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.
Fiber cement siding is a cost-effective alternative to more expensive siding options like wood, stone, brick, and stucco. These latter options may look attractive, but they require a lot of maintenance, making them costly in the long run. Fiber cement provides a strong and durable material at a reasonable price. Additionally, it adds a sleek appearance to modern home exteriors and increases curb appeal. In comparison, brick and stone siding can cost upwards of US$ 45,000 to cover a 1,500 sq. ft house, while stucco can run as high as US$ 45,000. On the other hand, fiber cement siding costs an average of US$ 10 per sq. ft, making it an affordable option for people of all income levels.
Impact of COVID-19 Pandemic on APAC Fiber Cement Siding Market:
The Asia-Pacific region, home to many developing countries, has a robust economy, high levels of residential and industrial development, large population, and growing disposable income, which make it a significant contributor to the fiber cement siding market. However, the COVID-19 pandemic caused a major slowdown in the growth of the construction industry in the region in 2020 due to lockdowns and suspended production activities by raw material companies to prevent the spread of the virus. This led to reduced supplies in countries like India and China.
One of the biggest challenges for construction companies in the region is ensuring project quality, as each country has its own set of regulations. However, the easing of lockdown restrictions and the ongoing vaccine rollout have allowed for stable raw material shipments and industrial activities, driving growth in the fiber cement siding market in the Asia-Pacific region in 2021. Governments in the region are also taking steps to address the impact of the pandemic, such as Malaysia's incentives to encourage homeownership in its 2021 budget, which include full stamp duty exemptions for first-time homebuyers and those purchasing postponed housing projects. These measures are expected to increase demand for fiber cement siding among builders and end users in the near future.
Key Findings of Study:
The fiber cement siding market is segmented into four categories based on material: portland cement, silica, cellulosic fiber, and others. In 2021, the portland cement segment dominated the fiber cement siding market and held the largest market share. Additionally, the fiber cement siding market is divided into three categories based on type: clapboard, shingles, and stone or stucco. In 2021, the clapboard segment dominated the fiber cement siding market and held the largest market share. The fiber cement siding market is also segmented based on end-user into two categories: residential and commercial. In 2021, the residential segment held the largest market share. The market is geographically divided into five regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, North America held a significant share of the global fiber cement siding market.
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