In the first part of this two-part blog post, we discussed the growing demand for siding in general terms by using data from a 2016 forecast by the Freedonia® group. Today, we will talk about fiber cement siding and why it’s gaining traction in the siding market. Twin Cities Siding Professionals explains more:
Freedonia® Fiber Cement Siding Report Findings
As stated by a recent report from Freedonia, demand for fiber cement siding is projected to grow 3.3% per year to 2.1 billion square feet in 2022. The market value for fiber cement siding is also expected to reach $1.6 billion because of increases in average prices and a shift in product mix to higher-value products. According to a research firm, fiber cement siding will continue to improve its market share at the expense of vinyl siding because of its advantages in performance and aesthetics.
ReportLinker Fiber Cement Product Report Findings
ReportLinker offers another report with similar findings. The U.S. demand for fiber cement products is forecast to grow 6% annually to 2019 to 2.9 billion square feet, and the product will be valued at $2.2 billion. Demand for fiber cement products will be increased because of new housing construction. Fiber cement siding is the most popular application for fiber cement, and it will be extensively used in newly constructed housing.
The majority of fiber cement demand comes from the residential market, with new housing demand playing an important part. However, residential improvement and repair will still account for a larger portion of the demand. Fiber-cement products have also seen increased usage in the non-residential market because of a design trend in commercial buildings that favors a more authentic, exposed-wood interior.
More and more homeowners are choosing fiber cement siding because of its durability, attractiveness, longevity and reliability. As a James Hardie® Elite Preferred Remodeler, we are proud to install some of the best fiber cement siding products on the market. James Hardie siding is built to last and is designed to excel in our local climate. Call us at (651) 967-0873 to learn more about our services and products, or to schedule a free in-home consultation. We serve Minneapolis and nearby areas in Minnesota.