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Unlocking Growth Trends and Market Insights

The siding market has witnessed robust growth in recent years, evolving into a dynamic industry with a promising future. As of 2023, the market size stands at an impressive $93.88 billion, set to surge to $98.62 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.1%. This growth is attributed to various factors such as residential and commercial construction, exterior home renovation, and the increasing demand for weather-resistant and durable siding options.

Steady Trajectory: A Glimpse into the Future

Looking ahead, the siding market is poised for continuous growth, projected to reach $119.58 billion by 2028, boasting a CAGR of 4.9%. The forecasted expansion can be linked to trends such as energy-efficient and green building codes, innovations in smart siding materials, and the rising need for impact-resistant siding to withstand severe weather conditions.

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Key Drivers of Growth             

The surge in residential construction emerges as a pivotal driver propelling the siding market. Residential construction involves building or renovating homes, where siding plays a dual role of protection and aesthetic enhancement. In May 2023 alone, privately owned home starts in the U.S. exhibited a significant increase, indicating a 21.7% rise compared to the previous month. This surge in construction is expected to be a major catalyst for the siding market’s growth during the forecast period.

Leading Players in the Arena

Major players in the siding market include industry giants like Compagnie de Saint-Gobain S.A., Westlake Chemical Corporation, and James Hardie Industries PLC, among others. These companies play a crucial role in shaping the market dynamics, contributing to its robust growth.

Strategic Moves: A Competitive Edge

One noticeable trend in the industry is the strategic focus of major companies on introducing a new range of siding colors. This move aims to gain a competitive edge by adding vibrancy and personalization to homes. For instance, Steelscape LLC, a U.S.-based construction company, launched a groundbreaking range of ultra-matte metal roofing and siding colors known as Natural Matte. This innovation utilizes advanced paint technology to produce a low-gloss finish, eliminating undesired shine and glare. Similarly, Beacon, a prominent U.S.-based company, acquired Crabtree Siding and Supply, fortifying its position in the market and expanding its geographic footprint.

Segmentation Unveiled: Understanding the Landscape

The siding market is intricately segmented to provide a comprehensive understanding of its diverse dynamics:

1. By Material: Fiber Cement, Vinyl, Metal, Stucco, Concrete And Stone, Brick, Wood, and Other Materials.
2. By Application: New Construction and Repair And Maintenance.
3. By End-User: Residential, Non-Residential, Healthcare, Education, Hospitality, Retail, Offices, and Other End-Users.

Asia-Pacific Takes the Lead

In 2023, the Asia-Pacific region emerged as the largest player in the siding market. This showcases the global nature of the industry, with diverse regional markets contributing to its overall growth.

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The Siding Global Market Report 2024 provides an overviewof the siding market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The siding market forecast analyzessidingmarket size, siding market share,leading competitor and their market positions.

The Table Of Content For The Siding Market Include:
1. Siding Market Executive Summary
2. Siding Market Segments
3. Siding Market Size AndSiding Market Growth Rate
4. Key Siding Market Trends
5. Major Siding Market Drivers
……
25. Key Mergers And Acquisitions In The Siding Market
26. Top Siding Companies
27. Siding Market Opportunities And Strategies
28. Siding Market, Conclusions And Recommendations
29. Appendix

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