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Fiber Cement to 2019

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Date: 16-Dec-2015
No. of pages: 255
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US demand to rise 6% annually through 2019

US demand for fiber cement products is forecast to grow 5.8 percent annually through 2019 to 2.9 billion square feet, valued at $2.2 billion. Rebounding construction expenditures, specifically in new housing construction, will fortify demand. This growth in new housing construction will be by far the biggest driver of fiber cement product demand growth, as single-family housing starts advance rapidly and fiber cement siding -- the most popular application for fiber cement -- continues to gain market share nationally. Growth in fiber cement siding use in single-family housing will be supported by fiber cement’s high levels of market penetration in the South and West, the US regions that will experience the strongest levels of growth in population and housing starts going forward.

New housing to drive dominant residential market

The residential market makes up the majority of fiber cement demand. While new housing demand for fiber cement products will increase at the fastest pace through 2019, residential improvement and repair will continue to account for a larger portion of residential demand. Sales of existing housing will generate demand for fiber cement products as homeowners look to increase the values of their properties before going to market. For example, homeowners can engage in renovation activities like bathroom and kitchen remodeling, which will support demand for fiber cement backerboard. Even when properties are not changing hands, fiber cement products will make inroads in re-siding and exterior trim applications.

Nonresidential segment to gain market share

While exterior fiber cement products’ aesthetic properties make them well suited for residential markets, the material has seen increasing usage in the nonresidential market in recent years, particularly for fiber cement backerboard. Fiber cement product demand in the nonresidential market is forecast to grow 5.8 percent annually through 2019 to 710 million square feet. Gains will be driven primarily by rebounding nonresidential building construction demand. Additionally, fiber cement siding and exterior trim will benefit from a design trend in commercial buildings that favors a more authentic, exposed-wood exterior. Fiber cement product manufacturers have responded to this demand by developing new wood-like products aimed at commercial buildings.

Siding applications to offer best growth opportunities

Siding accounts for nearly 70 percent of fiber cement product demand. Fiber cement manufacturers have found a great deal of success in this application, managing to penetrate a highly competitive market and becoming a major material option for siding over the course of a couple of decades. Backerboard is the second largest application for fiber cement in the US, but it is projected to have only modest growth in market penetration through the forecast years.

Additional Information

This comprehensive study examines the US fiber cement industry by application, market, and region. Shipments of fiber cement are provided in area terms, and the raw materials used in the production of fiber cement are discussed in terms of weight. In addition to offering a market outlook in dollar terms, the study identifies and profiles industry participants, such as fiber cement producers and suppliers of production equipment and raw materials. The study also discusses key industry competitive variables and product development efforts.

Historical data are provided for 2004, 2009, and 2014 with forecasts for the years 2019 and 2024. “Demand” is defined as production plus imports, minus exports, and this is synonymous with terms such as “sales” and “apparent consumption.” Data are presented in millions of square feet and millions of US dollars, and in millions of pounds for the raw materials used in the production of fiber cement. Data in square feet are actually volumetric measurements; per the terms of this study, demand for fiber cement in area terms is assumed to comprise a board with a thickness of 5/16-inch. This thickness is used because it is the standard thickness of fiber cement siding, which accounts for the vast majority of fiber cement used in the US. Demand for products not sold in 5/16- inch thicknesses -- such as backerboard -- has been converted to a 5/16-inch thickness to ensure consistency across the study.

Fiber Cement to 2019

Table of Contents

Introduction VIII

I. Executive Summary 1

II. Market Environment 4
General 4
Macroeconomic Trends 5
Demographic Trends 9
Consumer Trends 13
Consumer Spending 14
Consumer Financing 17
Building Construction 20
Residential Buildings 23
Housing Completions 25
Housing Stock 30
Bathroom Trends 33
Improvements & Repairs 36
Nonresidential Buildings 37
New 38
Improvements & Repairs 40
Historical Market Trends 42
Environmental & Regulatory Considerations 45
Building Codes 45
Green Building Standards 47
Environmental Concerns 50
Sand 50
Portland Cement 51
Fly Ash 52
Worker Safety 53
Foreign Trade 53

III. Materials 57
General 57
Sand 59
Portland Cement 61
Cellulosic Materials 63
Other Materials 65
Paints 67

IV. Applications 70
General 70
Siding 74
Siding Outlook 75
Fiber Cement Siding Demand 78
Historical Overview 83
Characteristics 85
Competitive Materials 88
Backerboard 90
Backerboard Outlook 91
Fiber Cement Backerboard Demand 94
Demand by End Use 96
Demand by Market 98
Characteristics 100
Competitive Materials 101
Molding & Trim 103
Molding & Trim Outlook 103
Fiber Cement Molding & Trim Demand 106
Characteristics 110
Competitive Materials 111
Roofing & Other Applications 113
Fiber Cement Roofing & Other Applications Demand 113
Characteristics 115

V. Markets 118
General 118
Residential 121
New 123
Improvement & Repair 127
Demand by Housing Type 130
Single-Family 131
Multifamily 134
Manufactured Housing 137
Nonresidential 140
New 142
Improvement & Repair 145
Demand by Building Type 147
Office & Commercial 148
Institutional 150
Industrial & Other 151

