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Siding to 2019

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Date: 31-Jan-2016
No. of pages: 367
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US demand to rise 5.6% annually through 2019

US demand for siding is forecast to grow 5.6 percent per year to 100.0 million squares in 2019, valued at $10.7 billion. A rebound in building construction activity, in particular double-digit gains in housing completions, will stimulate siding demand in the new residential market, which is expected to become the largest siding market by 2019. Fiber cement and stucco siding materials will enjoy the best prospects in new housing applications because of strong growth in housing construction in the South and West, where these siding materials are popular.

US siding demand will also benefit from a turnaround in the residential replacement segment. Homeowners and landlords who postponed or cancelled re-siding projects in the aftermath of the 2007-2009 recession will now be able to undertake them.

Brick, stucco to be fastest growing siding types

Brick and stucco siding are forecast to record the most rapid advances in demand among siding types through 2019. Brick siding demand will be spurred by accelerating growth in building expenditures, particularly in the South, where the material is most commonly utilized because of its favorable aesthetics and long tradition  of use in the region. Stucco demand is also becoming increasingly preferred as a siding material due to its low cost and minimal maintenance requirements. Demand gains for stucco will be especially strong in the West based on the popularity of Spanish style architecture in the region.

Vinyl siding to remain largest product segment Vinyl siding accounted for the largest share of US siding demand with onequarter of the total in 2014. However, vinyl siding’s market share has consistently fallen since 2004. Vinyl siding has faced continued competition from other materials perceived to be more aesthetically pleasing. Nevertheless, vinyl siding is expected to remain the leading material installed in the US through 2019 based on its low cost, long lifespan, and minimal maintenance needs. Additionally, the large stock of existing homes that utilize vinyl siding will support improvement and repair demand, as homeowners often prefer to use the same material when replacing older or worn siding.

Nonresidential buildings to be fastest growing market

Rebounding nonresidential building construction activity will also serve to bolster siding demand going forward. The commercial and lodging and office segments, both of which declined between 2009 and 2014, are projected to record the fastest rates of growth through 2019. Improving economic conditions are expected to boost demand for siding through the construction of restaurants, hotels, resorts, and offices.

Company Profiles

Profiles 34 US industry players including Boral, CertainTeed (Saint-Gobain), James Hardie, Louisiana Pacific, NCI & Ply Gem

Additional Information

This comprehensive study examines the US siding industry. Siding is defined as exterior cladding for residential and nonresidential buildings. Excluded are such secondary products as soffit and trim. Materials and products covered include vinyl, fiber cement, wood (engineered wood, wood shingles and shakes), stucco, brick, non-load-bearing concrete (such as tilt-up wall panels, precast wall panels, and decorative concrete block), stone, metal panels, exterior insulation and finishing systems (EIFS), other synthetic stucco, aluminum, steel, and polypropylene. In addition to product types, demand is discussed in terms of market and region. Historical data are provided for 2004, 2009, and 2014, with forecasts for the years 2019 and 2024. “Demand” is defined as shipments from US plants plus imports, minus exports. This is synonymous with terms such as “sales” and “consumption.” Data are presented in millions of squares and millions of dollars. A square is equal to 100 square feet. Table entries with the value of “neg” denote sales of less than 50,000 squares.

Information and data on the siding industry were obtained from a variety of primary and secondary sources. Consultations with producers, industry specialists, and trade association personnel were also pursued. Secondary data were obtained from government reports, trade associations, and other private sources. Corporate information sources included annual reports, SEC filings, product releases, and conversations with responsible company officers. Publications consulted for background information included Builder, ENR/Engineering News-Record, and The Journal of Light Construction.

Siding to 2019

Table of Contents

I. Executive Summary 1

II. Market Environment 4
General 4
Macroeconomic Outlook 5
Demographic Trends 9
Consumer Trends 13
Consumer Spending 13
Consumer Financing 16
Building Construction 19
Residential Construction 22
Housing Completions 23
Housing Stock 28
Improvements & Repairs 32
Nonresidential Buildings 33
New 33
Nonresidential Building Stock 36
Improvements & Repairs 37
Regulatory & Environmental Trends 38
Environmental Issues 39
Green Building Standards 42
Recycling 45
Other Regulatory Issues 46
Pricing Trends 47
Materials & Technology Trends 49
Historical Market Trends 51
Foreign Trade 54
World Siding Market 57

