CLEVELAND, Feb. 19, 2016 /PRNewswire/ -- Demand for siding in the US is forecast to rise 5.6 percent per year to 100 million squares in 2019, valued at $10.7 billion. A rebound in building construction activity, in particular double-digit gains in housing completions, will drive siding demand in the new residential market, which is expected to become the largest siding market by 2019. Fiber cement and stucco siding materials will grow the fastest in new housing applications because of strong growth in housing construction in the South and West, where these siding materials are popular. These and other trends are presented in Siding, a new study from The Freedonia Group, a Cleveland-based industry market research firm.
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Brick and stucco siding are forecast to record the fastest advances in demand among siding types through 2019. Brick siding demand will be driven by accelerating growth in building expenditures, particularly in the South, where the material is commonly used because of its favorable aesthetics and long tradition of use in the region. According to Nick Cunningham, "Stucco is also becoming increasingly preferred as a siding material because of its low cost and minimal maintenance requirements." Demand gains for stucco will be especially strong in the West due to the popularity of Spanish style architecture in the region.
Vinyl siding accounted for the largest share of siding demand in 2014 with nearly one-quarter of the total. However, vinyl siding's market share has consistently fallen since 2004. Vinyl siding has faced continued competition from other materials perceived to be more aesthetically pleasing. Nevertheless, vinyl siding is expected to remain the leading material installed in the US through the forecast period because of its low cost, long lifespan, and minimal maintenance needs. Additionally, the large stock of existing homes with vinyl siding installed will support improvement and repair demand, as homeowners often prefer to use the same material when replacing older or worn siding.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group