Residential siding demand was approximately $7.6 billion in 2019. According to Principia’s recently updated demand and forecast, siding demand in 2020 is forecast to be approximately $7.1 billion in 2020—a 6% decline from 2019 demand due to the impact of COVID-19. Prior to the pandemic, siding demand was forecast to be $7.8 billion in 2020.
COVID-19-related impacts on siding demand include:
- Siding demand in the single family market is expected to benefit since it isn’t affected as much by the COVID-19-related disruptions in the multifamily sector
- Siding has higher exposure to the repair and remodeling (R&R) market and is expected to benefit in 2020