Steel Siding Market Size, Share, Growth and Industry Analysis by Type (Horizontal Lap Siding, Shakes & Shingles, Soffit & Fascia, And, Vertical Siding) By Application (Residential, Commercial, Industrial, And, Other) and Regional Forecast 2024 To 2032

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Steel Siding Market REPORT OVERVIEW

The global steel siding market size was valued at USD 8.52 billion in 2023 and is projected to grow from USD 8.78 billion in 2024 to USD 11.16 billion by 2032, exhibiting a CAGR of 3.04% during the forecast period. Asia-Pacific holds leading position in steel siding market share in 2023.

Steel siding is a highly durable and versatile option that can be preferred to home exteriors. This proves to be a very good protection against any kind of harsh weather conditions, such as heavy rains, fire, and winds. Steel siding can be manufactured in different variety of colors and finishes. This is allowing homeowners to customize their homes' appearance in accordance with their choice.

A new development that is being witnessed in the market is the increasing preference of customers towards aesthetics. It will enhance the visual appeal of properties. This is considered as the latest trend in the market.

Most of the constructers go for building materials that are low-maintenance and cost effective. Also, these sidings have many superior features that make them suitable to be used in construction industry.  All these factors have resulted in the growth of the steel siding market share.

COVID-19 Impact: Disruption in Construction Industry During Pandemic Reduced Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The pandemic of COVID-19 resulted in the loss of livelihood of many people and industries. All the markets faced uncertainties due to factors such as social distancing norms, lockdowns, and travel bans. The initial lockdowns and restrictions disrupted the global supply chain, causing delays in the production and distribution of construction materials.

This had a negative effect on the market, leading to potential shortages coupled with increased prices. Due to the pandemic many projects were delayed or put on hold. Drastic slowdown in construction activity had an adverse impact on the demand for steel siding. Therefore, the market witnessed less demand during the pandemic period.

LATEST TRENDS

Growing Focus on Aesthetics Among Consumers to Increase Market Growth

Several factors have helped in the growth of the market. One prominent trend is the growing demand for sustainable and eco-friendly options. Manufacturers have shifted their focus on developing steel siding products that are made up of from recycled materials. This is increasing the demand for the product.

Growing focus on aesthetics is having a profound impact on the market. Steel siding will enhance the visual appeal of properties. A wide range of colors, finishes, and textures are being produced to meet diverse aesthetic preferences of several customers. Technological developments will help in producing products that are highly efficient. This is considered as the latest trend in the market.

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Steel Siding Market SEGMENTATION

• By Type:

The market can be divided on the basis of type into the following segments:

Horizontal lap siding, shakes & shingles, soffit & fascia, and, vertical siding. The horizontal lap siding segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Residential, commercial, industrial, and, other. The residential segment is predicted to dominate the market during the research period.

DRIVING FACTORS

Rising Demand for Durable and Low-maintenance Building Materials to Accelerate Market Growth

Many factors are having a significant impact on the market growth and development. One of the major factors influencing the market is the increasing demand for durable and low-maintenance building materials. Steel siding has great resistance against harsh weather conditions, such as heavy rain and wind. Therefore, it makes for an attractive choice for homeowners who are seeking long-lasting solutions.

Another innovation in the market is the introduction of products with insulation options that are highly helpful in improving a building's thermal performance. Apart from this they also reduce the energy consumption therefore, lowering the utility costs. The growing construction industry, urbanization throughout the world, versatility of steel siding, and, favorable government policies and regulations promoting the use of environmentally friendly and fire-resistant materials will create lucrative growth opportunities for the market.

Growing Awareness of Home Security to Propel Market Growth

Another notable factor that is contributing in rapid development of the market is the increasing awareness of home security and safety. Steel siding are considered to be an ideal solution for enhanced protection against any type of break-ins and vandalism. Therefore, many customers prefer to use this product.

These steel sidings are characterized by longevity and durability that contribute to its popularity. When people invest into these equipments they can significantly extend the lifespan of their homes. Any requirement for repairs will also not arise. They are cost effective and can very easily be installed. All of the above-mentioned factors are enhancing the steel siding market growth.

RESTRAINING FACTOR

Susceptibility of Steel Sidings to Corrosions to Decrease Market Growth

Irrespective the advantages provided by steel siding there are certain factors that can hamper the market growth. One such factor is the initial cost of steel siding. When compared to any other type of siding materials, steel siding is known to have a higher upfront expense. They are also very heavy. Therefore, it requires additional structural support during installation, in turn increasing the overall cost.

They are also highly susceptible to corrosion during high humidity or in coastal areas prone to saltwater exposure. Even though steel siding offers a wide range of finishes, textures, and colors, some individuals may prefer the natural look. All of these factors can have a negative impact on the market growth.

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Steel Siding Market Regional Insights

North America to Dominate Market Share in Upcoming Years

North America is the leading region in the market. A lot of factors have played an important role in establishing North America as the leading region in the market. The major reason that contributes in the development of the market is the flourishing construction industry in this region.

The demand for residential and commercial construction has positively affected the market growth in this region. The longevity, durability, and corrosion resistance property of steel sidings will further support the market growth and share.

Key Industry Players

Leading Players adopt Acquisition Strategies to Stay Competitive

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF TOP STEEL SIDING COMPANIES

• Klauer Manufacturing Company (U.S.)
•  Steelway (Canada)
•  Ply Gem (U.S.)
•  ABC SEAMLESS (U.S.)
•  Michigan Steel & Trim (U.S.)
• Associated Materials (U.S.)
•  McElroy Metal (U.S.)
• Duchesne et Fils ltee (Canada)
•  Edco (U.S.)
•  Quality Edge (U.S.)
•  Rollex (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. A list of the top industry players has also been listed to provide a better understanding of the market situation.