Through 2024, global demand for siding (cladding) is projected to grow 1.9 percent annually to 6.6 billion square meters, according to a new Freedonia Group analysis. Weakened global building construction activity due to the COVID-19 pandemic will cause siding demand to decline in 2020, but the market is expected to rebound quickly in 2021 as case numbers fall, economies reopen, and building activity returns to normal levels.
Through 2024, gains will be supported by:
- Growth in nonresidential building construction, the post-pandemic recovery of which is expected to be healthy
- Rising new home construction, especially in developing Asia/Pacific and Africa/Mideast countries where the share of homes built with siding is growing
- Increasing personal incomes, which allow for greater spending on renovation projects such as siding replacement
- Ongoing introduction of affordable fiber cement and vinyl siding products, which can be made to resemble high-end materials (e.g., wood, stone) while providing installation and performance advantages
Nonresidential Market Effects
Through 2024, larger gains are expected for concrete, stone, fiber cement, and metal – all popular materials in the faster growing nonresidential siding segment – than materials such as vinyl and wood, which see more residential use.
Stucco’s market position is expected to remain unchanged, supported by its popularity as a low-cost siding option in both developing and developed countries.
The leading brick and tile segment is expected to continue to account for the largest share of global siding demand through 2024 due to the widespread use of these materials based on aesthetics, durability, and availability.