Global Siding Market By Product and Type with Forecast 2026
Global Siding Market Size study, by Material (Vinyl, Fiber Cement, Wood and Others), By End-User (Residential and Non-Residential) and Regional Forecasts 2019-2026
Global Siding Market is valued approximately at USD 97.79 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 4.00% over the forecast period 2019-2026. Siding refers to the material used for covering, cladding and protecting the exterior walls of a building. They are applied to the walls and roofs in various styles and shapes such as verticals, clapboard, shakes, shingles and panels depending upon the requirements of the user. Further, rise in residential construction and infrastructure activities and growing needs for protective systems enhancing the aesthetic appeal of a building are some major factors, driving the growth of the market. For Instance: according to International Trade Administration, a smart city investment hub was launched in China during 2016 that boosted the development of smart city projects China which aims to increase the installation of PVC flooring in both the residential and commercial sector in smart city.
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Also, the China Centre for Urban Development and HSBC has declared the creation of United Kingdom and China joint smart cities growth and investment hub. Importantly, China has allocated approximately $75.7 billion (RMB500 billion) for the deployment of smart city project under the China’s 13th five-year plan (2016-2020) which is expected to drive the development of siding in China. However, high raw material and installation cost is beholding the confidence of users towards purchase of siding globally.
The regional analysis of global Siding Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to the increasing number of new housing units and huge investments in the infrastructural sector. Whereas, Asia-Pacific is anticipated to emerge as the fastest growing market region during the forecast period 2019- 2026. Factors such growth in residential and infrastructural construction sector would create lucrative growth aspects for the Asia-Pacific region during the forecast period of 2019-2026.
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Last Update : Jan 02, 2020
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