Shingle type siding

I have looked at a house with siding that seem to look like shingles but is actually panels that are 43 and 1/4 inch long by 14 inches wide and about 1/2 inch thick. It seem to be tongue and groove. The finish on it has granules like shingle but was done in a specific pattern with different colors. Where it has deteriorated it turns into a dark brown powder like substance if you break it down. Does anyone know what the product consist of. Is there a possibility that there could be asbestos in the product? I have attached 4 pictures.

YES! “Possible ACM”.

search insulbrick siding
numerous colors/styles were produced by different mfr from the 1930s-60s
it was the cheap siding of choice to cover aged/damaged wood siding long before aluminum & vinyl ever made the scene

if you know what celotex was
image it stamped with a brick pattern, coated in asphalt & colored granules added for the cherry on top