Fiber Cement Siding Market Size & Growth | Report by 2021, 28

Fiber Cement Siding Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Portland Cement, Silica, Cellulosic Fiber, and Others), Type (Clapboard, Shingles, and Stone or Stucco), and End-User (Residential and Commercial)

Publication Month : Jan 2022

  • Report Code : TIPTE100001095
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 136
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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.

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.

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Fiber Cement Siding Market: Strategic Insights

Market Size Value inUS$ 3,963.50 million in 2021
Market Size Value byUS$ 6,229.51 million by 2028
Growth rateCAGR of 6.7% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
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Impact of COVID-19 Pandemic on Fiber Cement Siding Market Growth 

The COVID-19 crisis has been affecting industries worldwide, and it adversely affected the global economy in 2020 and 2021. The construction industry witnessed steady year-on-year growth until the emergence of COVID-19 in late 2019. The massive outburst of the virus has derailed the entire construction sector heavily, with several construction projects canceled and several projects postponed indefinitely. The pandemic has also disturbed fiber cement siding market growth. Factory shutdowns, travel bans, and border lockdowns have adversely affected the construction industry, negatively impacting the growth of the fiber cement siding market.

Lucrative Regions for Fiber Cement Siding Market Growth

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Market Insights – Fiber Cement Siding Market

Material-Based Insights

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.

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 fiber cement siding market is segmented based on material, type, end-user, and geography. Based on material, the fiber cement siding market is segmented into portland cement, silica, cellulosic fiber, and others. Based on type, the fiber cement siding market is segmented into clapboard, shingles, and stone or stucco. Based on end-user, the fiber cement siding market is segmented into residential and commercial. Geographically, the fiber cement siding market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. 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 key players profiled during the fiber cement siding market study.

Players operating in the fiber cement siding market are mainly focused on the development of advanced and efficient products.

  • In 2021, ETEX GROUP's 3 EQUITONE projects, i.e., Watershed in Seattle, US; 18 Robinson in Singapore; and Tiny Victories in Texas, US, were nominated for the Architizer A+Awards.
  • In 2020, Cembrit Holding A/S announced the launch of a new 3D effect fiber cement facade board.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Material, Type, and End-User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Australia, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What are reasons behind fiber cement siding market growth?

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.

What are market opportunities for fiber cement siding market?

The fiber cement sidings comprise more benefits than its alternatives, which help in attracting a lot of customers worldwide. Moreover, the growing market helps in attracting third-party suppliers for delivering products to customers, which collectively acts as a factor in creating opportunities to the builders, contractors, and homeowners in terms of more revenue generation and business expansion.

Which material is expected to dominate the market in the forecast period?

The Portland cement is expected to dominate the market during the forecast period. Portland cement is the most common type of cement made up of limestone, iron, and clay. It is the main ingredient in fiber cement siding. 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-effective, and non-combustible nature. Thus, the segment holds the largest share in the global fiber cement siding market.

Which region has dominated the fiber cement siding market?

In 2020, North America accounted for the highest market share in the global market and APAC is also expected to grow with the highest CAGR over the forecast period.

Which are the major companies in the fiber cement siding market?

James Hardie Industries, GAF, Nichiha, CSR Limited, and Toray Industries Inc. , are among the key market players operating in the global fiber cement siding market. The key players are listed by considering factors such as overall revenue, current fiber cement siding product portfolio, geographical reach, market initiatives, investment in technology upgrades, partnerships, and other market-related activities.

Who is the major end user for fiber cement siding?

The major end user of fiber cement siding is residential. The fiber cement sidings are increasingly used in individual houses due to its less expensiveness and other benefits including greater lifespan, better exterior look, heat-resistant & weather-resistant, and requires minimum maintenance. And with the growth in the individual houses globally, will boost the demand for the fiber cement siding market

The List of Companies - Fiber Cement Siding Market

  1. Cembrit Holding A/S
  2. CSR Limited
  3. Elementia SAB DE CV
  4. ETEX Group
  5. GAF Material Corporation
  6. James Hardie Industries Plc
  7. Louisiana-Pacific Corporation
  8. Nichiha Co. Ltd.
  9. Toray Industries Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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