Siding is the protective material that is used in the exterior wall to protect the building from sun, wind, and rain. It is used to prevent the heat loss and maintaining the temperature inside the building. Different types of siding are available in the market such as horizontal lap siding, vertical board siding, clapboard, and shingles. Siding enhances the architectural beauty of the buildings. Siding can be categorized into different types in terms of material used, i.e., wood, vinyl, stone, fiber, and composite siding. In large buildings, it is known as an cladding material on the exterior wall which is used for decoration and a weatherproofing material. These siding materials are in high demand in residential buildings and small apartments.
COVID-19 scenario analysis:
- The demand for the siding is expected to decrease in the year 2020 due to lockdown imposed by the government and low demand from construction industries.
- Coronavirus has affected the import and export of construction materials. China is the largest exporter of construction materials globally. Negative trends in the economy of China are anticipated to reduce the global import and export throughout the globe.
- Demand for new construction materials have witnessed a massive negative shift since the corona outbreak in December 2019, with manufactures and investors fearing an excessively receding economic growth.
- Travel prohibitions around the globe have affected the trade of construction materials. Thus, the supply and demand for construction materials are almost halted throughout the globe.
- Construction materials manufacturing companies located in China, are the major sufferers of from the virus outbreak, owing to lockdown and unavailability of logistics in the region.
- The major hindrance for the global construction materials market comes from the orders of home quarantine by respective governments, which has led to the discontinuing of production of construction materials.
- Decreased consumer demand and consumption have led to reduction and slowdown of sales of construction materials all over the globe over the course of the current economic year.
- Therefore, the siding market is expected to be negatively affected in 2020.
Top impacting factors: market scenario analysis, trends , drivers, and impact analysis
Significant increase in the residential buildings across the globe and the use of siding in the exterior walls of these buildings is considered to be the major growth driver for siding market. The increasing infrastructure development in several countries act as a growth driver for siding market. An increase in the population and increase in the demand for construction of residential and commercial buildings is driving the market of siding especially the wood and fiber siding. The increase in demand for the siding materials in the construction industry that can resist the chemical exposure and used as weather proofing material to withstand the change in weather conditions. Further, the growing income of people and the increasing trend of using siding material for increasing the beauty of the buildings can act as the major growth driver for the siding market. Moreover, the wide range of siding in terms of materials like wood, fiber, plastic and others, open the various options or alternatives in the market. Thus, this alternatives also act as the growth driver for siding market. However, the lack of awareness about the siding material can be a major restraint for the siding market.
The global siding market trends are:
New launches to flourish the market
In the past few years, siding is playing a major role in the construction industries. On June 2019, The Royal Buildings one of the global leader in exterior building products launched a canvas cellular siding for the exterior walls. It offerings include choosing thousands of colors from its exterior vinyl paint shades. The Celect canvas is available in all types including the clapboard, vertical siding, board & batten and others. It features in providing an interlocking system that helps in removing the moisture out of the wall.
Further, The Wolf home products one of the global leader in building materials, launched a wolf portrait siding visualizer in August 2019. It is a mobile friendly interface that provides homeowners and contractors to choose different shades and siding materials from their product portfolio.
High demand from applications :
The demand for the high quality construction material in various residential and nonresidential buildings such as offices, institutions and commercial buildings has pushed up the siding market across the globe. Further, in modern construction vinyl and wood siding is mostly used than the traditional aluminum siding. The siding is used in small apartments and residential buildings with a purpose of improvising the texture and the architectural beauty of the buildings. It is used as an weather-proof, corrosion-resistant, and fire-resistant material. It is strong and durable. It is used to improve the structure and longevity of the exterior wall. The clapboard and shingles are the types of siding that are in used preventing the entry of water and moisture into the walls.
Key benefits of the report:
- This study presents the analytical depiction of the siding market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the siding market share.
- The current market is quantitatively analyzed to highlight the siding market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Siding Market Report Highlights
Key Market Players
SHERA, Compagnie de Saint-Gobain S.A., James Hardie Industries PLC, Nichiha Corporation, Louisiana Pacific Corporation, Boral Limited, Etex Group, Cornerstone Building Brands, Docke Extrusion Co. Ltd., Westlake Chemical