ID: MRFR/CO/6789-HCR | 111 Pages | Published By Sakshi Gupta on March 2023
Fiber Cement Board market is estimated to witness a 5.10% CAGR during the historic forecast period that ended in 2030 With market size is expected to cross USD 19,273.80 million by 2030
$19,273.80 million
5.10%
Asia-Pacific
2021-2030
The Fiber Cement Board market is estimated to witness a 5.10% CAGR during the historic forecast period that ended in 2030. The global fiber cement board market size is expected to cross USD 19,273.80 million by 2030.The Fiber cement board utilization has expanded in key end-use industries, such as residential, commercial, and others. Because of its qualities such as durability, water resistance, and waterproof nature, the market is seeing substantial expansion due to its application as siding within the house, such as in bathrooms and kitchens.
The Global market for fiber cement boards was negatively impacted by the pandemic COVID. Due to the lockdown, the building industry was badly damaged, which had a detrimental influence on fiber cement demand. Europe's building boom peaked in 2017, and it is predicted to continue through 2022. Before the COVID-19 outbreak, the growth rate was predicted to be 1.1 percent in 2020, compared to 2.3 percent in 2019. With the COVID-19 outbreak and near-zero economic activity, construction growth is likely to be negative and have a short-term impact on the market analyzed.
However, the increasing demand for energy-efficient buildings is the key driving the market examined in the short term. However, the threat of replacements such as vinyl and wood siding is expected to stifle the market's growth.
The Global Market for fiber cement boards is estimated to grow at 7.4% CAGR by the end of the global forecast period in 2028. The emergence of the key market players is important to help the market in rising gradually and witness substantial growth.
The presence of key industry players such as James Hardie is increasingly helping the market by providing fiber cement boards in various building, construction, and infrastructure projects.
Fiber cement siding is a product that affixes to the exterior of a house or other structures, and it can help maintain the house sustainable to some of the hardest elements of the local environment due to its properties, such as wear and tear resistance to concrete. It’s this quality that is driving its growth and demand in the market. Its high resilience and structural integrity also lead to its demand. The rapidly expanding construction industry is one of the major reasons for its huge demand and increase in the market. Its excellent applicability in moisture-rich environments is also a big reason for the demand for the same.
Fiber cement's primary end-user industry is the residential sector. The growing middle-class population, combined with increased disposable incomes, has aided the growth of the middle-class housing market. As a result, during the projection period, there is likely to be an increase in the use of fiber cement within the segment. Over the forecast period, favorable government policies and increased awareness about environmental degradation are expected to accelerate market expansion.
One of the major restraints to the fiber cement board market is the environmental concerns related to the manufacturing of fiber cement boards. The manufacturing process is not considered well for the environment and it somehow hampers the demand. Fiber cement board's costly initial installation and continuous maintenance costs, on the other hand, may limit market expansion. Another major impediment to growth is the scarcity of skilled staff needed to install these boards.
Fiber cement board, on the other hand, has a limited application due to its narrowness. Making fiber cement boards thick is tough since it enhances their brittleness.
The siding had the biggest market share in the application sector in 2019. The increased demand for siding is attributed to the benefits of fiber cement boards, which are resistant to termites, impact, do not rot, and have fire-resistant features. In terms of revenue generation, Europe had the highest share, followed by North America and Asia-Pacific. The European region's strong growth can be due to rising demand from building and residential applications, as well as the abundant supply of raw materials.
The Global Market for Fiber Cement Board has been bifurcated into various segments that will help the market to achieve the highest CAGR during the forecast period. The market has been segmented based on the following:
The global market for fiber cement boards has witnessed significant growth in the market due to the rising population and increasing demand from construction activities and residential applications, as well as the easy availability of raw materials. The demand for fiber cement boards in Europe, which is currently the largest regional market, is significant, particularly in the construction of residential buildings. Fiber cement board's strong weather resistance and thermal insulation capabilities are propelling the regional market forward. Asia-Pacific is the world's largest market for fiber cement boards and the world's largest cement producer. Due to the simple availability and low cost of raw materials, these aspects help to assure the expansion of the regional market for fiber cement boards. The construction industry in North America is one of the world's largest and most modern. Due to local manufacturing, government assistance, and the presence of a qualified labor force for installation, fiber cement boards are in great demand. These factors contribute to the market's expansion in the region. Due to an increase in the construction of structures and industries that use fiber cement boards, rapid urbanization in Africa and industrialization in the Middle East are driving the growth of the market in the area. South America, a minor market, is witnessing a construction boom, which is projected to propel the fiber cement board market forward.
The global report for the Fiber Cement Board market has been prepared after conducting a relevant and in-depth examination of the worldwide market to help in understanding the efforts and study the increase the number of commercial and residential buildings and study utilization of Fiber cement boards that help promote environment-friendly and sustainable construction products. The global market report helps to understand the use of buildings with fiber-cement siding that have a more appealing appearance. The global market report concludes that the fiber-cement siding is a cost-effective solution and further, is ideal for areas that experience extreme weather. The report helps in outlining the significant events that occurred in the market during the forecast period that will be ending in 2028.
Report Attribute/Metric | Details |
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Market Size | USD 19,273.80 million |
CAGR | 5.10% 2030 |
Base Year | 2021 |
Forecast Period | 2021-2030 |
Historical Data | 2019Â &Â 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Raw Material, Type, Application |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | James Hardie Europe GmbH (Australia), Etex (Belgium), Cembrit Holding A/S (Denmark), SHERA (Thailand), Soben International (Asia Pacific) Ltd (Hong Kong), SCG (Thailand), Biele Group (Spain), LATONIT (Russia), NICHIHA (Japan), Everest Industries (India), Toray Industries Inc. (Japan) |
Key Market Opportunities | Increase in the construction of buildings and industries that utilize fiber cement boards |
Key Market Drivers |
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The market is expected to grow at a CAGR of 5.10% by the end of the forecast period in 2030.
Fiber cement board market is predicted to touch USD 19,273.80 million by 2030.
North America is expected to dominate the fiber cement board market.
The residential application will lead the fiber cement board market.
Easy installation and excellent characteristics are the key factors driving the fiber cement board market.