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Fiber Cement Siding Market to hit $6,229.51 Bn, Globally, by 2028 at 6.7% CAGR: The Insight Partners

Fiber Cement Siding

Fiber Cement Siding

Rising Benefits of Fiber Cement Sidings to Create Lucrative Opportunities for Fiber Cement Siding Market During 2021–2028

PUNE, INDIA, January 20, 2022 /EINPresswire.com/ -- 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.

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.

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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

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.

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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.

North America is one of the most prominent markets of fiber cement siding, owing to the presence of a large number of manufacturers and higher demand from end users. Also, due to the implementation of government policies, boosting innovation, presence of a huge industrial base, and high purchasing power of people and businesses, especially in developed countries such as the US and Canada helps in the market growth. For instance, the Canadian construction industry is witnessing growth in a few major cities, such as Toronto and Vancouver. In these cities, developers are registering good profits on investment, mainly with high-density residential projects. In 2020, the limited availability of workforce, shortage of materials and supplies, reduction in productivity rates, and suspension and cancellation of projects/contracts hindered the fiber cement siding market growth.

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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 key players operating in the global fiber cement siding market include Allure; Cembrit Holding A/S; CSR LIMITED; ETEX GROUP; GAF; James Hardie Industries plc; NICHIHA Co., Ltd; TORAY INDUSTRIES, INC.; and SHERA Public Company Limited. Several other market players have been analyzed to understand the market.

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Sameer Joshi
The Insight Partners
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