CHICAGO, June 20, 2019 /PRNewswire/ -- According to the new market research report "Siding Market by Type (Vinyl, Fiber Cement, and Wood), Application (Residential, and Non-residential), and Region (North America, Asia Pacific, Europe, Middle East and Africa, and South America) - Global Forecast to 2024", published by MarketsandMarkets™, the Siding Market is projected to grow from USD 72.9 billion in 2019 to USD 93.4 billion by 2024, at a CAGR of 5.0% from 2019 to 2024.
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Siding market is expected to grow in tandem with the growth of the construction industry across the globe. Factors such as an increase in the residential and non-residential construction and infrastructure activities, along with the demand for the durability of siding with the ability to withstand various weathering actions and resist chemical attacks & deterioration are expected to support market growth during the forecast period.
In terms of value and volume, the vinyl segment led the siding market in 2018
Vinyl held the largest market share among all the materials used for siding due to its low cost and easy installation techniques. Vinyl siding is the most preferred siding for residential buildings. Vinyl siding is durable and can last for up to 30 to 40 years and requires little or no maintenance, which can be easily used with water and soap. It is easy to install and hence saves the additional labor cost while installing. Vinyl siding is available in various colors and designs. Although vinyl sidings are not eco-friendly, manufacturers are committed towards the recycling of such sidings in the form of landfills.
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In terms of value and volume, the residential segment was the largest consumer of siding systems in 2018
Siding enhances the aesthetic appeal of a building, along with properties such as durability and protection from extreme weathering has also driven the residential sector. Also, other benefits such as fire protection and high thermal efficiency will further increase the demand for siding. Most favorable material for residential siding includes fiber cement, vinyl, bricks, and wood.
North America region is projected to account for the largest share in the siding market during the forecast period
The North America region is expected to lead the Siding Market, in terms of both value and volume, from 2018 to 2024. Factors such as the development of green buildings, rising energy efficiency codes, and building specifications are expected to drive the siding market growth in the North American region. In addition, increasing focus on energy-efficient buildings, stringent requirements for insulation, and new building codes have generated awareness regarding thermal insulation in buildings in the region. Furthermore, government initiatives for incentive programs such as the American Recovery and Reinvestment Act (ARRA) have helped increase the flow of funds for various projects, including infrastructure, housing, and energy.
Louisiana Pacific Corporation (US), James Hardie Industries PLC (Ireland), Boral Limited (Australia), Nichiha Corporation (Japan), and Etex Group (Belgium) are key players operating in the siding market. Expansions, acquisitions, investments, and new product developments are some of the major strategies adopted by these key players to enhance their position in the siding market.
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