Demand for siding for residential and nonresidential buildings in the U.S. is forecast to increase 7.1 per cent annually to 103.5 million squares in 2018, valued at US$12.1 billion.
According to the new “Siding” report from market research firm The Freedonia Group, among material types, brick, concrete, and stone siding are expected to see the most rapid advances in demand going forward.
“Vinyl siding accounted for the largest share of siding demand in 2013; however, vinyl siding has seen its share of the U.S. market fall from 39 per cent in 2003 to 27 per cent in 2013,” the study said. “Vinyl siding has faced strong competition from various other materials – such as fibre cement, stucco, and wood – seen as more aesthetically pleasing. Going forward, vinyl siding will remain the leading material installed in the U.S. 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.”
The study also noted that 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,” it said.