Siding Market Predicted to Surge to $152.6 Billion by 2030 Amidst Rising Construction and Energy-Efficient Technologies
Dublin, March 22, 2024 (GLOBE NEWSWIRE) -- The "Siding Market : Trends, Opportunities and Competitive Analysis [2024-2030]" report has been added to * ResearchAndMarkets.com's* offering.
The global siding market is on a robust growth trajectory, with promising opportunities emerging in both residential and non-residential sectors. A recent market study anticipates a significant climb to an estimated $152.6 billion by 2030, expanding at a compound annual growth rate (CAGR) of 3.1% from 2024 to 2030. This growth is bolstered by a surge in construction activities worldwide and an increasing focus on repair and maintenance of building exteriors.
The report signals a shift in market dynamics, attributing the growth to the burgeoning hospitality industry and a heightened emphasis on energy conservation, which is fostering a demand for siding solutions with superior insulation properties. This trend is observed in the rising adoption of fiber cement siding, known for its durability and energy-efficiency, delivering long-term benefits in heating and cooling costs.
Residential applications have maintained the largest market share, but a considerable upswing is noted in the non-residential sector, particularly in commercial spaces such as retail and offices. The demand for energy-efficient housing is predicted to fuel residential market growth. Moreover, the Asia Pacific region stands out as a key growth engine. Driven by robust urbanization and consummate building construction activities, this region is projected to retain its leadership and register the highest growth in the upcoming years.
*Notable Siding Market Developments & Segmentation Insights*
· The market is segmented by material, encompassing fiber cement, vinyl, metal, stucco, concrete and stone, among others.
· Application analysis forecasts continued dominance of vinyl siding, owing to its cost-effectiveness and diverse color range.
· Detailed breakdowns further cover new construction and repair and maintenance applications, ensuring comprehensive market understanding.
The market study provides strategic analysis, aligning with industry benchmarks such as Porter’s Five Forces, to navigate the competitive landscape. The insights also feature key siding companies that are predominant in steering market advancements and responding to the rising demand.
In-depth analysis focuses on pivotal factors that shape market dynamics, identifying drivers, challenges, and business risks, as well as spotlighting emerging trends and customer demands. It also underscores the recent strategic initiatives undertaken by industry players for business development.
This breakthrough report unfolds the rich tapestry of opportunities in the global siding market, charting a course for stakeholders to harness the high-growth potential within various segments and regions.
*A selection of companies mentioned in this report includes*
· Valmont Industries
· Kingspan
· James Hardie
· Nichiha
· Ply Gem
· Louisiana Pacific
· Georgia Pacific Vinyl Siding
· Revere Building Products
· Lixil Group Corporation
For more information about this report visit https://www.researchandmarkets.com/r/927ga9
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