The fiber cement siding 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 estimated to grow at a CAGR of 6.7% from 2021 to 2028.
Fiber cement siding provides benefits for builders, contractors, and homeowners in terms of customer appeal, revenue generation, and business growth. It offers a cost-effective solution for a better exterior appearance and is fire-resistant with a flame spread rating of 0, similar to brick. Additionally, it is highly weather-resistant, able to withstand extreme heat and humidity. These features are attracting a growing number of builders, contractors, and customers, driving up sales and boosting the fiber cement siding market.
The International Energy Agency's 2020 report highlights that the building sector benefits from increased government investment in energy efficiency, with buildings being the main focus of stimulus spending. In some regions, this investment could lead to a significant improvement in technical efficiency. As an example, the US is prioritizing modernizing its infrastructure by constructing energy-efficient buildings, with cities like Concord, Denton, Denver, Fayetteville, Minneapolis, and Norman acting on the climate change. These efforts are supported by federal programs to improve existing buildings with better insulation and more efficient heating systems. With this focus on energy efficiency, the demand for fiber cement siding in residential building construction will continue to rise, creating future opportunities for the fiber cement siding market.
APAC is home to many developing countries with a strong economy, high levels of residential and industrial development, a large population, and increasing disposable income, making it a key contributor to the growth of the fiber cement siding market. However, prolonged lockdowns due to the COVID-19 pandemic caused a decline in the construction industry and reduced demand for fiber cement siding in 2020. Some raw material suppliers temporarily suspended operations to curb the spread of the virus, leading to shortages in countries like India and China. However, easing of lockdowns and ongoing vaccination efforts have supported a resumption of industrial activities and steady raw material shipments, helping to boost the growth of the fiber cement siding market in APAC in 2021.
The global fiber cement siding market is divided into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). North America leads the market, followed by APAC, Europe, and RoW. APAC is the fastest-growing region due to the significant presence of fiber cement siding market players such as CSR Limited, Nichiha, Toray Industries, Everest Technopolis, SHERA Public Company, 2K Technologies, Yunion Industry, KMEW, SHIN KWANG, HVG Facades, and BGC Fiber Cement. APAC's residential and commercial sectors are poised for strong growth in the next decade. In Europe, the western region has a high demand for fiber cement siding for decorative houses, driving the market, while Eastern Europe has limited demand. Russia has a few fiber cement siding market players.
Cembrit Holding A/S; CSR Limited; Allura, Etex Group; GAF Materials LLC; James Hardie Industries plc; SHERA Public Company Limited; NICHIHA Co., Ltd; and Toray Industries, Inc. are among the major players operating in the global fiber cement siding market.
The size of the global fiber cement siding market was determined using both primary and secondary sources. To gather information, extensive secondary research was conducted using internal and external sources to gain a qualitative and quantitative understanding of the fiber cement siding market. This research helped provide an overview and forecast of the fiber cement siding market across all segments. In addition, primary interviews were conducted with industry participants and experts, including VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the fiber cement siding market. These interviews were conducted to validate the data and gain deeper insights into the topic.