Residential building sector is forecast to be the fastest growing application for fiber cement market
The new housing market is all set to experience rapid growth in fiber cement demand in the near
future. The demand for planks is on a surge under this application as, builders will prefer siding and
roofing done from fiber cement over the traditional wooden planks as it offers a similar appearance,
but would require little maintenance when compared to its counterpart wood. Also the resistances
from external environment or insect attacks, which fiber cement products provide are far superior
than wood.
Residential improvement and repairs are forecast to account for the largest share of fiber cement
products in the coming future. Consumer interest in bathroom renovation projects supported
demand for fiber cement backer board installed beneath decorative tile flooring and bathtub and
shower surrounds.
North America leads the global fiber cement market followed by Asia Pacific
The demand for fiber cement is growing at a steady pace across the globe, with a few regions
growing much faster than others. The North American market is the largest and the fastest growing
market followed by Asia Pacific (APAC). The US is a major market in the North American region
growing at 8.0 % annually; it is forecast to reach $2.7 billion by 2017.
Growth in APAC is attributed to the increase in residential construction. With the increase in
population and a higher per capita income, the growth of fiber cement products is on an upsurge.
On the contrary, the growth in Europe and rest of the world is seen to be steady.