III. Materials 61
General 61
Area Outlook 64
Value Outlook 65
Installed Costs 66
Vinyl Siding 68
Markets 71
Products 73
Characteristics 76
Suppliers 78
Fiber Cement 78
Markets 80
Products 82
Suppliers 85
Wood 85
Markets 88
Products 91
Engineered Wood 92
Wood Shingles & Shakes 98
Suppliers 102
Stucco 103
Markets 105
Products 107
Traditional Stucco 108
One-Coat Stucco 109
Suppliers 110
Brick 111
Markets 112
Products 115
Clay Brick 116
Brick Veneer 120
Suppliers 122
Concrete & Stone 123
Markets 124
Products 126
Concrete Block 126
Other Concrete & Stone 129
Suppliers 132
Metal Panels 133
Markets 135
Products 136
Suppliers 138
EIFS 139
Markets 140
Products 142
Suppliers 143
Other Siding 144
Steel Siding 145
Polypropylene Siding 147
Aluminum Siding 149
All Other Siding 152

IV. Markets 155
General 155
Residential 158
New 161
Improvement & Repair 165
Demand by Housing Type 170
Single-Family 171
Multifamily 175
Manufactured Housing 179
Nonresidential 182
New 185
Improvements & Repairs 190
Demand by Building Type 194
Commercial & Lodging 194
Industrial 196
Institutional 198
Office 200
Other 202

V. Regions 204
General 204
Regional Demographic & Economic Activity 205
Population Patterns 206
Economic Outlook 209
Construction Activity 212
Housing Trends 215
Siding Demand by Region 218
Northeast 220
Demand by Market & Subregion 221
New England 222
Middle Atlantic 224
Demand by Material 225
Midwest 228
Demand by Market & Subregion 229
East North Central 231
West North Central 232
Demand by Material 233
South 237
Demand by Market & Subregion 238
South Atlantic 240
East South Central 242
West South Central 244
Demand by Material 245
West 250
Demand by Market & Subregion 251
Mountain 252
Pacific 254
Demand by Material 256

VI. Industry Structure 260
General 260
Industry Composition 260
Market Share by Company 264
Manufacturing 269
Competitive Strategies 270
Marketing 273
Distribution 277
Mergers & Acquisitions 279
Cooperative Agreements 281
Company Profiles 284
Acme Brick, see Berkshire Hathaway Alcoa Incorporated 285
Allied Building Products, see CRH
Alside, see Associated Materials American Original Building Products, see Ferriot ASC Profiles, see BlueScope Steel Associated Materials LLC 288
Axiall Corporation 292
BASF SE 295
Bayer IMSA, see Verzatec Berkshire Hathaway Incorporated 298
BlueScope Steel Limited 301
Boise Cascade Company 305
Boral Limited 306
Butler Manufacturing, see BlueScope Steel Cedar Valley Manufacturing Incorporated 309
Centria, see NCI Building Systems CertainTeed, see Saint-Gobain Clarke Group 310
Coronado Stone Products Company 311
CRH plc 313
Dryvit Systems, see RPM International Elementia SA de CV 316
Exteria Building Products LLC 318
Featherlite Building Products, see Berkshire Hathaway Ferriot Incorporated 320
Forterra Building Products 321
General Shale, see Wienerberger Baustoffindustrie Gentek Building Products, see Associated Materials Georgia-Pacific, see Koch Industries Glen-Gery, see CRH Gold Band Shake and Shingle, see Clarke Group
Hanson Building Products, see Forterra Building Products Hardie (James) Industries plc 323
Heartland Siding, see ProVia Door Heritage Stone, see ProVia Door HeidelbergCement AG 326
Kaycan Limited 327
Koch Industries Incorporated 329
KP Building Products, see Kaycan Louisiana-Pacific Corporation 331
Mastic Home Exteriors, see Ply Gem Holdings
Metal Building Components, see NCI Building Systems
Metl-Span, see NCI Building Systems
Napco, see Ply Gem Holdings NCI Building Systems Incorporated 333
Nichiha Corporation 338
Nucor Corporation 340
Oldcastle Architectural, see CRH
ParexGroup SA 343
Plycem USA, see Elementia Ply Gem Holdings Incorporated 345
ProVia Door Incorporated 349
Revere Building Products, see Associated Materials Rollex Corporation 351
Royal Building Products, see Axiall RPM International Incorporated 353
Saint-Gobain 355
Schweiter Technologies AG 358
Shakertown 1992, see Clarke Group Stabilit, see Verzatec Steelscape, see BlueScope Steel Sto SE & Company KGaA 360
3A Composites, see Schweiter Technologies Varco Pruden Buildings, see BlueScope Steel Variform, see Ply Gem Holdings Verzatec SA de CV 363
Weyerhaeuser Company 365
Wienerberger Baustoffindustrie AG 366

