In 2021, the fiber cement siding market was valued at $3.96 billion and it's projected to reach $6.23 billion by 2028—more than 50% growth—according to the latest Fiber Cement Siding Market Forecast to 2028 report. The report was released in early 2022 by The Insight Partners (TIP), an industry research provider specializing in syndicated and consulting research services for various industries, including manufacturing and construction.
What are the most important stats and takeaways for siding and exteriors pros?
The residential sector accounted for 44% of total global construction in 2020, according to the report—making it the largest subsector and a key driver for the global fiber cement siding market. The growing residential and commercial construction activities and the low cost of fiber cement siding are among the major factors creating a positive influence on the market growth; in 2021, in fact, fiber cement siding was among the most common exterior materials for new homes, according to the Census Bureau's Survey of Construction.
However, numerous health problems associated with the installation of fiber cement siding as well as the durability and resilience of this building material are a few market restraining factors. Nevertheless, the plentiful benefits of fiber cement siding and rising demand for energy-efficient buildings around the world are among the factors creating market growth.
Keep an eye out for other relevant upcoming reports from TIP, including the Green Building Materials Market Forecast to 2028.