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Fiber Cement Market Research Report—Global Forecast till 2030

Fiber Cement Market: Information by Product (Boards, Panels, and Others), Application(Siding, Flooring, Inner Lining, Fire And Acoustic Walls, Partition Wall, Roofing, Molding & Trim, and Others), End Use (Residential and Non-Residential), and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2030

ID: MRFR/CnM/0372-CR | July 2021 | Region: Global | 180 pages

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Fiber Cement Market Overview

Fiber Cement Market is projected to be worth USD 24.87 Billion by 2028, registering a CAGR of 5.59% during the forecast period (2021 - 2028), The market was valued at USD USD 16.4 billion in 2020.


Fiber cement, also called reinforced fiber cement, is a composite building material used in construction. It mainly consists of Portland cement, fine silica (sand), cellulosic material, and other additives. Fiber cement is a low-cost composite material and provides resistance to fungi, mold, and bacteria, thereby increasing its durability. Furthermore, the material is inert and can directly be dumped in landfills without harming the environment. Fiber cement products include boards, panels, and siding which are widely used in the construction of residential and commercial buildings due to their fire and impact-resistant properties. Fiber cement panels are used for exterior wall cladding, partition walls, ceilings, and decorative applications.


The global fiber cement market is primarily driven by its widespread use in the construction industry. It is widely used in rooftop extensions, storage rooms, sentry posts, cottages, farmhouses, site offices, etc., in residential construction. Its commercial applications includeits use in offices, labor quarters, transit camps, rehabilitation centers, schools, and healthcare centers. Fiber cement offers a longlife span, versatility and aesthetics, heat and fire resistance, weather resistance, warping and rotting resistance, high strength, and low maintenance cost.


Increasing global population, high disposable income, and rapid adoption of the nuclear family or conjugal family system are a few of the factors resulting in the high growth of the residential construction industry. According to a report launched by the United Nations in 2019, the world's population is expected to increase by 2 billion persons in the next 30 years, from 7.7 billion currently to 9.7 billion in 2050. The rise in residential construction in the emerging countries in line with the improving economic conditions is a key factor driving the demand for fiber cement. For instance, the imposition of the Pradhan Mantri Awas Yojana (PMAY) in India aiming to provide affordable housing to all urban poor by 2022 through initiatives like financial support is driving the growth of the construction sector. Moreover, the Ministry of Housing and Urban Affairs invested USD 3,854.8 million for housing development along with USD 3.5 billion funds to support the completion of stalled housing projects.


Another key driver for the global fiber cement market is global infrastructural development. With the mega-events such as Expo 2020 and FIFA World Cup 2022, the UAE and Qatar are expected to increase the number of construction and renovation activities, thereby fueling the demand for fiber cement in the region. Dubai has allocated USD 7 billion for infrastructure development and construction for the World Expo 2020, while Qatar is spending on the country's economic transformation program, National Vision 2030. Under the National Vision 2030, the government plans to invest approximately USD 16.4 billion in infrastructure and real estate projects over the next four years.


However, the availability of alternatives to fiber cement siding and high installation costs are key restraints negatively impacting the market growth.


COVID-19 Impact Analysis


As per the UN, the global economy is estimated to contract by approximately 3% or more instead of registering a 2.5% growth projected by the World Economic Situation and Prospects report 2020. Many monetary and fiscal policies are imposed by governments worldwide to mitigate the impact of COVID-19, causing relief to the consumers.


The companies are working aggressively towards safeguarding the health and wellbeing of their employees while also supporting government goals of maintaining critical business activities in healthcare, power generation, and food production sector. Additionally, the transition by major players to support the need for medical products is a key factor impacting the market growth.


Manufacturers in this market have reduced their production capacities due to the decline in demand from the end-use industries, disruptions in the supply of raw materials, and reduced prices. Moreover, players focus on COVID relief and are taking actions for the same. For instance, in March 2021, Toray Industries, Inc. announced that its tests on samples of MAKSPEC® V confirmed the effectiveness of that antiviral textile in reducing concentrations of severe acute respiratory syndrome coronavirus 2(SARS-CoV-2).


Supply Chain Analysis


The supply chain analysis evaluates every stage and step taken by stake holders involved throughout the production and distribution of fiber cement. The supply chain includes raw materials suppliers, fiber cement producers, distribution channels, and end-use industries.


The key raw materials used in fiber cement production include cement, sand, water, and fiber. The distribution channel in this market comprises wholesalers,distributors, and e-commerce merchants.


Segmentation


The global fiber cement market has been segmented on the basis of product, application, end use, and region.


By product, the fiber cement market has been segmented into segmented into boards, panels, and others. The boards segment accounted for the largest market share in 2020 and is estimated to register a CAGR of 5.08% during the review period.


Global Fiber cement Market Revenue, by Application, 2020 (USD Million)
Global Fiber Cement Market Revenue, by Application 2020

Sources: MRFR Analysis


Based on the application, the fiber cement market has been categorized into siding, flooring, inner lining, fire and acoustic walls, partition wall, roofing, molding & trim, and others. The siding segment is expected to reach a value of USD 4,722.3 million by the end of 2028.


