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 building material used to cover the exterior of the buildings in commercial and residential applications. Fiber cement is a composite material made of sand, cement, and cellulose fiber. It offers several advantages such as impact resistance, fireproof properties, resistant to termites, and rot proof. It is made up of fly ash, wood pulp, and Portland cement. It acts as an alternative to actual wood and vinyl siding. Fiber cement siding offers an aesthetic appearance, prolonged maintenance, extended durability, and is less expensive. Furthermore, it provides a smooth finish and a better exterior home design to enhance curb appeal.
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The growing residential and commercial construction activities and the low cost of fiber cement siding are among the major factors creating positive influence on the market growth. However, numerous health problems associated with the installation of fiber cement sidings, and durability and resilience of fiber cement sidings are a few market restraining factors. Nevertheless, the rising benefits of fiber cement sidings and increasing demand for energy-efficient buildings globally are among the factors creating market growth opportunities.
James Hardie Industries, GAF, Nichiha, CSR Limited, and Toray Industries Inc. are some of the key market players operating in the global fiber cement siding market. The listing of key players is derived by considering multiple factors such as overall revenue, current fiber cement siding product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the fiber cement siding ecosystems which were studies analyzed during the course of this fiber cement siding market research study, such as, CSR Limited; Allura, Etex Group; and SHERA Public Company Limited.
Most of the market initiatives were observed in Europe and APAC region, which have a high potential of market-related products, solutions, and services.
Few of the important market initiatives from the industry are mentioned below:
- In 2021 ETEX GROUP’s 3 EQUITONE projects i.e., Watershed in Seattle, USA; 18 Robinson in Singapore; and Tiny Victories in Texas, USA were nominated for the Architizer A+Awards.
- In 2020 Cembrit Holding A/S announced launch of new 3D effect fiber cement facade board.
Impact of COVID-19 Pandemic on APAC Fiber Cement Siding Market
APAC is characterized by many developing countries, with a positive economic outlook, high residential and industrial presence, huge population, and rise in disposable income. These factors make it a significant contributor to the fiber cement siding market. However, prolonged lockdown periods due to the COVID-19 pandemic resulted in a huge decline in the growth of the construction industry in the region in 2020. Different raw material companies discontinued their production activities across various countries in the initial phase of COVID-19 to avoid the further spread of the disease. This halt in production led to reduced supplies in various Asian countries, including India and China.