Fiber Cement Market is projected to be worth USD 24.87 Billion by 2030, registering a CAGR of 5.59% during the forecast period (2022 - 2030)
The global fiber cement market was valued at USD 14,977.31 million in 2020 and is projected to reach USD 24.87 Billion by 2030 at a CAGR of 5.59%. In terms of volume, the global market was sized at 29,274.4 kilotons in 2020 and is expected to register a CAGR of 4.05% to be sized at 38,945.5 kilotons by the end of the review period.
Fiber cement is also known as reinforced fiber cement. It is a composite building and construction material offering superior physical properties like a high level of toughness & durability. Majorly, its application is in façade and roofing products.
Fiber cement products include boards, panels, and siding and 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.
COVID-19 Impact on the Fiber Cement Market:
The outbreak of COVID-19 has had a negative impact on the production of Fiber cement due to the disruption in the supply chain across the globe. In response, to protect workers from the spread of the new coronavirus, the companies in the market have restricted travel and face-to-face meetings for the employees. According to the United Nations, the global economy is projected to contract by around 3% or more instead of registering 2.5% growth projected by the World Economic Situation and Prospects report 2020.
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 fiber cement 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.
By End Use
Based on region, the global Fiber Cement market report has been divided into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific occupies the largest part of the fiber cement market up to 42% and consists of countries, such as China, India, Japan, South Korea, Australia, and rest of Asia-Pacific. Major parts of the Asia-Pacific region witness rise in construction of buildings. Growing population and increase in disposable income of people in the emerging countries have fueled the sales of real estate in the past few years.
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, and South 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.
The cladding segment held the largest share in the Latin America fiber cement industry in 2021 and is growing at a CAGR of 5.59% during 2022-2030. Internal and external fiber cement cladding is used in the constructions of residential, and commercial. It can withstand multiple environmental conditions such as salty air, due to this advantage the lifespan of exterior walls increases.
The Middle East and Africa fiber cement board market is analyzed on the basis of type and end user. Based on type, the market is segmented into low-density fiberboard, medium-density fiberboard, and high-density fiberboard. Based on end user, the Middle East and Africa fiber cement board market is segmented into residential and non-residential. The non-residential segment is expected to be the fastest-growing end user segment in the market during the forecasted period.
The competitive landscape offers an analysis of the key developments by the companies operating in the global fiber cement market in the last three years. The global market for synthetic fibers is projected to witness healthy growth during the forecast period, owing to the high demand from end-use applications such as Siding, Roofing, Flooring, Molding and Trim, Inner Lining, Fire and Acostic Walls, Partition Walls, and other application.
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).
Some of the key developments include:
The Fiber Cementmarket is segmented by Product, application, End Use and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global Fiber Cement emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2028: 24.87 Billion|
|CAGR||5.59% CAGR (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application, End Use and Region|
|Geographies Covered||North America ,Europe, Asia-Pacific, Latin America, 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. (Japan), American Fiber Cement Corporation (US), Nichiha (US), GAF (US), and Shandong Lutai Building Material Science and Technology Group Co., ltd (China).|
|Key Market Opportunities||Growing demand for energy-efficient buildings|
|Key Market Drivers||• Increasing investments in residential construction • Rapid infrastructural development across the globe|
The global Fiber Cement Market would register a growth of 5.59%.
Fiber cement is a composite building material and its applications include, cladding, inner lining, flooring, and partition wall.
Yes, Asia-Pacific country would set the trend in the Fiber Cement market