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Fiber Cement Siding Market is projected to grow at a CAGR of 6.7% from US$ 3,963.50 Million in 2021 to US$ 6,229.51 Million by 2028

According to our latest market study on “Fiber Cement Siding Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material, Type, and End-User,” the market was valued at US$ 3,963.50 million in 2021 and is projected to reach US$ 6,229.51 million by 2028; it is expected to grow at a CAGR of 6.7% from 2021 to 2028.

The fiber cement sidings provide multiple opportunities to builders, contractors, and homeowners in terms of attracting customers, generating revenues, and helping in expanding their business globally. Fiber cement siding offers a better exterior look of the house at an affordable price compared to its alternatives and is also fire and heat resistant. Fiber cement has a flame spread rating of 0, which is similar to a brick. Also, the fiber cement siding is highly weather-resistant and can easily bear extreme heat and humid conditions.

The residential sector accounted for 44% of total global construction in 2020, making it the largest sub-sector and a key driver for the global fiber cement siding market. For instance, the commissioning of housing in Russia in the first five months of 2021 increased by 28.4% compared to the previous year, according to the Russian news agency in July 2021. This growth is due to the surge in demand for houses because of record-low interest rates, an improving outlook for growth in sustained employment, and programs provided by the government. Further, several governments initiatives have also been observed in helping the housing industry. For instance, according to the Yonhap News Agency website data of February 2021, the South Korean government announced that it would ease the building regulations and support redevelopment projects in urban areas to increase the number of new houses up to 836,000 nationwide. The latest housing policy focuses on increasing the home supply in the Seoul metropolitan area and other major cities to stabilize the real estate crises. This construction activity will boost the growth of residential and commercial buildings in the country. Thus, the rise in commercial and residential housing constructions and several government initiatives in housing construction are influencing the growth of fiber cement siding market size.

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Further, the fiber cement sidings require minimum maintenance, which provides an advantage to the customer. Also, the installation of fiber cement sidings can be done effortlessly by homeowners, which is why it is called the Do-It-Yourself (DIY) concept. These fiber cement sidings are available in several styles and colors, helping homeowners save on painting costs.

The fiber cement sidings comprise more benefits than its alternatives, which help attract a lot of customers worldwide. Moreover, the growing market helps attract third-party suppliers for delivering products to customers, which collectively acts as a factor in creating opportunities for the builders, contractors, and homeowners in terms of more revenue generation and business expansion.

Strategic Insights

Report Coverage
Details

Market Size Value in
US$ 3,963.50 million in 2021

Market Size Value by
US$ 6,229.51 million by 2028

Growth rate
CAGR of 6.7% from 2021 to 2028

Forecast Period
2021-2028

Base Year
2021

No. of Pages
136

No. Tables
68

No. of Charts & Figures
69

Historical data available
Yes

Segments covered
Material, Type, and End-User

Regional scope
North America; Europe; Asia Pacific; Latin America; MEA

Country scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends

The COVID-19 crisis has been affecting industries worldwide, and it adversely affected the global economy in 2020 and 2021. The construction industry witnessed steady year-on-year growth until the emergence of COVID-19 in late 2019. The massive outburst of the virus has derailed the entire construction sector heavily, with several construction projects canceled and several projects postponed indefinitely. The pandemic has also disturbed fiber cement siding market growth. Factory shutdowns, travel bans, and border lockdowns have adversely affected the construction industry, negatively impacting the growth of the fiber cement siding market.

Based on material, the fiber cement siding market is segmented into portland cement, silica, cellulosic fiber, and others. In 2021, the portland cement segment led the market and accounted for the largest market share. Based on type, the market is segmented into clapboard, shingles, and stone or stucco. In 2021, the clapboard segment led the market and accounted for the largest market share. Based on end-user, the market is segmented into residential and commercial. In 2021, the residential segment led the market and accounted for a larger market share. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the global fiber cement siding market.

Based on material, the fiber cement siding market is segmented into portland cement, silica, cellulosic fiber, and others. The portland segment led the fiber cement siding market in 2021. Portland cement is the most common cement made up of limestone, iron, and clay. It is the main ingredient in fiber cement siding. It is a fine powder produced by heating limestone and clay minerals in a kiln to form a clinker, grinding the clinker, and adding 2 to 3% gypsum. Several types of portland cement are available. The most common, called ordinary portland cement (OPC), is grey; however, white Portland cement is also available.

Further, according to the International Energy Agency (IEA) data, has estimated that cement production will increase by between 12 and 23% by 2050 to meet the needs of the world’s growing population. The demand for portland cement is consistently higher among the fiber cement siding manufacturers, owing to the benefits such as lightweight, cost-effectiveness, and non-combustible nature. Thus, the segment holds the largest share in the global fiber cement siding market.

The fiber cement siding market is segmented based on material, type, end-user, and geography. Based on material, the fiber cement siding market is segmented into portland cement, silica, cellulosic fiber, and others. Based on type, the fiber cement siding market is segmented into clapboard, shingles, and stone or stucco. Based on end-user, the fiber cement siding market is segmented into residential and commercial. Geographically, the fiber cement siding market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. Cembrit Holding A/S; CSR Limited; Allura, Etex Group; GAF Materials LLC; James Hardie Industries plc; SHERA Public Company Limited; NICHIHA Co., Ltd; and Toray Industries, Inc. are among the key players profiled during the fiber cement siding market study.

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Players operating in the fiber cement siding market are mainly focused on the development of advanced and efficient products.

In 2021, ETEX GROUP’s 3 EQUITONE projects, i.e., Watershed in Seattle, US; 18 Robinson in Singapore; and Tiny Victories in Texas, US, were nominated for the Architizer A+Awards.

In 2020, Cembrit Holding A/S announced the launch of a new 3D effect fiber cement facade board.

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