New York, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The global fiber cement market size is slated to expand at ~7% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 35 billion by the end of 2035, up from a revenue of ~USD 20 billion in the year 2022.Fiber cement products have gained popularity due to their durability, resistance to fire, insects, and rot, as well as their low maintenance requirements. They offer an alternative to traditional building materials such as wood, vinyl, and aluminum, providing a balance between cost-effectiveness and performance.
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The market for fiber cement has experienced steady growth over the years, driven by various factors such as the versatility of fiber cement products, which can mimic the appearance of wood, stone, or other materials, and has also contributed to their market appeal. Fiber cement is a composite material made from a combination of cement, sand, cellulose fibers, and other additives. Fiber cement offers several advantages, including high durability, and resistance to fire, moisture, insects, and rot. These properties make it an attractive choice for construction projects.
Fiber Cement Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The residential segment to garner the highest growth
- Market in North America to grow at the highest rate
Increasing Demand for Sustainable Building Materials across the Globe to Boost Market Growth
With growing environmental awareness and regulations promoting sustainable prefabricated construction practices, there has been an increased demand for eco-friendly building materials. Fiber cement, being a recyclable and energy-efficient material, has gained popularity. According to a study, the global demand for green construction materials is projected to reach USD 420 billion by the year 2026. The rapid pace of urbanization has led to increased infrastructure development and construction activities.
Urbanization has fueled the demand for residential, commercial, and industrial buildings, creating a significant market for fiber cement products. The surge in disposable income in developing countries has boosted the sale of real estate. Thus, it is increasing the demand for fiber cement for developing properties in the real estate, that are further purchased or sold. For instance, the disposable personal income of people in India has increased to more than USD 3000 in the year 2022.
Fiber Cement Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Construction Industry to Drive the Market Growth in Asia Pacific Region
The fiber cement market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The Asia Pacific construction industry has witnessed unprecedented growth, serving as a cornerstone for the escalating demand for fiber cement. As nations embark on ambitious infrastructure projects and urbanization endeavors, the need for reliable and sustainable construction materials has intensified. According to a report, the construction output in the Asia Pacific region is projected to grow by 6.3% annually between 2021 and 2025. The rapid pace of urbanization has led to a surge in real estate and housing projects across the Asia Pacific region. Fiber cement, with its versatility and durability, has emerged as a preferred material for cladding, roofing, and siding in residential and commercial structures.
The United Nations projects that by 2050, 64% of the region's population will reside in urban areas, emphasizing the sustained demand for construction materials like fiber cement. The Asia Pacific region's heightened focus on sustainability and green building practices has augmented the demand for environmentally friendly construction materials. Fiber cement, being non-toxic, fire-resistant, and recyclable, aligns with these trends.
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Growing Building Movement to Propel Growth in the North American Region
The North American fiber cement market is estimated to garner the highest CAGR by the end of 2035. The North American construction sector's shift toward sustainability has driven an amplified demand for fiber cement. As developers and architects seek eco-friendly construction materials, fiber cement's attributes, including low carbon footprint and recyclability, make it a preferred choice. The U.S. Green Building Council reports that by 2022, green construction is projected to account for over one-third of the construction industry's total market share.
A surge in renovation and remodeling projects across North America has underscored the need for durable and versatile construction materials like fiber cement. Homeowners and businesses alike are opting for fiber cement siding and roofing due to its resistance to weather elements and minimal maintenance requirements. As urban areas continue to expand, there is a growing demand for reliable, aesthetically pleasing, and low-maintenance construction materials. Fiber cement, known for its versatility in architectural designs and resistance to urban environmental stressors, is gaining traction in urban development projects.
Fiber Cement, Segmentation by Application
- Residential
- Commercial
Amongst these segments, the residential segment in fiber cement market is anticipated to hold the largest share over the forecast period. Homeowners seek low-maintenance solutions, and fiber cement offers resistance to rot, insects, and fire, reducing the need for regular upkeep. This demand for low-maintenance materials has driven the adoption of fiber cement in the residential segment. Fiber cement products offer a wide range of design options and can mimic the appearance of wood, stone, or other materials. This aesthetic versatility has attracted homeowners and architects looking for attractive and customizable exterior finishes. The design flexibility of fiber cement has been a significant growth driver.
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Fiber Cement, Segmentation by End User
- Construction
- Infrastructure
- Agriculture
Amongst these segments, the construction segment in fiber cement market is anticipated to hold a significant share over the forecast period. The renovation and retrofitting of existing buildings have contributed to the growth of the construction segment. As buildings age or require updates, fiber cement products are often chosen for their durability, low maintenance, and aesthetic appeal. According to a report, the U.S. spending on home improvements and remodeling reached USD 352 billion in 2020. The focus on energy-efficient construction and adherence to building codes and regulations have driven the adoption of fiber cement products. Fiber cement materials offer insulation properties, contributing to the energy efficiency of buildings.
A few of the well-known industry leaders in the fiber cement market that are profiled by Research Nester are James Hardie Industries PLC, Etex Group, Cembrit Holding A/S, Nichiha Corporation, Allura USA, Swisspearl, and other key market players.
Recent Development in the Market
- James Hardie Industries PLC announced its plans to expand its manufacturing facility in Prattville, Alabama, USA. The expansion aimed to meet the growing demand for fiber cement siding in the North American market. The investment reflected the company's commitment to expanding its production capabilities and strengthening its position in the industry.
- Etex Group announced the acquisition of FSi Limited, a leading manufacturer of passive fire protection products based in the UK. This strategic acquisition was part of Etex Group's growth strategy to expand its product portfolio and enhance its offerings in the fire protection segment. The move demonstrated the company's focus on expanding its presence and expertise in key markets.
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