Oct 21, 2019   SOURCE: PR NewsWire

Fiber Cement Continues to Gain Share of Siding Market

CLEVELAND, Oct. 21, 2019 /PRNewswire/ -- Fiber cement siding demand is forecast to grow 2.5% annually through 2023 to 22.1 million squares, valued at $1.7 billion. Fiber cement is the second largest siding material and will record healthy gains over this period because of the material's:

    --  ability to mimic the look of natural wood more effectively than vinyl
        products
    --  increased use in high-end buildings as product quality continues to
        improve
    --  affordability relative to brick and natural stone, whose aesthetics it
        can also replicate

Though the share of the US siding market held by fiber cement will continue to increase through 2023, analyst Nick Cunningham expects, "the rate of its market penetration will moderate due to the product's growing maturity and improvements in the quality of competitive materials, especially vinyl." These trends and more are analyzed in Siding published by The Freedonia Group.

For more information regarding siding trends visit: https://www.freedoniagroup.com/industry-study/siding-3775.htm

The residential market accounted for 79% of fiber cement siding demand in 2018, and is expected to grow 2.9% annually to 17.8 million squares in 2023, accounting for the majority of demand gains over this period. The most significant gains will come from the residential renovation market, as homeowners increasingly replace existing siding with fiber cement to improve the exterior appearance of their house or to save time and money on maintenance.

While the commercial market is forecast to rise going forward, demand will remain limited due to continued competition from materials that offer greater durability than fiber cement, particularly metal panels.

Contact Corinne Gangloff for an interview with the analyst Nick Cunningham.
Additional Construction & Building Products studies can be viewed here: https://www.freedoniagroup.com/industry-category/build/construction-building-products.htm

About The Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.

Press Contact:
Corinne Gangloff
+1 440.684.9600
cgangloff@freedoniagroup.com

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SOURCE The Freedonia Group