Report Overview
Featuring 55 tables and 12 figures – now available in Excel and Powerpoint! Learn More
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.
Study Scope and more.
The siding products included are:
brick and tile
stucco and exterior insulation and finish systems (EIFS)
concrete and stone
metal (metal panels, steel, and aluminum)
fiber cement
vinyl
wood (engineered and shingles/shakes)
other products (including polypropylene and other non-vinyl plastics, wood-plastic composites, cast acrylic, spandrel glass, straw, and mud)
Primary loadbearing walls (of brick, concrete block, poured concrete, or stone) are excluded from the scope of this study, as is vision glass curtain wall. Secondary products such as soffit and trim are also excluded.
Data from the US Census Bureau were consulted in the preparation of this study, and a list of related codes is presented here for information purposes. However, these codes may not include all products covered in this report or may exclude some products of interest, and the data have thus been adjusted accordingly.
VIDEO
Global demand for residential siding is forecast to rise 1.0% annually through 2024 to 3.9 billion square meters. Weakened global residential building construction activity due to the COVID-19 pandemic will cause siding demand to decline in 2020, but the market is expected to rebound in 2021 as case numbers fall, economies reopen, and building activity returns to normal levels. Through 2024, gains will be supported by:
rising new home construction, especially in developing Africa/Mideast and Central and South American 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
Asia/Pacific, Africa/Mideast, & North America to Drive Global Market Growth Through 2024
Though the Asia/Pacific market will continue to account for the largest share of absolute gains (30%) in global residential siding demand through 2024, weakened new housing activity in the region, particularly in China, will restrain growth at the global level. Similarly, the mature North American market will account for the sizable share of absolute gains (25%) due to increases in residential construction activity, but faster growth will be prevented by tepid homebuilding activity in the US. Meanwhile, the smaller but faster growing Africa/Mideast market will nearly match the Asia/Pacific in its contribution to global demand gains through 2024 due to its stronger residential construction outlook.
Improvement & Repair Applications Continue to Drive Market Growth
Renovation will continue to drive global residential siding demand growth, supported by:
the need to replace siding in countries with large, aging building stocks
rising personal incomes in the developing countries, which will allow more homeowners to invest in home improvement projects like siding addition
Advances in the new housing market will be restrained by weakness in new housing construction, with declines expected in Europe and Japan, though solid gains in new housing in developing Africa/Mideast and Asia/Pacific countries will aid growth.
Design Flexibility Continues to Affect Material Competition in Developed Markets
Design flexibility is a key driver of material competition in the global siding industry. End users – particularly in developed markets such as the US and Western Europe – seek options that can be made to imitate higher value materials, such as natural stone and wood, while providing additional advantages (e.g., enhanced durability, longer lifespan, lower maintenance requirements, lower costs, easier to install). Fiber cement faces growing competition from PVC lumber in the increasingly saturated wood-look siding market, but the material is also expected to pose greater competition to costly, heavy, and harder to install materials such as natural stone and brick. Fiber cement siding that imitates these materials is increasingly being introduced to the market.