Wood Siding Market to Grow at a CAGR of 5.5% Driven by Rising Demand for Sustainable Materials: Reed Intelligence

New York, United States, Nov. 28, 2023 (GLOBE NEWSWIRE) -- According to Reed Intelligence, "The global wood siding market is expected to grow at a CAGR of 5.5% during the forecast period." This growth is being driven by increasing demand for residential and commercial construction, growing preference for natural and sustainable materials, and rising disposable incomes in developing countries. North America is expected to remain the largest market, but the Asia Pacific region is expected to experience the fastest growth.

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Key Market Trends

Increasing Demand for Residential and Commercial Construction:

The global construction industry is growing rapidly, driven by population growth, urbanization, and economic development. This is leading to increased demand for wood siding, as it is a popular choice for both residential and commercial buildings.

Growing Preference for Natural and Sustainable Materials:

Consumers are increasingly concerned about the environment and are looking for ways to reduce their environmental impact. Wood siding is a naturally renewable material, making it a good choice for environmentally conscious consumers.

Rising Disposable Incomes in Developing Countries:

Disposable incomes are rising in developing countries, which is leading to increased demand for premium building materials. Wood siding is a high-quality material that is becoming more affordable in developing countries.

Report Scope

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There are three segments in the wood siding market: type, application, and geography. The market is divided into three categories based on type: engineered wood siding, hardwood siding, and softwood siding. With the most market share, softwood siding is the most popular kind of wood siding.

Although hardwood siding costs more than softwood siding, it lasts longer and is more resilient. Compared to regular wood siding, engineered wood siding is a more environmentally friendly choice because it is composed of a blend of wood fibers and resins.

Key Challenges

• One of the key challenges facing the wood siding market is the need to address the environmental impact of wood harvesting. The industry is working to develop more sustainable forestry practices to reduce its environmental footprint.
• Another challenge facing the market is the need to protect wood siding from damage caused by insects, moisture, and ultraviolet radiation. Wood siding manufacturers are developing new products and treatments to improve the durability of their products.

Regional Analysis

With the biggest market share, wood siding is the most popular in North America. This is because wood siding is in high demand in both Canada and the United States. North America's largest market for wood siding is the United States, followed by Canada. Rising disposable income, a growing desire for energy-efficient homes, and the growing appeal of natural materials are the main factors propelling the expansion of the North American industry.

The second-biggest market for wood siding is in Europe. The rising demand for wood siding in France, Germany, and the UK is propelling the expansion of the European market. Europe's biggest market for wood siding is Germany, which is followed by the UK and France.

The wood siding market with the quickest rate of growth is Asia-Pacific. The fast urbanization and economic development in the Asia-Pacific area are driving the market's expansion. In the Asia-Pacific region, China and India represent the biggest wood siding markets. The world's largest market for wood siding is China, which is followed by the US and Canada.

Key Players

• Kingspan
• Armstrong
• Etex Group
• Accsys Technologies
• Döcke Extrusion
• James Hardie
• 3A Composites
• Ruukki
• Palagio Engineering
• Vinylit Fassaden
• Zierer Fassaden
• Silva Timber

Wood Siding Market Segmentation

Segment by Type

• Western Red Cedar Siding
• Modified Timber Siding

Segment by Application

• Residential
• Commercial

Segment by Region

• North America
• Europe
• APAC
• Middle East and Africa
• LATAM

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