U.S. demand for fiber cement products is expected to grow 5.8% annually through 2019 to reach an amount valued at $2.2 billion, according to The Freedonia Group's new study, Fiber Cement. This demand will be driven by accelerating construction expenditures, namely new housing.
The highest demand for fiber cement products is still seen in the residential market. Siding is the largest application for fiber cement, accounting for over 70% of product demand. The South and West are the U.S. regions projected to benefit most due to growth in population and housing starts moving forward.
"While new housing demand for fiber cement products will rise at the fastest pace through 2019, residential improvement and repair will continue to account for a larger portion of residential demand," said Construction Group Team Leader Tom Bowne.
The demand for fiber cement products in the nonresidential market will also grow thanks to rebounding in nonresidential construction demand. Growth in this market is projected at 5.4% annually to 670 million square feet through 2019. Cement backerboards is the product that has led the increase in nonresidential fiber cement use in recent years.
Fiber Cement (255 pages, published December 2015) is available for $5,300 from The Freedonia Group, Inc.