World News: 07:36 GMT Thursday 6th December 2018. [Lucintel Services India Pvt. Ltd. via Globe Newswire via SPi World News]
DALLAS, Dec. 06, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the global market looks promising with opportunities in non-residential and residential construction. The global siding market is expected to reach an estimated $102.0 billion by 2023 with a CAGR of 4.3% from 2018 to 2023. The major growth drivers for this market are increasing construction activities, growing repair and maintenance of building exteriors, and a rise in the hospitality industry.
In this market, different types of siding such as fiber cement, vinyl, metal, stucco, concrete and stone, brick, wood, and others are used as material. Lucintel forecasts that the vinyl will remain the largest material type over the forecast period due low material and maintenance cost and availability of wide variety of colors. Lucintel predicts that fiber cement will witness the highest growth during the forecast period due to its eco-friendly nature and fire-resistant property.
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Asia Pacific is expected to remain the largest market and witness the highest growth over the forecast period supported by increasing urbanization and building construction activities.
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Emerging trends which have a direct impact on the dynamics of the siding market include increasing adoption of fiber cement siding and increasing use of sidings with good insulation to reduce energy consumption through air conditioners and heaters. Kingspan, James Hardie, Nichiha, Ply Gem, Louisiana Pacific, Georgia Pacific Vinyl Siding, Revere Building Products, and Lixil Group Corporation and others are among the major siding manufacturers.
Lucintel, a leading global strategic consulting and , has analyzed the global siding market by material, end use, application, and region and has come up with a comprehensive research report entitled “.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global siding market by material, end use, application, and region.
For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at .
Globe Newswire: 07:36 GMT Thursday 6th December 2018
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