Press release
Fiber Cement Siding Market to US$ 7.1 billion by 2031, at a CAGR of 6.0% during the forecast period
The global fiber cement siding market report from Global Insight Services is the single authoritative source of intelligence on Fiber Cement Siding Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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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.
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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.
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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
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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