Publication Month: Jan 2022 | Report Code: TIPTE100001095 | No. of Pages: 136 | Category: Manufacturing and Construction | Status: Published
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.
|Market Size Value in||US$ 3,963.50 million in 2021|
|Market Size Value by||US$ 6,229.51 million by 2028|
|Growth rate||CAGR of 6.7% from 2021 to 2028|
|No. of Pages||136|
|No. of Tables||68|
|No. of Charts & Figures||69|
|Historical data available||Yes|
|Segments covered||Material, Type, and End-User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Russia, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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.
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.