CLEVELAND, Feb. 11, 2019 /PRNewswire/ -- Demand for fiber cement siding is forecast to increase 3.6% annually to 664 million square meters in 2022. Gains will be supported by the product's lower cost relative to brick, stone, and wood, which it can mimic in appearance, and its durability and low maintenance. The largest market gains will be posted in China and the US. These and other trends are presented in Global Siding (Cladding), a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/global-siding-cladding-3691.htm
Fiber cement demand will also be affected by recent asbestos regulations, as the use of asbestos in fiber cement is still ongoing, especially in developing countries. The World Health Organization is working toward a worldwide asbestos ban, which – if successful – will boost demand for asbestos-free fiber cement siding. Brazil enacted a nationwide ban on asbestos in 2017. However, the effect of this ban is expected to limited due to existing asbestos bans at the state level. Faster growth will be restricted by rising income levels in many parts of the world, which will increase demand for competing, high-end siding products – such as natural stone – that offer superior aesthetics.
Global demand for all types of siding is forecast to rise 2.8% annually through 2022 to 6.7 billion square meters valued at $78.6 billion. Going forward, demand for siding products will be driven by:
- growth in nonresidential building construction, especially in China
- an acceleration in the global rate of growth in new housing construction
- an increase in the share of new homes that use siding, especially in the developing countries of the Asia/Pacific and Africa/Mideast regions
- rising personal incomes, which allow for greater spending on renovation projects such as siding replacement
Global Siding (Cladding) (published 01/2019, 347 pages) is available for $6500 from The Freedonia Group. Please link citations to https://www.freedoniagroup.com/World-Siding-cladding.html
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group 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. Additional Construction & Builidng Products can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group