Dallas, Texas (PRWEB) January 31, 2014
US demand to rise 8% annually through 2017
Fiber cement products have seen sharp increases in use since their introduction to the US in the early 1990s. Siding made from fiber cement took market share from wood siding because it offers home-owners a similar aesthetic appearance, but requires much less maintenance and is more resistant to damage caused by exposure to the elements and insect attack. Over the last two decades, fiber cement products have continued to see increasing use in building construction applications as construction professionals became more familiar with the material.
US demand for fiber cement products is forecast to rise 8.0 percent annually to 2.8 billion square feet in 2017, valued at $ 2.7 billion. Advances will be spurred by a rebound in residential building construction spending, particularly in the new housing segment. Growth will be further spurred by increasing use of fiber cement products because of their favorable aesthetic and performance properties.
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New housing to be fastest growing market
The new housing market will register the most rapid growth in fiber cement demand through 2017, advancing nearly 16 percent annually as housing starts rise from their low 2012 base. Home builders will be more likely to specify siding and exterior trim made from fiber cement because it can be made to look like brick and stone. Other builders may select fiber cement siding because it is seen as more attractive than vinyl.
Residential improvement and repair uses accounted for the largest share of fiber cement products demand in 2012. Consumer interest in bathroom renovation projects supported demand for fiber cement backerboard installed beneath decorative tile flooring and bathtub and shower surrounds. Going forward, demand will be aided by a favorable lending environment that will make it easier for homeowners to take out home equity loans to fund improvement projects such as siding replacement and tile floors.
Nonresidential demand for fiber cement is forecast to rise steadily through 2017, spurred by rebounding nonresidential building construction. Fiber cement products will increasingly be specified by architects and contractors because they can be made to resemble more expensive materials, such as brick and natural stone.
Siding applications to offer best growth opportunities
Siding accounted for the largest share of fiber cement products demand in 2012 with two-thirds of the market. Fiber cement siding has seen an increase in its share of US siding demand over the past decade as builders and homeowners became more familiar with the performance and aesthetic advantages of the material. Siding made from fiber cement has largely supplanted wood siding, because fiber cement is nearly impervious to degradation and requires less maintenance than wood. Through 2017, fiber cement siding demand will grow rapidly, fueled by rebounding housing starts. Fiber cement is less expensive than brick, which will give rise to opportunities in the South, where brick is currently the most popular siding material. Fiber cement is also seen as a more attractive alternative to vinyl siding, which will promote the adaptation of the material in the Midwest and Northeast.
Profiles for key US industry players such as CertainTeed, GAF Materials,James Hardie, Maxtile and Nichiha
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