Market Size of North America Siding and Decking Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Siding & Decking Market Analysis
The North American siding and decking market are quite vibrant and prosperous and there have been many developments in the industry that are expected to continue into the future. The North America Siding and Decking Market is expected to witness growth at a CAGR of nearly 2.5% during the period 2020-2026.
The siding and decking market has experienced healthy growth during the past decade and was on pace for continued growth in 2020 before disruptions from the coronavirus (COVID-19) set in. The North America siding and decking industry is facing several challenges as it deals with the impact of the COVID-19 pandemic such as contraction of new construction activities and reduced discretionary spending impact on building material categories, including siding and exterior trims. However, sheltering at home clearly influenced demand, amongst U.S. homeowners and have done some type of home improvement project during the pandemic during 2020. The home goods and remodeling markets have benefited during the pandemic from increasing interest in do-it-yourself and outdoor living projects as residents found new ways to stay busy amid lockdowns and travel restrictions and over the final quarter of 2020 companies like Trex witnessed a rise in sales of residential products by nearly 40% on a year-over-year basis. With many homeowners having reduced budgets due to layoffs, furloughs, or COVID-influenced salary cuts, lower cost materials such as vinyl, could benefit the most in the short-term in the market.
North America is one of the key regions globally for the siding and decking market. Being one of the largest economies, the United States and Canada rule the decking industry. The increase in residential construction around states such as Georgia, Florida, Utah, Tennessee, Ohio, Idaho, and South California has also fuelled the increasing demand for the siding and decking market in the region.
The growing interest of consumers to live outdoors is one of the major factors fuelling the growth of North America siding and decking market. This is proving to be beneficial because more people are looking forward to enhancing and expanding the living space which is further contributing to increasing the value of the house by adding a deck. The homeowners in the region are more focused on creating a large and elaborate space containing features such as walls, fire pits, pergolas, outdoor kitchens, and others.
The demand for wooden decking is gradually rising across North America subject to the mounting residential construction activities in the United States and Canada in conjugation with the renovation of old buildings.The market is also witnessing high demand of sustainable decking materials such as wood fibre as these products employ recycled materials and therefore also benefit from a positive environmental profile. Furthermore, the local and state governments in the US are focused on using green materials for public construction projects. This, however, is being implemented in the siding and decking market as well to encourage the use of lumber produced from wood fibre and recycled plastic.
