According to a new report from The Freedonia Group, "Demand for siding is forecast to grow 6.5 percent per year through 2014 to 101.5 million squares, valued at $11.3 billion." A rebound in housing completions is expected and will drive advances in the U.S. residential siding market. The period between 2007 and 2009 was marked by a sharp decline in housing completions. Nevertheless, the level of housing completions is anticipated to remain below the cyclical peak, which last occurred in 2006.
Vinyl siding to remain market leader through 2014
Fiber cement and brick siding are projected to exhibit the most rapid gains in market demand through 2014. Homeowners continue to show enthusiasm for brick siding due to its durability, fire resistance, and aesthetic properties. Brick siding demand will mostly be driven by rapid growth in housing completions in the U.S. South where brick is most commonly used. Meanwhile, demand in the fiber cement siding segment will be supported by its durability and ability to be transformed into siding that mimics more expensive materials, such as brick or wood. On the other hand, "Vinyl siding, which accounted for the largest share of the market in area terms in 2009, is projected to remain the market leader through 2014. Demand will be supported by the material's low cost, ease of installation and durability," says The Freedonia Group's report. Vinyl siding continues to remain a most popular choice for residential construction because of the material's low cost, durability, and ease of installation. Manufacturers have increased efforts to widen the range of available colors and textures, which will also enhance gains in the vinyl siding market segment.
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