Demand for siding to rise
Demand for siding in the United States is forecast to grow 6.5% per year through 2014, according to a study released by the Freedonia Group. The Cleveland-based market research firm attributed the gains to a rebound in housing completions from the depressed levels from 2007 to 2009.
Among material types, fiber cement, stucco and brick siding are forecast to see the most rapid advances through 2014. Fiber cement siding demand will be promoted by its durability and ability to be made into siding that resembles more expensive materials, such as wood or brick. Stucco siding demand will remain popular because of its low cost, ease of installation, durability and minimal maintenance requirements. Homeowners will continue to desire brick siding due to its aesthetic properties, durability and fire resistance.
Wood siding, which accounted for the second largest share of siding demand in 2009, will diminish its market share going forward, as fiber cement and stucco siding will be used more frequently. Wood siding demand has been negatively affected by concerns about its durability and resistance to degradation caused by exposure to the elements, the study said.
Vinyl siding is the largest product segment in the industry, accounting for about 40% of demand in 2009. Vinyl siding’s popularity will continue to be supported by its low cost, ease of installation and durability. Efforts by manufacturers to broaden the range of available colors and textures will promote gains going forward, according to Freedonia. However, more rapid advances will be checked by rising competition from fiber cement and stucco siding, which offer enhanced long-term durability and require less maintenance.
