US Siding Industry Worth $12.1 Billion by 2018 Says a New Research Report at RnRMarketResearch.com
Dallas, TX (PRWEB) March 25, 2014 -- US demand to rise 7.1% annually through 2018
US demand for siding is forecast to rise 7.1 percent yearly to 103.5 million squares in 2018, valued at $12.1 billion. As is the case with many building materials, an expected rebound in construction activity will be the primary driver for growth. For siding, the link to new housing is particularly strong, given that nearly every home in the US features exterior cladding. (In contrast, most nonresidential buildings opt for curtain walls or unclad structural walls). Homeowners are increasingly turning to lower maintenance, more durable siding materials such as fiber cement, brick, EIFS, and stone, although all siding products are expected to benefit from the forecast recovery in new housing completions. Also adding to gains will be continued growth in the key replacement market, which accounted for 57 percent of sales in 2013. Vinyl will remain the leading replacement siding by far but will continue to be challenged by newer materials with better performance characteristics.
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Brick, concrete & stone siding to see fastest growth
Among material types, brick, concrete, and stone siding are expected to see the most rapid advances in demand going forward. Brick siding demand will be driven by increasing residential building construction in the South, where the material is most commonly specified because of its favorable aesthetics and long tradition of use in the region. Moreover, home builders across the US are expected to increasingly install brick siding because of its desirable appearance, long lifespan, and fire resistance. Concrete and stone siding is widely used in both residential and nonresidential structures. Concrete blocks can be utilized to provide functional yet durable exterior cladding, while precast concrete panels and synthetic stone veneers are specified to recreate the look of more costly siding materials — such as brick or natural stone — at a lower cost.
Vinyl siding accounted for the largest share of siding demand in 2013; however, vinyl siding has seen its share of the US market fall from 39 percent in 2003 to 27 percent in 2013. Vinyl siding has faced strong competition from various other materials — such as fiber cement, stucco, and wood — seen as more aesthetically pleasing. Going forward, vinyl siding will remain the leading material installed in the US because of its low cost, long lifespan, and minimal maintenance needs. However, vinyl siding will continue to lose market share to materials seen as better able to improve the exterior appearance of residences.
Complete report is available at http://www.rnrmarketresearch.com/siding-to-2018-market-report.html.
Residential market to regain leading share status
Residential improvement and repair applications were the leading siding market in 2013, indicative of the low level of housing completions in that year. However, going forward, the new residential market is expected to regain its leading market position in 2018 as housing completions rise rapidly from their low base. Residential improvement and repair demand for siding will exhibit solid growth as homeowners who put off re-siding projects during the 2007-2009 recession will do them going forward.
Nonresidential demand for siding is forecast to grow 6.8 percent per annum to 25.0 million squares in 2018, driven by rebounding nonresidential building construction. The commercial and lodging and office segments saw the steepest demand declines between 2008 and 2013, and will thus post the fastest advances through 2018. Improving economic conditions will spur the construction of shopping malls, hotels, resorts, restaurants, and offices.
Company Profiles
Profiles for major US industry players such as CertainTeed, James Hardie, Louisiana Pacific and Ply Gem
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Priyank, RnRMarketResearch, http://www.rnrmarketresearch.com/, +1 (888) 391-5441, [email protected]
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