Siding Market size is expected to be valued at USD 112.5 billion in 2022 which is expected to grow at a CAGR of 4.3% over 2022-2028. Siding is the protecting material that is applied to the exterior wall to defend the building from rain sun and wind. It is used to stop heat loss and uphold the temperature inside the building. Various types of siding are available in the market such as vertical board siding, shingles, horizontal lap siding, and clapboard. Siding enhances the architectural beauty of the buildings. In big buildings, it is called a cladding material on the exterior wall which is used for weatherproofing and decoration. These siding materials are used extensively in residential buildings and small apartments. The rise in residential buildings across the world and the usage of siding in the exterior walls of these houses can lead to the siding market growth. Moreover, the growing development in infrastructure in numerous countries, rise in the population, and surge in the demand for building of commercial and residential houses are some primary factors that can boost the global siding market size. Apart from these, the growing tendency of using siding material for enhancing the beauty of buildings can also accelerate the market in the future. However, some factors such as lack of awareness about sliding materials can restrain the growth of the market. The need for high-quality construction material in numerous nonresidential and residential buildings such as offices, residential, commercial buildings, and institutions can create an opportunity for the global siding market growth. Moreover, the growing acceptance of fiber optics cement siding and the growing use of sidings with better insulation to decrease energy consumption through heaters and air conditioners is an emerging trend in the market.
In January 2022, Crabtree Siding and Supply were acquired by Beacon to expand its business.
In February 2022, TruExterior 5/8″ Lap Siding was launched by Westlake Royal Building Products™.