Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Fiber Cement Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, End-Use, and Geography,” the fiber cement market size is expected to grow from US$ 21.75 Billion in 2022 to US$ 33.05 Billion by 2028; it is estimated to record a CAGR of 7.2% from 2022 to 2028. The projected growth of the market is attributed to the growing awareness regarding the benefits of fiber cement and the rising demand for energy-efficient buildings.
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Fiber Cement Market: Competition Landscape
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 are a few key players operating in the global fiber cement market. Market players focus on providing high-quality products to fulfill customer demand. They are also adopting strategies such as investments in research and development activities and launches of new products.
Fiber Cement Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 21.75 Billion in 2022 |
| Market Size Value by | US$ 33.05 Billion by 2028 |
| Growth rate | CAGR of 7.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 188 |
| No. of Tables | 115 |
| No. of Charts & Figures | 105 |
| Historical data available | Yes |
| Segments covered | Type, Application and, End-Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | 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 |
In 2022, Asia Pacific held the largest share of the global fiber cement market. Growing awareness regarding the benefits of fiber cement in the construction sector is driving the fiber cement market in the region. This region has been noticed as one of the prominent markets for using fiber cement boards owing to the surge in construction activities. Moreover, government initiatives and policies such as Make-in-India encourage the setup of different manufacturing plants in India. Rising foreign direct investments also lead to economic growth in the region.
Growing Awareness Regarding Benefits of Fiber Cement Boosts Fiber Cement Market Growth
Durability is one of the most desirable qualities of fiber cement. Fiber cement siding, boards, and panels typically outlast vinyl siding and other alternative products in lifespan. Within 10 to 15 years, vinyl siding can show signs of aging, whereas fiber cement siding can last up to 30 to 50 years or more. Further, in cement production, carbon dioxide is a byproduct. However, manufacturing vinyl siding containing polyvinyl chloride (PVC) produces more carbon dioxide than cement production. Hence, fiber cement siding is a greener alternative to vinyl siding. Such properties of fiber cement fuel the fiber cement market growth.
Fiber Cement Market: Segmental Overview
Based on type, the global fiber cement market is segmented into air-cured and autoclaved. The air-cured segment is expected to register a higher CAGR during the forecast period. Air-cured fiber cement is a type of building material made from a mixture of cement, cellulose fibers, and water. Unlike traditional cement, which requires high-temperature kilns to cure, air-cured fiber cement hardens and dries naturally in ambient conditions, generally in a few days. It is usually used in many building applications, such as roofing, siding, backing for ceramic tiles, etc.
Based on application, the fiber cement market is segmented into roofing, outside siding or façade, and others. The outside siding or façade segment held the largest market share in 2022. Fiber cement outside siding or façade is an alternative to traditional wood and vinyl siding or façade. It is available in various textures and colors and can be designed to mimic the appearance of other materials such as wood or metal. They are also accessible in different sizes and shapes, allowing architects and builders to create unique and visually appealing designs.
Based on end-use, the fiber cement market is segmented into residential and non-residential. The residential segment held a larger market share in 2022. The demand for fiber cement is projected to grow significantly from the residential sector during the forecast period. With the increasing population, the demand for residential construction is propelling. Fiber cement is widely used in residential construction owing to the key advantages associated with the product, including water resistance and prevention of termites.
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Impact of COVID-19 Pandemic on Fiber Cement Market
The COVID-19 pandemic adversely affected the growth of the chemicals & materials sector and the fiber cement market. The implementation of measures to combat the spread of SARS-CoV-2 negatively impacted the growth of various industries. Industries such as packaging, consumer goods, automotive & transportation, textiles, and building & construction were adversely affected by the disruptions in operational efficiencies and value chains due to the sudden closure of national and international boundaries. During the COVID-19 pandemic, falling revenue and increasing project delivery challenges led to the sector’s contraction in most markets, with a corresponding negative impact on the labor force. Builders experienced delays and increased costs for imported raw materials and off-site building materials due to shut down of many factories. The damage to the building & construction industry hampered the demand for fiber cement.
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