PUNE, MAHARASHTRA, INDIA, October 14, 2019 /EINPresswire.com/ — Summary:
A new market study, titled “Discover Global Siding Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Global Siding Market
The siding market is expected grow from USD 101.7 billion in 2019 to USD 126.3 billion by 2024, at a CAGR of 4% between 2019-2024. Due to enormous growth in the construction industry (both residential and commercial construction), infrastructure activities, robustness of sides, technological advancement in glass industry, and the need to provide an aesthetic appeal and look to buildings, the siding market is growing across the globe. North America will lead the market with the largest market share across all regions.
Other than the above factors, strict rules, regulations and policies laid out by governments to lessen greenhouse gas emission is also a primary driver behind the growth of the market. The opportunities are enormous for this market – starting from rising population and increasing urbanization in developing countries, rising demand for protective Systems and enhancement in the aesthetic appeal of buildings, to the growing demand for fiber cement to be used in siding system and rising demand for sustainable materials.
The current challenges are high repairing costs and lack of awareness of the use of sides in the construction industry. Also, high cost of raw material, high installation costs, and the availability of green insulation material are also other barriers for the growth of the market. North America will lead the market due to the robust demand from US and Canada. Europe and APAC (primarily China and India) will follow North America. APAC will have the fastest growth.
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The global siding market has been segmented based on product, application, and end users. By product, the global market is split into Wood Siding, Plastic Siding, Metal Siding, Composite Siding, Stone Siding, and Other. By application, the global market is split into Infrastructure, Residential Building, Commercial Building, Industrial Building, and Other. The report also delves into the ex-factory price, revenue, production capacity, and market share for the key manufacturers. Siding is the material used for protecting, covering, and cladding the exterior walls of a building. Some of the examples of siding materials are vinyl, bricks, fiber, cement, aluminum, and other composite materials.
By region, the global siding market is divided into North America (United States, Canada, Mexico), Europe (Germany, France, UK, Italy, Russia, Spain), Asia Pacific (China, Japan, Southeast Asia, India). The development in the construction sector in the North America is driven primarily by an enormous growth in residential construction projects, health care facilities, hotel projects, and commercial building projects during the forecast period. The growth in the construction industry will drive the demand for sidings during the forecast period. The siding market in North America (United States and Canada) is expected to grow at a CAGR of approximately 5% during the forecast period.
Based on users’ requirements, siding materials are applied using many shapes and styles, for example, verticals, panels, etc. Siding protects the buildings against fire hazards, and extreme weather conditions. Vinyl is expected to remain the largest material type whereas fiber cement will witness the highest growth.
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Source: EIN Presswire