New York, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Fiber Cement Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Fiber Cement Market: Information by Product, Application, End Use, and Region - Forecast till 2028.”, The market is projected to be worth USD 24.87 Billion by 2028, registering a CAGR of 5.59% during the forecast period (2021 - 2028), The market was valued at USD USD 16.4 billion in 2020.
List of the Key Companies Profiled in the Fiber Cement Market Research Report are:
- 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)
- Shandong Lutai Building Material Science and Technology Group Co., Ltd (China)
Get Free Sample PDF Brochure https://www.marketresearchfuture.com/sample_request/874
Most of these firms compete based on product quality, brand identity, and cost. They are focused on selling cost-effective, high-quality, and eco-friendly products that are in accordance with all the international quality standards to remain relevant in the global market. To elevate their market positions, the players adopt various strategies including acquisitions, geographic expansions, partnerships, and mergers with major stakeholders.
Market USP exclusively encompassed:
Key Growth Drivers:
Fiber cement is primarily used in facade and roofing products given its impressive durability and strength. The advantage of its easy installation in sidings of buildings has fostered its demand in the market. Fiber cement siding helps cover the building’s exterior and is used in both commercial as well as domestic applications. Asbestos used to be the most extensively used supporting material in the building and construction sector, however; owing to safety concerns, was replaced by cellulose. Fiber cement has numerous benefits, including high resistance to termites and impact, no rotting, and incredible fire resistance. The product also finds use in external cladding, roofing, internal cladding, and more.
Browse In-depth Market Research Report (180 pages) on Fiber Cement
https://www.marketresearchfuture.com/reports/fiber-cement-market-874
The booming global population, mounting disposable income, and the prevalence of nuclear families have led to incredible surge in the number of residential construction projects. The growth of the residential construction sector has been quite rapid in several emerging countries, in conjunction with the advances in economic conditions. This has helped elevate the demand for fiber cement to a large extent.
Another encouraging factor in the market growth can be the notable increase in infrastructural development. With huge events like FIFA World Cup 2022, the UAE and Qatar, and Expo 2020 fostering the number of renovation and construction activities, the demand for fiber cement is bound to escalate substantially in the years ahead.
Market Restraints:
The abundance of substitute for fiber cement available in the market, along with the product’s significant installation costs could be major barriers in the market growth over the next couple of years.
COVID-19 Analysis
Most of the companies are focused on protecting the wellbeing and health of their employees while also adhering to government orders of social distancing. They are trying to maintain critical business operations, especially the ones in industries like healthcare, food production and power generation.
Reduction in production capacity is also the result of the COVID-19 pandemic, considering the sharp drop in product demand from a number of major end-use sectors. Other challenges include disruption in the supply chain of chief raw materials, and declining prices.
Share your Queries https://www.marketresearchfuture.com/enquiry/874
Market Segmentation
The market for fiber cement can be considered for product, application, and end use.
The products covered in the MRFR study of the fiber cement industry are panels, boards, and more. Boards form the leading segment in the market with the highest share and could also capture a growth rate of 5.08% between 22019 and 2028.
Some of fiber cement’s key applications are in molding & trim, flooring, siding, fire and acoustic walls, inner lining, roofing, partition wall, and others. Securing the lead in the market, the siding segment is set to touch USD 4,722.3 million by 2028-end. The siding segment’s dominance is the result of its various advantages including high resistance to degradation and need for low maintenance.
With respect to end use, the global market caters to residential as well as non-residential. The residential segment has seized the highest share in the fiber cement market and will clock in a CAGR of 4.57% from 2019 to 2028. The residential sector is a major end-user of fiber cement, in view of the expanding middle-class population, and the rise in their disposable incomes. These factors have facilitated the growth of the middle-class housing category. This has led to substantial demand for fiber cement in the residential segment. Asia Pacific accommodates the biggest construction industry in the world, headed by India, and China, along with several other Southeast Asian nations. The Indian government has started a project called ‘Housing for All by 2022’ that could help significantly bolster the low-cost residential construction sector in the coming years.
Fiber Cement Market Regional Status
Asia Pacific forms the biggest market for fiber cement, forming almost 40% of the total size. The high spending on private as well as public construction sector in India, South Korea, and Thailand is a huge growth booster in the fiber cement market. Also, thanks to the significant contribution of China in line with the notable economic growth, in conjunction with surging urbanisation as well as infrastructural projects, the product demand would continue to mount in the coming years. Additionally, the incredible growth of the residential sector and the emergence of the smart city concepts in India has done wonders for the market.
The European market is quite attractive as well, given the affordable housing across the United Kingdom and Germany. These countries are known for taking measures like construction productivity, repurposing of vacant properties, redesigning, and proper land use, which foster the use of fiber cement and benefit the regional market.
Segmentation of Market covered in the research:
Information by Product (Boards, Panels, and Others), Application (Siding, Flooring, Inner Lining, Fire And Acoustic Walls, Partition Wall, Roofing, Molding & Trim, and Others), End Use (Residential and Non-Residential), and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2028.
To Buy: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=874
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
