Regional Outlook
The global market was segmented by region into North America, Europe, Asia-Pacific, Middle East and Africa and South America. North America had the largest share on the world siding market in 2018, led by Asia-Pacific and Europe. Dominance in North America will continue until 2025. Building industry development and the presence of major manufacturers in this area have resulted in a high demand for the siding sector. In addition, commercial buildings such as commercial complexes and offices are increasing as business hubs overpopulate, creating demand for new complexes, leading to growth in the market.
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The global Siding Market 2020 was valued at USD 100.1 billion in 2018. Moreover, the market is expected to witness growth at 4.4% CAGR during the forecast period. The global siding industry has seen substantial growth in the last few years. The demand for siding is anticipated to be driven by the upsurge in the number of construction activities and the increasing recognition of their benefits among homeowners. Growth in the number of housing projects worldwide is expected to fuel demand for siding across the globe. The need for new residential building projects is increasing due to the rising urbanization, which is poised to fuel the demand of home siding around the world. In addition, buyers tend to use exterior siding when constructing residential or commercial areas, because it increases a building's esthetic appeal. In addition, there are various benefits, such as longevity, fire resistance, and high thermal performance, which improve the construction of sidings.
In addition, with the enhancement of living standards, customers are inclined to better interior decoration and esthetic enhancement, which fuel the demand for interior siding, contributing to the growth of the industry. The need for sidings in the manufacturing and construction sector is on the rise with the growing growth of infrastructure across developing countries. At the other side, the developing countries are moving towards sidings as defensive systems and improving building aesthetics. Major market players are taking key approaches to remain competitive, such as expansion, acquisition and product launches.
Market Segmentation
The global siding sector was segmented into content, application, and area. The global market is segmented by content as vinyl, cement fiber, wood, concrete, and others. The fiber cement siding segment had the largest market share in the global siding market in 2018, and is projected to see the highest CAGR over the forecast period. The siding of fibre cement is cost-effective and can be easily built in regions of severe weather conditions. In fact, it is more durable than the other siding material and also avoids cracks that may occur on the surface.
The global market is segmented, by use, as residential, commercial, and industrial. The residential segment accounted for the largest market share in the global siding market in 2018, and is anticipated to experience the highest CAGR over the forecast period. In addition, the commercial segment is segmented as office spaces, health care, shopping malls & hubs, educational centers, hospitality and others. The residential segment is expected to experience tremendous growth in the siding industry , owing to rapidly increasing population , rapid urbanization, government funding for housing projects and strong economic development, which has further enhanced the need for residential buildings globally.
Competitive Dashboard
The major players operating in the global siding industry include James Hardie Industries Plc (Ireland), Saint-Gobain (France), Westlake Chemical (US), Etex Group (Belgium), Boral Limited (Australia), Kingspan Group (Ireland), Georgia-Pacific (US), Cornerstone Building Brands (US), Louisiana Pacific Corporation (US, and Nichiha Corporation (Japan).
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This article was written together with the contractor in thoughts -- especially contractors new to surety bonding and public bidding.
While there are many sorts of surety bonds, we're going to become focusing right here on contract surety, or the kind of bond you'd want when bidding on a public performs contract/job.
(face amount ordinarily equals the dollar level of the contract.)
The surety has various "remedies" out there to it for project completion, and they contain hiring a further contractor to finish the project, financially supporting (or "propping up") the defaulting contractor via project completion, and reimbursing the project owner an agreed quantity, up to the face quantity of the bond.On publicly bid projects, you will find frequently 3 surety bonds you may need: 1) the bid bond, 2) overall performance bond, and 3) payment bond.
The bid bond is submitted with your bid, and it gives assurance for the project owner (or "obligee" in surety-speak) that you just will enter into a contract and deliver the owner with overall performance and payment bonds when you are the lowest responsible bidder.
The payment bond guarantees that you just, because the basic or prime contractor, will pay your subcontractors and suppliers constant with their contracts with you.It really should also be noted that this 3 party arrangement can also be applied to a sub-contractor/general contractor relationship, where the sub supplies the GC with bid/performance/payment bonds, if essential, plus the surety stands behind the guarantee as above.OK, wonderful, so what's the point of all this and why do you may need the surety guarantee in 1st place?First, it's a requirement -- at the very least on most publicly bid projects.