On the basis of end use, the market is bifurcated into residential and non-residential. The residential segment dominated the global fiber cement market in 2020, registering a CAGR of 4.57% during the forecast period.


Global Fiber Cement Market Share, by Region, 2020 (%)
Global Fiber Cement Market Share, by Region, 2020
Sources: MRFR Analysis


Regional Analysis


The global fiber cement market has been studied across Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific accounted for more than 40% of the global market in 2020. The increasing investment in public and private construction sector in countries, such as India, Thailand, andSouth Korea is likely to drive the demand for fiber cement in the regional market.


The market growth in Europe can be attributed to the affordable housing crisis in Germany and the UK. The countries in the region are taking necessary measures such as repurposing vacant properties, construction productivity, proper land use, and designing.


According to the US Census Bureau and the US Department of Housing and Urban Development, in the US, new privately-owned housing units in permit-issuing places were 1,386 in 2019, and it increased to 1,456 in 2020. This market growth can be attributed to increased residential construction with the growing need for single-family dwellings.


Key Players


Key players operating in the global fiber cement market include James Hardie Industries PLC (Ireland), Allura (US), Cembrit Holding A/S (Denmark), CSR Limited (Australia), Etex Group NV (Belgium), Toray Industries Inc. (US), American Fiber Cement Corporation (US), Nichiha (Japan), GAF (US), and Shandong Lutai Building Material Science, and Technology Group Co., Ltd (China).


James Hardie Industries PLC, Cembrit Holding A/S, CSR Limited, Etex Group NV, and Toray Industries Inc. are the prominent players operating in the global fiber cement market. These players account for a major share of the global market owing to their industry experience, wide product portfolio, global revenue base, and distribution network worldwide.


The vendors in this market compete on the basis of cost, product quality, and brand identity. The players focus on offering cost-effective, environment-friendly, and high-quality products that adhere to the international quality standards of the industry as well as meet the environmental norms to compete in the market. To maintain and strengthen their position, the key players are adopting various strategies such as geographic expansions, acquisitions and mergers, partnerships with key stakeholders, and product developments.


Market Segmentation


Global Fiber Cement Market, by Product



  • Boards

  • Panels

  • Others


Global Fiber Cement Market, by Application



  • Siding

  • Roofing

  • Flooring

  • Molding & Trim

  • Inner Lining

  • Fire and Acoustic Walls

  • Partition Wall

  • Others


Global Fiber Cement Market, by End Use



  • Residential

  • Non-residential


    • Commercial

    • Industrial

    • Others



Global Fiber Cement Market, by Region



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Russia

    • Spain

    • Poland

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Thailand

    • Rest of Asia-Pacific



  • Latin America

    • Mexico

    • Brazil

    • Argentina

    • Rest of Latin America



  • Middle East & Africa

    • GCC Countries

    • Israel

    • Rest of the Middle East & Africa




Available Additional Customizations

  • Customer Analysis of Major Consumers

  • Additional Company Profiles

  • Trade Data (Imports and Exports)


Recent Development

October 2021:
Nama Chemicals Company, a global pioneer in the production of epichlorohydrin, announced the safe completion of scheduled periodic maintenance work on the Hassad project's plants (Subsidiary Plant) and the commencement of plant operation and production on Wednesday, October 20, 2021. Throughout this scheduled maintenance period, work has been completed to replace chemical catalysts as well as check, repair, and maintain various units of the connected units. Additionally, work has been completed to incorporate the chilled water system associated with the utility unit. The industrial complex as a whole will cease operation on 25 October 2021.

February 24, 2020
- James Hardie Industries plc. (Ireland), a leading global building materials company, announced the expansion of its Frederickson facility to increase the production capacity to keep pace with continued growth in the market demand. In 2018, the manufacturer of fiber-cement siding & trim products had topped the Economic Development Board of Tacoma-Pierce County’s list of fastest-growing companies.


Intended Audience



  • Fiber cementmanufacturers

  • Suppliers and traders of fiber cement and related products

  • Government, associations, and industrial associations

  • Investors and trade experts

  • Consulting in chemical experts



Report Scope:
Report Attribute/Metric Details
  Market Size

  • USD 24.87 Billion 2028
  • 2030: Significant Value
  •   CAGR   5.59% (2022 - 2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units    Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Material, product, application, end user, and region
      Geographies Covered   Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa
      Key Vendors   James Hardie Industries PLC (Ireland), Allura (US), Cembrit Holding A/S (Denmark), CSR Limited (Australia), Etex Group NV (Belgium), Toray Industries Inc. (US), American Fiber Cement Corporation (US), Nichiha (Japan), GAF (US), and Shandong Lutai Building Material Science, and Technology Group Co., Ltd (China).
      Key Market Opportunities   Increasing global population, high disposable income, and rapid adoption of the nuclear family or conjugal family system are a few of the factors
      Key Market Drivers   The global fiber cement market is primarily driven by its widespread use in the construction industry.


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    Frequently Asked Questions (FAQ) :

    Fiber cement is a composite building material and its applications include, cladding, inner lining, flooring, and partition wall.

    The Asia Pacific region had led the Fiber Cement Market in 2017 and was further estimated to dominate the global market in the review period. The major reason for increasing demand is increasing residential construction and rising rapid urbanization in this region.