NEW YORK, Oct. 14, 2015 /PRNewswire/ --
World demand to rise over 4% annually through 2019
The global siding market is projected to expand just over four percent per year through 2019 to nearly six billion square meters, valued at $65 billion. Two trends will spur gains in the residential market: housing market rebounds in many higher income countries such as the US and many in Western Europe, and rising personal income levels in lower income countries, allowing more individuals to afford houses built with multi-layer construction techniques that utilize siding.
North America to be fastest growing market
Through 2019, North America is forecast to post the fastest siding demand gains at six percent annually. Demand in this region will benefit primarily from a continuing housing market recovery in the US, causing that country to post demand gains among the world's fastest through 2019. Despite rebounds in many countries of Western Europe, that region is projected to post the slowest siding demand gains through 2019, and demand is not expected to reach 2004 levels. Siding demand growth in the Asia/Pacific region is projected to be only moderately above the world average, but given the large size of the market, the region will account for over half of that amount. India and Indonesia are developing countries in the region that will exhibit rapid growth in siding demand given their vibrant building construction markets.
After North America, the Africa/Mideast region is forecast to post the fastest siding demand gains through 2019, benefiting from ongoing industrial and commercial development and rising personal income levels, making siding products more affordable for residential construction.
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