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Siding Market Analysis, Market Size, Leading Players, Share And Forecast To 2033
Siding Market Analysis
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According to The Business Research Company's, 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 in the historic period can be attributed to residential and commercial construction, exterior home renovation and remodeling, weather resistance and durability, architectural and design preferences, 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 growth in the forecast period can be attributed to energy-efficient and green building codes, smart siding materials for automation, impact-resistant siding for severe weather, siding customization and personalization, aging building infrastructure, urbanization and suburban development.. Major trends in the forecast period include solar-integrated siding for energy generation, self-cleaning and self-repairing siding materials, transparent and see-through siding options, flexible and lightweight siding materials, sustainable and biodegradable siding materials, siding with noise reduction and acoustics..
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Market Drivers and Trends:
The high durability and ability to enhance the aesthetic appearance of buildings are driving the growth of the siding market. Siding for new construction or repair helps improve various factors of a building. Siding can help ensure the structural integrity of a building, protecting water from causing the wood in a building to rot. Certain types of siding are also resistant to moisture or offer protection from harsh weather elements and wind up to 180 mph. Furthermore, it can help increase the resale value of a house by improving the aesthetic, various siding materials can be customized to offer an aesthetic finish to a building. These materials can also be resistant to UV rays, offering an aesthetic looking building in the long run
The increasing use of sidings with good insulation to reduce energy consumption through air conditioners and heaters are shaping the siding market. Sidings with good insulation are commonly vinyl sidings. These sidings unlike standard sidings come with a preinstalled layer of insulating foam, which eliminates hollow spaces under the vinyl layer and helps increase the stiffness of the installation, ultimately improving the impact resistance. Furthermore, well-insulated sidings help have even temperatures throughout the house. Moreover, a well-insulated exterior helps reduce indoor heating requirements during winter, leading to substantial energy savings, including the roof and fenestrations (windows, entry doors, and skylights) in preventing heat leaks, ultimately saving on indoor cooling costs. In addition, insulated walls also provide a noise reduction, perfect for residential buildings on a busy street.
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Major Key Players of the Market:
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.
Siding Market 2024 Key Insights:
• 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%.
• Building Durability And Aesthetics Driving Growth In The Siding Market
• Advancements In Insulated Sidings For Energy Efficiency
• Asia-Pacific was the largest region in the siding market in 2023
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