CLEVELAND, Jan. 15, 2021 /PRNewswire/ -- Like many industries in 2020, the global residential siding market faced severe and unexpected challenges due to the coronavirus pandemic. Despite the challenges, the market also proved its mettle, displaying a resiliency that has it positioned to potentially rebound in coming years.
In the report Global Residential Siding, The Freedonia Group's yearend estimates indicate that the COVID-19 pandemic caused a decline in global residential siding demand in 2020. The downtown is attributed to:
- losses in new housing construction
- a significant slowdown in global gross domestic product (GDP) growth, though a relatively strong performance in China will support some growth
- outright economic declines in the United States and Western Europe.
Nevertheless, as previously mentioned, siding demand for residential buildings also displayed resiliency in 2020. Renovations in 2020 held steady and even spiked in some countries as consumers opted to invest money on the homes in which they already were spending more in time as a result of stay-at-home orders and a shift toward telecommuting.
While near-term losses will somewhat drag down the average rate of global residential siding demand growth through 2024, the market is expected to rebound by 2022 as the number of confirmed COVID-19 cases falls, economies reopen, and building construction activity returns to normal levels. Between 2022 and 2024, The Freedonia Group forecasts demand growth is projected to return to a rate that is more in line with historical trends.
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Now available for purchase from The Freedonia Group is Global Residential Siding.
This study analyzes global demand for residential siding. Historical demand (2009, 2014, and 2019) and forecasts for 2024 and 2029 are provided for residential siding demand by product) and market in square meters. Residential siding demand is also provided on a country-by-country basis (in square meters), broken out by both product and market (new and improvement and repair). Demand in value terms is shown at the manufacturers' level and excludes distributor and retailer markups.
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