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.
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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.
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Global Fiber Cement Siding Market Segmentation
By Material
- Portland Cement
- Silica
- Cellulosic Fiber
- Others
By End User
- Residential
- Commercial
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
- Africa
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Major Players in the Global Fiber Cement Siding Market
The key players studied in the global fiber cement siding market are Cembrit Holding A/S (Denmark), CSR Limited (Australia), Elementia (Mexico), Etex Group (Belgium), GAF Materials LLC (US), James Hardie Industries plc (Ireland), Louisiana-Pacific Corporation (US), Nichiha Corporation (Japan), Toray Industries, Inc. (Japan), and Beijing Hocreboard Building Materials Co. Ltd. (China).
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