Dublin, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The "Fiber Cement Market Forecast to 2028 - Global Analysis By Type, Application, and End-Use" report has been added to ResearchAndMarkets.com's offering.
The global fiber cement market is on track for significant expansion, with projections indicating a rise from US$ 21,748.45 million in 2022 to approximately US$ 33,052.23 million by 2028. This expected growth reflects a Compound Annual Growth Rate (CAGR) of 7.2% during the period from 2022 to 2028.
Versatile and Sustainable Building Material:
Fiber cement, a composite building material made from cement, sand, and cellulose fibers, has established itself as a popular choice in construction. Due to its durability and resistance to various environmental factors, fiber cement is widely used for applications such as siding, roofing, and trim. It is crafted through processes like autoclaving, involving pressurized steam curing to enhance its strength, and air-curing, which allows it to cure naturally. An important characteristic of fiber cement is its eco-friendly nature, as it is derived from natural and sustainable materials.
Drivers and Influences on Market Growth:
Multiple factors are contributing to the expansion of the fiber cement market. Increasing adoption of fiber cement in the construction sector, coupled with growing awareness about its benefits, serves as a key growth driver. The surge in urbanization and industrialization in developing nations, escalated investments in infrastructure projects, the thriving construction industry, and rising demand for asbestos-free cement products collectively bolster market growth. Moreover, the utilization of fiber cement in energy-efficient buildings is expected to create lucrative opportunities for the market during the forecast period.
Application Segments and Opportunities:
The fiber cement market's application segments include roofing, outside siding or facade, and others. In 2022, the outside siding or facade segment held the largest market share. Fiber cement siding or facade provides an alternative to traditional wood and vinyl materials. With a variety of textures, colors, and design options, it can replicate the appearance of materials like wood or metal. Its durability, resistance to weathering, and ability to withstand harsh conditions make it an attractive choice, especially for buildings in challenging environments.
Asia Pacific Leads Market Revenue:
Asia Pacific emerged as a dominant player in the global fiber cement market in 2022. The region benefits from various advantages that fiber cement offers over alternatives. Notably, Australia, China, India, Japan, and South Korea are key contributors to the fiber cement market in Asia Pacific. The area's growth is attributed to increased construction activities, government initiatives like Make-in-India, and rising foreign direct investments. The construction sector's robust growth, particularly in countries like India and Japan, significantly drives fiber cement demand.
Market Dynamics:
Drivers:
- Growing Awareness Regarding Benefits of Fiber Cement
- Surging Demand for Energy-Efficient Buildings
Restraints:
- High Cost of Installation
Opportunities:
- Rising Urbanization in Emerging Economies
Future Trends:
- Increasing Adoption of Eco-Friendly Construction Materials
Key Players:
Prominent companies in the fiber cement market include James Hardie Industries plc, Etex NV, Swisspearl Group AG, CSR Ltd, NICHIHA Corp, Plycem Construsistemas Costa Rica SA, Compagnie de Saint Gobain SA, Century Plyboards Ltd, Everest Industries Ltd, and Isam Khairi Kabbani Group.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 188 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $21748.45 Million |
| Forecasted Market Value (USD) by 2028 | $33052.23 Million |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/n8xtu5
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