VI. Regions 153
General 153
Regional Demographic & Economic Activity 154
Population Patterns 155
Economic Outlook 158
Construction Activity 161
Housing Trends 164
Regional Fiber Cement Demand 168
Northeast 171
New England 174
Middle Atlantic 175
Midwest 176
East North Central 180
West North Central 181
South 182
South Atlantic 186
East South Central 188
West South Central 189
West 191
Mountain 195
Pacific 197

VII. Industry Structure 199
General 199
Market Share 200
Competitive Strategies 203
Manufacturing 206
Research and Development 207
Marketing 209
Distribution 212
Big-Box Retailers 213
Specialty Suppliers 214
Direct Distribution 215
Acquisitions, Divestitures, & Cooperative Agreements 217
Company Profiles 219
ALLURA, see Elementia Building Materials Corporation of America 220
Canfor Corporation 221 Cementos Portland Valderrivas, see Fomento de Construcciones y Contratas Dow Chemical Company 223
Ecolab Incorporated 225
Elementia SA de CV 227
Fomento de Construcciones y Contratas SA 231
GAF, see Building Materials of America Giant Cement Holding, see Fomento de Construcciones y Contratas
Hardie (James) Industries plc 233
Imerys SA 236
Maxitile, see Elementia Mercer International Incorporated 238
Nalco, see Ecolab Nextwire LLC 239
Nichiha Corporation 240
Plycem, see Elementia PPG Industries Incorporated 243
Siempelkamp (G.) GmbH & Company KG 246
St. Marys Cement, see Votorantim Participacoes Standex Engraving LLC 247
Suwannee American Cement, see Votorantim Participações Trinity Industries Incorporated 248
US Silica Holdings Incorporated 249
Valspar Corporation 250
Votorantim Participações SA 252
Xerium Technologies Incorporated 254

List of Tables

Section I -- Executive Summary
Summary Table 3

Section II -- Market Environment
1 Macroeconomic Indicators 9
2 Population & Households 13
3 Personal Consumption Expenditures 17
4 Consumer Financing Environment, 2004-2014 20
5 Building Construction Expenditures 23
6 Residential Building Construction Expenditures 25
7 New Housing Indicators 29
8 Housing Stock by Type 32
9 Residential Improvement & Repair Expenditures 37
10 Nonresidential Building Construction Expenditures 40
11 Nonresidential Building Improvement & Repair Expenditures 42
12 Fiber Cement Products Market, 2004-2014 44
13 Fiber Cement Foreign Trade 56

Section III -- Materials
1 Materials Used in Fiber Cement 58
2 Sand Used in Fiber Cement 60
3 Portland Cement Used in Fiber Cement 62
4 Cellulosic Materials Used in Fiber Cement 64
5 Other Materials Used in Fiber Cement 67
6 Paints Used on Fiber Cement 69

Section IV -- Applications
1 Fiber Cement Demand by Application 73
2 Siding Demand 78
3 Fiber Cement Siding Demand 83
4 Backerboard Demand 93
5 Fiber Cement Backerboard Demand 96
6 Molding & Trim Demand 106
7 Fiber Cement Molding & Trim Demand 109
8 Fiber Cement Roofing & Other Applications Demand 115

Section V -- Markets
1 Fiber Cement Demand by Market 120
2 Residential Fiber Cement Demand by Market & Application 123
3 New Residential Fiber Cement Demand 126
4 Residential Improvement & Repair Fiber Cement Demand 130
5 Residential Fiber Cement Demand by Housing Type 131
6 Single Family Housing Fiber Cement Demand by Market & Application 134
7 Multifamily Housing Fiber Cement Demand by Market & Application 137
8 Manufactured Housing Fiber Cement Demand by Market & Application 140
9 Nonresidential Fiber Cement Demand by Market & Application 142
10 New Nonresidential Fiber Cement Demand 145
11 Nonresidential Improvement & Repair Fiber Cement Demand 147
12 Nonresidential Fiber Cement Demand by Building Type 148
13 Office & Commercial Fiber Cement Demand 150
14 Institutional Fiber Cement Demand 151
15 Industrial & Other Fiber Cement Demand 152

Section VI -- Regions
1 Population by Region 158
2 Gross Domestic Product by Region 161
3 Construction Expenditures by Region 164
4 Regional Housing Indicators 167
5 Fiber Cement Demand by Region 170
6 Northeast: Fiber Cement Demand by Subregion & Application 174
7 Midwest: Fiber Cement Demand by Subregion & Application 179
8 South: Fiber Cement Demand by Subregion & Application 186
9 West: Fiber Cement Demand by Subregion & Application 195

List of Charts

Section II -- Market Environment
1 Years of Construction of Housing Stock, 2014 32
2 Number of Bathrooms in New Housing Units, 2004-2014 35
3 Fiber Cement Products Demand, 2005-2014 45

Section III -- Materials
1 Materials Used in Fiber Cement, 2014 59

Section IV -- Applications
1 Fiber Cement Demand by Application, 2014 74

Section V -- Markets
1 Fiber Cement Demand by Market, 2014 121

Section VI -- Regions
1 Fiber Cement Demand by Region, 2014 170

Section VII -- Industry Structure
1 US Fiber Cement Market Share, 2014 200

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