Global Siding (Cladding) Demand to Grow 1.9% Annually Through 2024

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Nov 23, 2020, 09:17 ET

CLEVELAND, Nov. 23, 2020 /PRNewswire/ -- Through 2024, global demand for siding (cladding) is projected to grow 1.9% annually to 6.6 billion square meters, according to a new Freedonia Group analysis. Weakened global building construction activity due to the COVID-19 pandemic will cause siding demand to decline in 2020, but the market is expected to rebound quickly in 2021 as case numbers fall, economies reopen, and building activity returns to normal levels. Through 2024, gains will be supported by:

growth in nonresidential building construction, the post-pandemic recovery of which is expected to be healthy
rising new home construction, especially in developing Asia/Pacific and Africa/Mideast 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

Faster Growth in the Nonresidential Market Will Have Varying Effects on Siding Materials

Through 2024, larger gains are expected for concrete, stone, fiber cement, and metal – all popular materials in the faster growing nonresidential siding segment – than materials such as vinyl and wood, which see more residential use. Stucco's market position is expected to remain unchanged, supported by its popularity as a low-cost siding option in both developing and developed countries. The leading brick and tile segment is expected to continue to account for the largest share of global siding demand through 2024 due to the widespread use of these materials based on aesthetics, durability, and availability.

Want to Learn More?

Global Siding (Cladding) is now available from The Freedonia Group. This study analyzes global demand for siding. Historical demand (2009, 2014, and 2019) and forecasts for 2024 and 2029 are provided for siding demand by product (in dollars and square meters) and market (in square meters).

Siding demand is also provided on a country-by-country basis (in square meters), broken out by both product and market. The residential building and nonresidential building segments are analyzed at the global, region, and country levels. Breakouts are provided for new and improvement and repair product demand for both residential buildings and nonresidential buildings at the global, regional, and country levels.

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.

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SOURCE The Freedonia Group