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.
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.
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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.
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 by Type (Vinyl, Fiber Cement, and Wood), Application (Residential, and Non-residential), and Region (North America, Asia Pacific, Europe, Middle East and Africa, and South America) - Global Forecast to 2024
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