As the year comes to an end, industry experts are expecting demand for fiber cements products in the U.S. to grow by 5.8 % annually. This is expected to continue to 2019 and is valued at $2.2 billion. The trend is spurred by new housing being built and the popularity of fiber cement in the U.S.’ South and West regions.

The report was presented in Fiber Cement from a new study from the Freedonia Group, Inc., an industry market research firm.

In a press release, Construction Group leader Rom Bowne stated,

While new housing demand for fiber cement products will rise 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 value of their properties before going to market.

In nonresidential markets, it cement product demand is expected to grow by 5.4 % annual through 2019.

To learn more about the 2015 outlook for cement product demand, click here.