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Market Insight
The Fiber Cement Market is projected to grow from USD 16.7904 Billion in 2023 to USD 25.96404709 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 – 2032) We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Primary Boosters and Challenges
With the halt in operations at manufacturing units in the fiber cement market along with the stoppage of the construction sites following the lockdown, the demand rates have gone down significantly since the COVID-19 outbreak. The onset of the SARS-CoV-2 pandemic has been brutal on the housing segment, as the global economy has dipped and discretionary spending has taken a hit. The novel coronavirus is a significant emergency of a great magnitude and its after-effects have put huge financial stress on the government, puncturing the spending capacity of construction vendors, which forms close to one-fourth of the overall demand for fiber cement.
However, despite the COVID-19 impact, the fast rising preference for eco-friendly and sustainable construction items like fiber cement has done a lot of good to the global market in recent years. The fiber cement market greatly benefits from the escalating industrialization and urbanization rates in emerging countries along with the accelerated growth of the construction industry. The high efficacy of fiber cement and the ban on asbestos cement works in the market’s favor. Additionally, increasing spending on the infrastructure sector presents huge opportunities to prominent firms in the fiber cement market.
However, challenges exist within the fiber cement market. Health and safety concerns related to silica dust, which is generated during the cutting and installation of fiber cement products, have prompted stricter regulations and guidelines in some regions. Ensuring proper safety measures and worker protection is essential to address these concerns effectively.
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Segmental Analysis
The fiber cement industry has been considered for material, product, application and end user.
Key materials mentioned in the report include Portland cement, sand, cellulosic material, and others.
Siding, panels, boards, and others are some of the primary products considered in the report.
Applications covered in the market study are flooring, cladding, fire and acoustic walls, molding trim, inner lining, ceilings, partition walls, and others.
Residential as well as non-residential are considered to be the top end users in the fiber cement market.
Regional Study
The regional study of the fiber cement market covers North America, Asia Pacific/APAC, Latin America, MEA/Middle East Africa as well as Europe.
The APAC market has remained at the top and can continue to be in the lead throughout the review period. The major factors backing the region’s lead in the market can be the rapid increasing urbanization rate and surge in residential construction. Some of the top revenue generating markets in the region includes India, China, Indonesia, Australia and Japan. The Indian government recently started a project called Housing for All by 2022, which has the potential to accelerate the affordable residential construction segment in the coming years, ultimately giving a considerable boost to the fiber cement market in the country.
North America and MEA are also some of the strongest contenders, given the rising number of residential construction projects in Canada and the United States. Likewise, large-scale spending on construction of commercial and residential buildings has induced significant growth in the UAE fiber cement market.
Leading Industry Players
Some of the leading industry players outlined in the report include CSR Limited (Australia), Allura (US), Etex Group NV (Belgium), Toray Industries Inc. (Japan), Alpha Roofing Industries LLC (US), American Fiber Cement Corporation (US), GAF (US), James Hardie Industries PLC (Ireland), Shandong Cement (China), Cembrit Holding A/S (Denmark), Nichiha (Japan), and more.
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