Demand for fiber cement siding is projected to grow 3.3% per year to 2.1 billion square feet in 2022, according to a new report by Cleveland-based research firm Freedonia.

The market value of the product is expected to reach $1.6 billion, aided by increases in average prices and a shift in product mix to higher-value products.

Freedonia says fiber cement siding will continue to improve its market share at the expense of vinyl siding due to its aesthetic and performance advantages.

The full report, Fiber Cement in the US, 3rd Edition, is available for $5,300 from the Freedonia Group.