Northbrook, IL -- (SBWIRE) -- 09/03/2019 -- Siding Market Industry Leaders :
The siding systems market is projected to grow from USD 101.7 billion in 2019 to USD 126.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast year. Demand for siding market can be attributed to the high growth of construction industry across the globe. Factors such as increasing residential and non-residential construction and infrastructure activities, and its high durability drives the demand for siding.
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The siding market has been dominated by large players such Etex Group (Belgium), Boral Limited (Australia), Compagnie de Saint-Gobain S.A. (France), Westlake Chemical (US), and Louisiana Pacific Corporation (US). These players have adopted various growth strategies such as expansions, investments, divestments, new product developments, acquisitions, partnerships, agreements, and joint ventures to increase their market shares and enhance their product portfolios.
The strategies of merger & acquisitions together accounted for the largest share of all the strategic developments that took place in the siding market between January 2016 and March 2019. Key players such as Etex Group (Belgium), Boral Limited (Australia), Compagnie de Saint-Gobain S.A. (France), Westlake Chemical (US), and Louisiana Pacific Corporation (US) adopted these strategies to strengthen their product portfolios, expand their market presence, and enhance their growth prospects in the siding market.
Compagnie de Saint-Gobain S.A. is one of the key industrial groups at a global level. It designs, manufactures, and supplies materials, as well as solutions for transportation, building, infrastructure, and industrial applications. The company operates through its four business segments, namely, building distribution, construction products, innovative materials, and others. The company offers a range of siding products through their subsidiary-CertainTeed. The company has a strong foothold across the globe with operations in 67 countries along with eight research centres worldwide.
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Westlake Chemical is a global manufacturer and distributor of petrochemicals, building products, and plastic products which operates through its business segments, namely, olefins, and vinyl. Ethylene and styrene monomer are produced within olefins segment. The vinyl business segment includes two products, namely, vinyl resin products and PVC products. The vinyl resin products are used for various purposes including residential siding, sewer & industrial applications, and pipe & fittings. It has a strong foothold in North America and conducts its operations through 27 locations worldwide. In addition to it, it has six offices in Canada, five offices in Germany, one office each in China, Taiwan, the UK, and India.
Siding Market Industry New Revenue Pockets:
Siding enhances the aesthetic appeal of a building, along with properties such as durability and protection from extreme weathering. Also, other benefits such as fire protection and high thermal efficiency further contributes to the strong demand for siding. Additionally, factors such as the reduction in greenhouse gas emission and development of green buildings are some of the major drivers of siding market growth. The presence of stringent building energy codes in Europe and North America drives the demand for fiber cement for siding purpose. However, high cost of raw materials may inhibit the growth of the siding market.
MarketsandMarkets expects the siding market to grow from USD 101.7 billion in 2019 to USD 126.3 billion by 2024, at a CAGR of 4.0% from 2019 to 2024.
The market for siding is segmented on the basis of material into vinyl, fiber cement, wood, and others. Fiber cement siding dominated the market during the forecast period and, is projected to grow at the highest rate during the forecast period.
On the basis of end-use industry, the residential segment is projected to be the largest and fastest growing segment, during the forecast period. Growth of residential segment in the siding market is primarily attributed to the favourable and lenient lending policies initiated by governments across all regions, which is driving the sales of residential construction projects. The residential construction spending is estimated to go up, particularly in the emerging Asia Pacific and Latin American regions; there is a trend of urbanization observed in these regions, resulting in a much higher growth rate for the residential construction market, than in developed markets.
The siding market is studied for five regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The North American region, which is seeing a rebound in its residential and non-residential construction sector, held the largest market share in 2018, in terms of value. Also, the market for siding in this region is projected to grow at the highest CAGR from 2019 to 2024, in terms of value.
The purpose of a siding is more than just being a medium of protection of a building from moisture and environmental pollution. Apart from protection, siding can have a substantial impact on the appearance of a building. They give the building a unique look and enhance its image and appearance. The durability of siding may be defined on the basis of its ability to withstand various weathering actions and resist chemical attacks & deterioration.
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