Siding Market worth $126.3 billion by 2024 | Key players Compagnie de Saint-Gobain S.A., Westlake Chemical, Louisiana Pacific Corp, Boral Ltd, Etex Group

According to recent market research "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", The siding market is projected to grow from USD 101.7 billion in 2019 to USD 126.3 billion by 2024, at a CAGR of 4% from 2019 to 2024. Siding market is expected to grow in accordance to the growth of construction industry across the globe. Factors such as increase in the residential and non-residential construction and infrastructure activities, along with the demand for 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.

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Fiber cement held the largest market share among all the materials used for siding as it is affordable and is installed in regions having extreme weather conditions. It can expand and contract because of its unique composition. The fiber added to the cement makes it stronger and more durable. It also prevents cracks from appearing on the surface. Fiber cement is seen as a replacement for asbestos cement, which had carcinogenic effects on human health.

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 include fiber cement, vinyl, bricks, and wood.

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The siding systems market is projected to grow from USD 101.7 billion in 2019 to USD 126.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast year. Demand for siding market can be attributed to the high growth of construction industry across the globe. Factors such as increasing residential and non-residential construction and infrastructure activities, and its high durability drives the demand for siding.

The siding market has been dominated by large players such Etex Group (Belgium), Boral Limited (Australia), Compagnie de Saint-Gobain S.A. (France), Westlake Chemical (US), and Louisiana Pacific Corporation (US). These players have adopted various growth strategies such as expansions, investments, divestments, new product developments, acquisitions, partnerships, agreements, and joint ventures to increase their market shares and enhance their product portfolios.

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Compagnie de Saint-Gobain S.A. is one of the key industrial groups at a global level. It designs, manufactures, and supplies materials, as well as solutions for transportation, building, infrastructure, and industrial applications. The company operates through its four business segments, namely, building distribution, construction products, innovative materials, and others. The company offers a range of siding products through their subsidiary-CertainTeed. The company has a strong foothold across the globe with operations in 67 countries along with eight research centres worldwide.

Westlake Chemical is a global manufacturer and distributor of petrochemicals, building products, and plastic products which operates through its business segments, namely, olefins, and vinyl. Ethylene and styrene monomer are produced within olefins segment. The vinyl business segment includes two products, namely, vinyl resin products and PVC products. The vinyl resin products are used for various purposes including residential siding, sewer & industrial applications, and pipe & fittings. It has a strong foothold in North America and conducts its operations through 27 locations worldwide. In addition to it, it has six offices in Canada, five offices in Germany, one office each in China, Taiwan, the UK, and India.

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