From GlobeNewswire: 2024-03-26 11:30:00

The siding market has experienced robust growth, projected to reach $98.62 billion in 2024 from $93.88 billion in 2023, with a CAGR of 5.1%, according to The Business Research Company. Factors like energy-efficient building codes and smart siding materials are driving market expansion, set to reach $119.58 billion by 2028.

Increasing construction activities worldwide fuel demand for siding materials across residential, commercial, and infrastructure projects. Notably, statistics show a surge in construction spending, with organizations like the Australian Bureau of Statistics and Deloitte Touche Tohmatsu Limited highlighting market growth factors.

A key trend in the siding market is the integration of poly-ash material for enhanced stability and durability, as seen in innovative products like TruExterior 5/8” Lap Siding from Westlake Royal Building Products. This material offers resistance against environmental factors and cater to evolving consumer needs.

Vinyl leads the material segment of the siding market, with North America leading in regional market share. The Asia-Pacific and Western Europe regions are expected to experience the fastest growth, driven by increasing construction activities and the adoption of siding solutions.

With increasing construction projects, demand for energy-efficient solutions, and innovative product offerings, the siding market is witnessing significant growth. Integration of advanced materials and customization options are set to fuel continued expansion, meeting the evolving needs of global residential, commercial, and infrastructure projects.



Read more at GlobeNewswire: Siding Market Growth Overview 2024-2028: Increasing