CLEVELAND, Jan. 26, 2021 /PRNewswire/ — The next three years are projected to see the global brick and tile siding market build itself back up as the industry not only rebounds from the coronavirus-driven drag in 2020, but also benefits from higher demand primarily in the Asia/Pacific region and to a lesser extent in the Africa/Mideast region. This is according to leading market research publisher The Freedonia Group in the recent report Global Brick & Tile Siding.
Global demand for brick and tile siding is forecast to rise 1.8% annually through 2024 to 1.9 billion square meters valued at $24.1 billion. Last year the market suffered from weakened global building construction activity due to the pandemic, but the market is expected to rebound by the end of 2021 as the continued distribution of the vaccine causes case numbers to fall, economies to reopen, and building activity returns to normal levels.
The Freedonia Group anticipates that gains in the Asia/Pacific region will be the greatest catalyst for growth. The Asia/Pacific region is expected to account for 71% of global brick and tile siding market gains through 2024.
In addition, The Freedonia Group also expects market gains through 2024 will be supported by:
- brick and tile’s high durability, aesthetic appeal, availability throughout the world, especially in the aforementioned Asia/Pacific and Africa/Mideast regions
- rising new home construction, particularly in developing Asia/Pacific and Africa/Mideast countries where the share of homes built with siding is growing
- increasing personal incomes, which allow for greater spending on renovation projects such as siding replacement
- growth in nonresidential building construction, the post-pandemic recovery of which is expected to be healthy
Want to Learn More?
Recently published by The Freedonia Group, this study, Global Brick & Tile Siding, analyzes the global market for brick and tile siding by region and market. Markets covered in this report are:
Historical data (2009, 2014, and 2019) and forecasts for 2024 and 2029 are presented for brick and tile siding demand in current US dollars (including inflation) and in square meters.
This report is part of a series of studies available on the global siding industry and is targeted at customers with a specific interest in brick and title siding. A broader perspective on competition among various siding products can be found in our comprehensive report Global Siding.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group