CLEVELAND, Nov. 13, 2020 /PRNewswire/ -- Through 2024, global demand for siding (cladding) is projected to grow 1.9% annually to 6.6 billion square meters, according to a new Freedonia Group analysis. Though the larger residential market is forecast to account for a slightly larger share of total increases through the forecast, a faster anticipated rebound in commercial building construction activity as the effects of the COVID-19 pandemic recede will aid overall demand growth. Through 2024, global siding demand will be supported by:
- rising new home construction, especially in developing Asia/Pacific and Africa/Mideast countries where the share of homes built with siding is growing
- increasing personal incomes, which allow for greater spending on renovation projects such as siding replacement
- ongoing introduction of affordable fiber cement and vinyl siding products, which can be made to resemble high-end materials (e.g., wood, stone) while providing installation and performance advantages
Key Regional Construction Trends Affecting the Global Siding Market
The Asia/Pacific region is forecast to account for about half of global siding market gains through 2024, supported by continued healthy expansion in nonresidential building construction, as well as rising homebuilding activity in major markets such as India and South Korea. China, the world's largest siding market, will continue to drive regional demand growth as ongoing, if moderating, strength in nonresidential construction offsets stagnation in the number of new housing units.
However, faster increases in global siding demand will be restrained by market maturity and below average gains in building construction (particularly homebuilding activity) in more developed parts of the world, including the US, Japan, and several countries in Western Europe. Nevertheless, rising spending on home renovations will support growth in these markets, despite weak outlooks for nonresidential construction activity.
Want to Learn More?
Global Siding (Cladding) is now available from The Freedonia Group. This study analyzes global demand for siding. Historical demand (2009, 2014, and 2019) and forecasts for 2024 and 2029 are provided for siding demand by product (in dollars and square meters) and market (in square meters).
Siding demand is also provided on a country-by-country basis (in square meters), broken out by both product and market. The residential building and nonresidential building segments are analyzed at the global, region, and country levels. Breakouts are provided for new and improvement and repair product demand for both residential buildings and nonresidential buildings at the global, regional, and country levels.
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, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group