The Fiber Cement Market in the US by Product and Region - Forecast to 2022: Siding to Remain the Largest Fiber Cement Product Segment - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 10, 2018--The “Fiber Cement in the US by Product, Market and Region, 3rd Edition” report has been added to ResearchAndMarkets.com’s offering.
US demand for fiber cement is forecast to rise 3.2% annually through 2022 to 3 billion square feet. Rising building construction activity will drive demand gains.
Gains will be driven by growth in home re-siding projects and kitchen/bathroom renovations. Further gains will be supported by rising new housing completions, particularly in the South and West. An expansion in nonresidential building construction activity -especially for offices, retail establishments, healthcare facilities, and schools- will drive demand for fiber cement used in commercial applications.
Siding to Remain the Largest Fiber Cement Product Segment
Siding is by far the largest fiber cement product segment and is expected to remain so through 2022. Healthy growth in the US siding market will drive gains, as fiber cement accounts for a significant share of total siding sales. Fiber cement is often specified as a siding material because of its durability, low maintenance requirements, and ability to mimic more expensive materials such as natural wood, brick, and stone. Additionally, fiber cement siding sales in value terms will be boosted by the increased adoption of high value premium siding products due to their enhanced durability and aesthetic appeal.
Engineered Wood to Temper Fiber Cement Siding Sales Gains
While fiber cement has increased its share of the siding market over the last 10 years, its market penetration is expected to slow through 2022 due to increased competition from alternative siding materials, most notably engineered wood. Fiber cement and engineered wood are both gaining share at the expense of natural wood and vinyl because they are more durable and available in a range of design options.
Fiber Cement to Increase Share of Backerboard Market
Fiber cement backerboard demand through 2022 will be fueled by growth in home bathroom and kitchen renovations. Demand will be further bolstered by fiber cement’s increased share of the overall backerboard market. Fiber cement is expected to be increasingly specified by consumers who want a better performing product than gypsum board but do not wish to pay the premium required for fiberglass-reinforced cement backerboard.
Larger Residential Market to be Faster Growing
The residential market accounted for a much higher percentage of fiber cement sales than commercial buildings in 2017. Through 2022, growth in residential building construction spending will outpace commercial expenditures, boosting the residential market’s share of overall fiber cement demand.
This study presents historical demand (2007, 2012, 2017) and forecasts for 2022 by product (siding, backerboard, moulding and trim, and other products), market (new residential, residential improvement and repair, new commercial, commercial improvement and repair), and Census region (Northeast, Midwest, South, West) and subregion in both area and dollar terms.
The study also includes company market share for competitors, such as:Elementia James Hardie Nichiha
For more information about this report visit https://www.researchandmarkets.com/research/n4jrc3/the_fiber_cement?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181010005572/en/
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Related Topics:Cement and Concrete,Composites
KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: MANUFACTURING OTHER MANUFACTURING CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 10/10/2018 09:33 AM/DISC: 10/10/2018 09:33 AM