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.