New York (US), April 07, 2023 (GLOBE NEWSWIRE) -- Fiber Cement Board Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), Fiber Cement Board Market Information by Raw Material, Type, Application, and Region - Forecast till 2030", The market for fiber cement boards could garner a growth rate of 5.10%. By 2030, the market size will cross USD 19,273.80 million.
Market Synopsis
Fiber cement board is a multipurpose building material that may be used for internal walls, external cladding, fake ceilings, and several other applications. They are constructed of sand, cellulose fibers, and cement, are heat-resistant, and are ideal for use in building projects in a variety of climatic situations. It is frequently used in the building of residential and commercial structures due to its fire and impact resistance and is made up of boards, panels, and siding. They are furthermore utilized for decorative, divider, and outside wall cladding. While fiber cement decorative cladding is generally used for rain screen applications, fiber cement boards are frequently seen in hallways, tunnels, hotel lobbies, commercial centers, residential complexes, etc.
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Market Competitive Landscape:
The affluent companies in the fiber cement board industry are
- 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)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 19,273.80 million |
| CAGR | 5.10% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Raw Material, Type, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | High resilience and structural integrity Rapidly expanding construction industry |
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Over the projected period, the market is anticipated to develop at a healthy rate. The major competitors in the market engage in a variety of methods, such as the introduction of new products, joint ventures, business transactions, mergers, and acquisitions, to maintain and increase their market share.
Market USP Covered:
Market Drivers:
Once the COVID-19 restrictions were removed, the residential sector made good progress in its recovery. For the past two years, a rise in home sales, the beginning of new projects, and a rise in the demand for new offices and commercial space have been driving the market's recovery.
The primary driver accelerating the expansion of the market under study over the medium term is the expanding residential building taking place throughout the world. Additionally, a variety of benefits provided by fiber cement, such as its long service life, sustainability as an alternative to conventional cement, and high strength and paint compatibility, are driving construction material manufacturers to become more exact in including fiber cement products in the projects they have taken on.
In the near future, the worldwide market is projected to see profitable growth due to reasons such as the expanding use of fiber cement in India and Europe's low-end plywood segment and the increasing penetration of fiber cement in Europe's timber frame industry.
Given the numerous developments in the region's residential and commercial sectors, with a stronger emphasis on housing construction for the low-income population, which leads to bullish demand for fiber cement in external and internal residential applications, the Asia-Pacific will also be a hub for lucrative opportunities.
Market Restraints:
The primary reason for the limited expansion of the fiber cement board market is the accessibility of substitute items like wood, metals, and vinyl.
The environmental issues associated with the production of fiber cement boards are another significant barrier to the market for these products. The production technique is not seen to be environmentally friendly, and it somehow reduces demand. On the other hand, the pricey initial installation and ongoing maintenance expenses of fiber cement board can restrict market growth. The lack of qualified workers is another factor holding down market demand for these boards.
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COVID 19 Analysis
The pandemic COVID had a detrimental effect on the global market for fiber cement boards. The building sector suffered severe damage as a result of the lockout, which negatively impacted the demand for fiber cement. The construction boom in Europe reached its apex in 2017, and it is expected to last through 2022. Before to the COVID-19 outbreak, it was anticipated that the growth rate would be 1.1 percent in 2020 as opposed to 2.3 percent in 2019. With the COVID-19 epidemic and almost no economic activity, construction growth is probably going to be bad and have an immediate effect on the market under consideration.
The market under consideration in the short term is primarily driven by the rising demand for energy-efficient buildings. The possibility of substitutes, such vinyl and wood siding, might, however, restrain market expansion.
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Market Segmentation
By Raw Material
key raw materials used for the development of fiber cement boards include Portland Cement, Silica, Sand, and Cellulosic Materials.
By Fiber Cement Board Type
Various board types in the market include Low–Density Fiber Cement Board, Medium–Density Fiber Cement Board, High–Density Fiber Cement Board and more.
By application
top applications of fiber cement boards are Residential Buildings along with Non – Residential Buildings.
Regional Insights
The biggest market share belongs to the Asia Pacific. The fiber cement board market in the region expanding at a notable pace as a result of the expansion of several end-use industries in this area. The Asia Pacific market's growth is significantly influenced by the building and construction sector. With a contribution to GDP of about 11%, building, and construction is India's second-largest industry after agriculture. The stability of the fiber cement board market in the Asia Pacific region is attributed to a healthy distribution of residential and commercial construction projects.
The factors that collectively affect the growth of the Asia Pacific economies are increased urbanization, investments from the public and private sectors, and consumer spending. These factors are also likely to lead to infrastructure developments in the region, which will support the related markets.
A significant initiative by the Indian government is the smart cities mission, which aims to rapidly urbanize the nation by building more than 100 smart cities across the nation. Infrastructure for industry and commerce has become one of the fastest-growing industries in the nation. To speed up development throughout the country, the Indian government has been developing efforts including relaxing regulations to entice FDI input into the construction sector.
Thailand is one of the busiest tourist destinations and has seen significant investment in the development of shopping centers, five-star hotels, and other facilities.
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