Natural wood is considered by many the most attractive siding for storage units. But wood exposed over time to water usually rots. Some woods, however, contain natural resins that make them relatively rot-resistant. Cedar is such a wood and very popular as a siding choice for storage units. But even cedar siding is not maintenance-free. Coat cedar with a UV-inhibiting sealer/preservative every other year to protect it from ultraviolet solar radiation. Apply a clear stain, as well, to help preserve its natural beauty.
Particle board and plywood are composed of pieces of wood products that have been pressed and glued together. Although they are popular siding materials for storage units, they are not most people's first choice in regions where it rains a lot. For if water does work its way into these products (a possibility enhanced by their composite nature), then you're lost.