally. Siding plays an important role in addressing several issues associated with waterproofing, insulation, and pest infestation. Rise in usage of siding materials for residential purposes is expected to propel the siding market during the forecast period. Growth in awareness about the impact of heavy construction materials on the planet is anticipated to drive the demand for ecofriendly construction. High usage of wood for siding purposes is expected to drive the demand for siding in the near future.
- Increase in demand for commercial buildings is also projected to create significant opportunities for the siding market
Siding: Material Type Segment
- In terms of material type, the global siding market can be segmented into vinyl, fiber, wood, stone and others
- The vinyl segment is expected to account for significant share of the global siding market during the forecast period. It is anticipated to be followed by the fiber segment.
Siding: Type Segment
- In terms of type, the global siding market can be divided into vertical board siding, horizontal lap siding, clapboard, shingles, and others
- The vertical board siding segment is expected to account for significant share of the global siding market during the forecast period. It is anticipated to be followed by the horizontal lap siding segment.
Siding: Application Segment
- In terms of application, the global siding market can be segregated into commercial and residential
- The residential segment is estimated to expand at a rapid pace during the forecast period
COVID-19 Impact on Siding Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the siding market.
North America to Dominate Siding Market
- In terms of region, the global siding market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global siding market in 2020. This trend is anticipated to continue during the forecast period. This can be ascribed to the higher production and consumption of siding materials, especially in the U.S. However, the siding market in Asia Pacific is anticipated to expand at a rapid pace in the near future owing to the increase in demand for construction in emerging countries such as China and India.
Key Manufacturers Operating in Global Siding Market
The global siding market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global siding market include:
- Westlake Chemical
- Louisiana Pacific Corporation
- Etex Group
- Boral Limited
- James Hardie Industries PLC
- Nichiha Corporation
- Cornerstone Building Brands
- Döcke Extrusion Co. Ltd.
Global Siding Market: Research Scope
Global Siding Market, by Material Type
Global Siding Market, by Type
- Vertical Board Siding
- Horizontal Lap Siding
Global Siding Market, by Application
Global Siding Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.