Fiber Cement Siding Market Analysis and Forecast to 2031: By Material (Portland Cement, Silica, Cellulosic Fiber, Others), End User (Residential, Commercial), and Region

Fiber Cement Siding Market Analysis and Forecast to 2031: By Material (Portland Cement, Silica, Cellulosic Fiber, Others), End User (Residential, Commercial), and Region

The global fiber cement siding market was valued at US$ 4.0 billion in 2021 and it is anticipated to grow up to US$ 7.1 billion by 2031, at a CAGR of 6.0% during the forecast period.

Fiber cement siding is a type of building material used to cover the exterior of commercial and residential buildings. Fiber cement possesses several benefits such as impact resistance, fireproof properties, resistance to termites, and not rot. It is an alternative to actual wood and vinyl siding. The fiber cement siding offers an aesthetic appearance, extended durability, prolonged maintenance, and affordability. Fiber cement siding consists of imitating wood sliding, imitation shingles, overlapping horizontal boards, and clapboard fiber cement sidings, which provide a smooth finish, complement a modern exterior home design, and enhance curb appeal. It is mostly used as a tile underlay on decks, bathrooms, and as bargeboards in high fire areas.

Market Drivers and Trends

A surge in global residential construction is acting as a key driver for the global fiber cement siding market. For instance, according to the Russian news agency, in July 2021, the commissioning of housing in Russia in the initial 5 months of 2021 increased by over 28% compared to 2020. This growth is attributed to increasing demand for houses because of an improving outlook for growth in sustained employment, record-low interest rates, and programs provided by the government. Moreover, various government initiatives have also been observed to help the housing industry. For instance, the South Korean government had taken an initiative to ease the building regulations and to support re-development projects in urban locations to raise the number of new houses up to 8,36,000 countrywide, according to the Yonhap News Agency website data of February 2021. Furthermore, the latest housing policy focuses on growing 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. Therefore, the growth in commercial and residential housing constructions and several government initiatives in housing construction are influencing the requirement of fiber cement siding.

Market Restraints and Challenges

Alternatives to fiber cement siding are acting as a restraining factor for the global fiber cement siding market. Like, Vinyl, wood, and steel are all popular siding materials and alternative options to fiber cement siding. Moreover, vinyl siding is a popular choice owing to its wide range of availability in styles and costs. Secondly, wood siding is commonly used in custom homes because it is expensive, requires regular maintenance, and is susceptible to insects. Thirdly, steel siding is widely used as an alternative for fiber cement siding in industrial and commercial buildings and residential siding. Thus, alternatives to fiber cement siding are acting as a restraining factor for the global fiber cement siding market.

Global Fiber Cement Siding Market Segmental Overview

The report analyses the global fiber cement siding market based on material, end user, and region.

Global Fiber Cement Siding Market by Material

Based on material, it is segmented into Portland cement, silica, cellulosic fiber, and others. The Portland cement segment is likely to hold the major share of the market in 2021 because Portland cement is a widely used type of cement used for making concrete and mortar. The chief chemical components of Portland cement are calcium, alumina, and iron. It is a reasonably priced material and readily available, making it one of the widely used materials for construction globally. Thus, numerous benefits of the Portland cement segment boost the market's growth.

Global Fiber Cement Siding Market by End User

Based on end user, it is bifurcated into residential and commercial. The residential segment is expected to be the largest segment in the fiber cement siding market in 2021. The fiber cement sidings are mostly used in residential houses due to their less expensiveness and other benefits, including better exterior look, greater lifespan, heat-resistant weather-resistant, and require minimum maintenance. And with the growth in residential houses globally will boost the demand for the fiber cement siding market.

Geographical Analysis of Global Fiber Cement Siding Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to hold the majority of the market share during the forecast period. Several factors, including the growing construction sector, improving the global economy, and higher foreign investments, are expected to boost the Asia Pacific market for fiber cement sidings. Additionally, stricter norms regarding using asbestos cement in the construction of commercial and residential houses have made it mandatory for builders to look for alternatives such as fiber cement sidings. This, in turn, boosts the demand for fiber cement sidings in the Asia Pacific region.

Major Players in the Global Fiber Cement Siding Market COVID-19 Impact

The COVID-19 pandemic has been affecting several sectors worldwide, adversely affecting the global economy in 2020. However, the construction sector witnessed steady year-on-year (Y-o-Y) growth until the emergence of COVID-19 in late 2019. The massive outburst of the coronavirus had derailed the entire construction sector heavily, with several construction projects cancelled and several projects postponed indefinitely. The COVID-19 pandemic has also disturbed fiber cement siding market growth. Factory shutdowns and travel bans have adversely affected the construction industry, negatively impacting the growth of the fiber cement siding market. Also, the housing material sector witnessed a huge drop in terms of trade due to lockdown restrictions in different countries, which hindered manufacturing operations during the COVID-19 pandemic. Moreover, procurement of raw materials was challenging due to the logistics disruption. Therefore, the COVID-19 pandemic had negatively affected the global fiber cement siding market in 2020.

Recent Developments

• June 2021, three EQUITONE projects, which include Watershed, a Living Building in Seattle (USA), 18 Robinson (Singapore), and Tiny Victories, Texas (USA), were nominated for Architizer A+Awards in the category of building material.
• April 2020, Cembrit launched a brand-new facade board with a 3D effect inspired by nature’s unique features. Cembrit meets the rising demand from architects and builders worldwide for facades that add character and depth to any building’s expression and the ability to fit the surrounding environment with the new Patina Inline facade board.

Frequently Asked QuestionsQ1. How big is the fiber cement siding market?Ans. The global fiber cement siding market size was US$ 4.0 billion in 2021 and is anticipated to reach US$ 7.1 billion in 2031, growing at a rate of 6.0% from 2022 to 2031.Q2. What is the fiber cement siding market growth rate?Ans. The growth rate of the fiber cement siding market is 6.0% from 2022 to 2031.Q3. Which region holds a major market share for the fiber cement siding market?Ans. Asia Pacific holds a major market share of the fiber cement siding market in 2021.Q4. Which segment accounted for the largest fiber cement siding market share?Ans. Based on material, it is segmented into Portland cement, silica, cellulosic fiber, and others. The Portland cement segment is likely to hold the major share of the market in 2021.Q5. Who are the key players in the fiber cement siding market?Q6. What are the factors driving the fiber cement siding market growth?Ans. The major factor driving the growth of the market is rise in the residential and commercial construction activities.Q7. What are the key growth strategies of fiber cement siding market players?Ans. The key growth strategies of fiber cement siding market players are product launch, partnerships, and government initiatives.Q8. Which region will provide more business opportunities for the fiber cement siding market during the forecast period?Ans. The Asia Pacific region will provide more business opportunities for the fiber cement siding market during the forecast period.

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