World Siding Market Worth $90 Billion by 2017 Says a New Research Report at RnRMarketResearch.com
Dallas, Texas (PRWEB) November 25, 2013 -- Global demand to rise over 5% per year through 2017
Through 2017, the global siding market is projected to rise more than five percent per year to over 5.6 billion square meters, valued at nearly $90 billion. In the residential building market, increased demand will be measured against a low 2012 base in many high-income coun – tries, which are expected to rebound somewhat from the losses of the 2007- 2012 period. Demand in residential building applications will also benefit from rising personal income levels in many developing countries, allowing more individuals to afford homes built with multilayer construction techniques that utilize siding. Rebounds in nonresi – dential construction spending in many high-income countries, plus continued strong growth in developing countries, will also drive demand gains.
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North America to see fastest demand gains
North America is forecast to register the fastest siding demand gains through 2017 at nearly seven percent annually. Demand in this region will benefit primarily from an expected housing market rebound in the US. While the US is expected to post the fastest gains of the national markets in siding demand through 2017, overall demand is not expected to reach the level seen in 2007. Despite similar (though of a smaller magnitude) recoveries in many countries of Western Europe, that region is projected to see the slowest siding de- mand gains through 2017 and demand is also not expected to reach the 2007 level In the developing areas of the world, the Asia/Pacific region is expected to exhibit the fastest siding demand gains through 2017, led by solid growth in the Chinese and Indian markets and assisted by a recovery in the Australian market. Siding demand growth in Central and South America and the Africa/Mideast region will benefit from ongoing industrial and commercial development and rising personal income levels, which will make siding products more affordable for residential construction.
Masonry & concrete to remain most popular
Masonry and concrete are expected to remain the most popular siding materials through 2017, accounting for nearly three-fourths of demand. Overall, demand for these products is forecast to rise over five percent annually through 2017, with the most rapid gains projected for fiber cement products. Demand for fiber cement siding will benefit from the product’s relatively low cost, durability, and ease of maintenance. Additionally, fiber cement is able to mimic the look of wood or vinyl siding, increasing its appeal to consumers. Fiber cement siding is expected to gain market share through 2017, particularly in North America. In 2002, fiber cement products accounted for only eight percent of siding demand in North America, but by 2012 the level had risen to 13 percent. Vinyl siding is also forecast to post strong demand gains through 2017. While vinyl siding remains a niche product in many regions, it enjoys wide popularity in the US. As such, demand for vinyl siding there will benefit from the expected housing market recovery. Demand for metal siding will be aided by recovering nonresidential construction activity in high-income countries, and continued strong nonresidential building activity in developing areas, as the majority of demand for these products is generated in nonresidential construction applications.
Company Profiles
Profiles 37 global industry players such as James Hardie, Kingspan Group, LIXIL, Nichiha, Sto, Saint-Gobain and Wienerberger.
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Priyank Tiwari, RnR Market Research, http://www.rnrmarketresearch.com/, +1 (888) 391-5441, [email protected]
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