MarketsandMarkets projects that the market for fiber cement will grow at USD 17.38 billion by 2021, at a CAGR of 4.80%. The market for fiber cement is segmented on the basis of material into Portland cement, sand, cellulosic fibers, and others. Portland cement dominated the market. However, the market for cellulosic fibers is projected to grow at the highest rate. With the emergence of new technologies, manufacturers are looking for advanced techniques to make fiber cement more effective.

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The siding segment is estimated to account for the largest share in the fiber cement market, on the basis of application and this trend is projected to continue during the forecast period. Fiber cement siding improves the aesthetic appeal of the buildings, making them look more expensive. Other applications such as molding & trim and roofing are projected to show potential growth. In fact, fiber cement roofing is projected to be the fastest growing application during the forecast period. Growing construction industry and strict regulations against the use of asbestos cement are important factors driving the market for fiber cement.

On the basis of end use, the residential segment held the largest share, in 2015 and is projected to grow at the highest rate during the forecast period. This is primarily due to favorable and lenient lending policies initiated by governments across all regions. Also, the residential construction spending is estimated to go up, particularly in the emerging Asia-Pacific and Latin American regions. Fiber cement products’ aesthetic appeal, along with properties such as durability and low maintenance, has also driven the residential sector.

Among regions, Asia-Pacific is projected to grow at the highest rate during the forecast period. Growing economy and rapid growth in the infrastructure sector in the Asia-Pacific region have significantly impacted the growth of fiber cement. The North American region, which is seeing a rebound in its residential construction sector, is projected to be the second-largest market.

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