List of Tables

Section I -- Executive Summary
Summary Table 3

Section II -- Market Environment
1 Macroeconomic Indicators 9
2 Population & Households 13
3 Personal Consumption Expenditures 16
4 Consumer Financing Environment, 2004-2014 19
5 Building Construction Expenditures 21
6 Residential Building Construction Expenditures 23
7 New Housing Indicators 28
8 Housing Stock by Type 31
9 Residential Improvement & Repair Expenditures 33
10 Nonresidential Building Construction Expenditures 35
11 Nonresidential Building Stock 37
12 Nonresidential Building Improvement & Repair Expenditures 38
13 Siding Prices 49
14 Siding Market, 2004-2014 53
15 Siding Foreign Trade 57

Section III -- Materials
1 Siding Demand by Material in Area Terms 65
2 Siding Demand by Material in Value Terms 66
3 Vinyl Siding Demand 70
4 Fiber Cement Siding Demand 80
5 Wood Siding by Market 88
6 Wood Siding Demand by Product 92
7 Engineered Wood Siding Demand 98
8 Wood Shingle & Shake Siding Demand 102
9 Stucco Siding Demand 105
10 Brick Siding Demand by Market 112
11 Brick Siding Demand by Product 116
12 Clay Brick Siding Demand 119
13 Brick Veneer Siding Demand 122
14 Concrete & Stone Siding Demand 124
15 Concrete & Stone Siding Demand by Product 126
16 Concrete Block Siding Demand 129
17 Other Concrete & Stone Siding Demand 132
18 Metal Panel Siding Demand 134
19 EIFS Siding Demand 140
20 Other Siding Demand by Market & Material 145
21 Steel Siding Demand 147
22 Polypropylene Siding Demand 149
23 Aluminum Siding Demand 151
24 All Other Siding Demand 154

Section IV -- Markets
1 Siding Demand by Market 157
2 Residential Siding Demand by Market & Material 160
3 New Residential Siding Demand 165
4 Residential Improvement & Repair Siding Demand 170
5 Residential Siding Demand by Housing Type 171
6 Single-Family Housing Siding Demand 175
7 Multifamily Housing Siding Demand 179
8 Manufactured Housing Siding Demand 182
9 Nonresidential Siding Demand by Market & Material 184
10 New Nonresidential Siding Demand 189
11 Nonresidential Improvement & Repair Siding Demand 193
12 Nonresidential Siding Demand by Building Type 194
13 Commercial & Lodging Siding Demand 196
14 Industrial Siding Demand 198
15 Institutional Siding Demand 200
16 Office Siding Demand 202
17 Other Nonresidential Siding Demand 203

Section V -- Regions
1 Population by Region 209
2 Gross Domestic Product by Region 212
3 Construction Expenditures by Region 215
4 Regional Housing Indicators 218
5 Siding Demand by Region 219
6 Northeast Siding Demand by Subregion & Market 222
7 Northeast Siding Demand by Material 228
8 Midwest Siding Demand by Subregion & Market 230
9 Midwest Siding Demand by Material 237
10 South Siding Demand by Subregion & Market 240
11 South Siding Demand by Material 249
12 West Siding Demand by Subregion & Market 252
13 West Siding Demand by Material 259

Section VI -- Industry Structure
1 Siding Revenues for Selected Manufacturers, 2014 263
2 Selected Acquisitions & Divestitures 281
3 Selected Cooperative Agreements 283

Section II -- Market Environment
1 Year of Construction of Housing Stock, 2014 31
2 Siding Market, 2005-2014 54

Section III -- Materials
1 Siding Demand by Material, 2014: Area & Value 63
2 Range of Installed Costs for Selected Siding Materials, 2014 68

Section IV -- Markets
1 Siding Demand by Market, 2014 158
2 Residential Siding Demand by Material, 2014 161
3 Nonresidential Siding Demand by Material, 2014 185

Section V -- Regions
1 Siding Demand by Region, 2014 220

Section VI -- Industry Structure
1 Siding Market Share, 2014 265

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