Global Residential Siding Market Bends But Doesn't Break During Pandemic

CLEVELAND, Jan. 15, 2021 /PRNewswire/ --A Like many industries in 2020, the global residential siding market faced severe and unexpected challenges due to the coronavirus pandemic. Despite the challenges, the market also proved its mettle, displaying a resiliency that has it positioned to potentially rebound in coming years.
Global Residential Siding Market Bends But Doesn't Break During Pandemic
In the report Global Residential Siding, The Freedonia Group's yearend estimates indicate that the COVID-19 pandemic caused a decline in global residential siding demand in 2020. The downtown is attributed to:

losses in new housing construction

a significant slowdown in global gross domestic product (GDP) growth, though a relatively strong performance in China will support some growth

outright economic declines in the United States and Western Europe.

Nevertheless, as previously mentioned, siding demand for residential buildings also displayed resiliency in 2020. Renovations in 2020 held steady and even spiked in some countries as consumers opted to invest money on the homes in which they already were spending more in time as a result of stay-at-home orders and a shift toward telecommuting.While near-term losses will somewhat drag down the average rate of global residential siding demand growth through 2024, the market is expected to rebound by 2022 as the number of confirmed COVID-19 cases falls, economies reopen, and building construction activity returns to normal levels. Between 2022 and 2024, The Freedonia Group forecasts demand growth is projected to return to a rate that is more in line with historical trends.
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