The total size of the fiber cement market was USD 17,500.0 million in 2021, and it will grow at a CAGR of 5.3% in the years to come, to reach USD 27,743.8 million by 2030, as stated by P&S Intelligence.
Fiber cement is mainly put to use in a siding application, which produced the largest revenue share in the past, in excess of 40%. People are preferring fiber cement siding over other materials, as a result of its advantages, for example it endures high winds associated to vinyl siding and is lighter and cost-effective compared to stone siding.
At present, brick veneer siding characteristically ranges between USD7 and USD 12 per square foot whereas fiber cement siding cost ranges from USD 5 to USD 7 per square foot.
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Furthermore, factors such as increasing income, growing construction industry chiefly in India and China, cumulative foreign investments, and growing knowledge pertaining to the depraved consequences of asbestos usage, will drive the requirement for fiber cement.
It is because of the rapid increase in the use of fiber cement for external and internal residential applications, the demand for fiber cement will increase substantially in the future.
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