In 2022, the fiber cement market is likely to reach an estimated US$ 17,038 Mn; pushed to grow by the escalating need to control carbon emissions from the construction and building sector. The global fiber cement market is expected to reach a value of US$ 26,970.3 Mn in 2032, with the market growing at an average CAGR of 4.7% during the forecast period of 2022 to 2032.
Owing to its distinctive physical characteristics like durability and high strength, fiber cement is one of the most popular and essential composite materials. It is used in the manufacture of facade and roofing goods. A vital part of building and construction materials industry, fiber cement gains large-scale usage in both interior and exterior applications like siding, cladding, and roofing, molding and trimming.
The material contains all the necessary physical and chemical qualities to endure the negative impact of weather, temperature, and humidity. In addition to this, fiber cement has superior performance and other advantages over traditional cement such as low maintenance, resistance to warping, sagging and fireproof capabilities. All of these factors promote a positive environment of growth for the fiber cement market during the projected period.
Because of such unique and beneficial properties, many players in the construction and building industry are more and more inclined to use fibre cement over traditional building & construction materials such as wood and vinyl. This will further stimulate the target market and generate greater sales opportunities for partakers in the international fiber cement market.
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“The growing need to limit carbon footprints coupled with heightened demand from the construction sector is expected to bolster the market growth of the fiber cement industry over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising popularity and easy availability of cost-effective asbestos-based products may hamper the market growth.
- In 2022, North America is expected to account for 14.5% of the overall market share.
- Europe will likely acquire 19.6% of the total market share by the end of 2022.
- Driven by expanding construction sector, Asia Pacific to account for 12% of the market share.
- By application, the siding sector is expected to register high demand.
- In terms of raw material, portland cement is predicted to dominate the market.
Competitive Landscape
Dow Chemical Company, Hardie (James) Industries plc, Imerys SA, Elementia SA de CV, Building Materials Corporation of America, PPG Industries Incorporated, Akzo Nobel NV, Canfor Corporation, Ecolab Incorporated, Central Fiber LLC, Mercer International Incorporated and US Silica Holdings Incorporated., among others are some of the major players in the fiber cement market that are profiled in the full version of the report.
Leading market players are concentrating on expanding their business by deploying strategic mergers and acquisitions. These enterprises are engaging in agreements, collaborations and partnerships to expand their product portfolios.
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More Insights into Fiber Cement Market Report
In its latest report, FMI offers an unbiased analysis of the global fiber cement market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of raw material (silica, portland cement, cellulosic fiber, others), end user (residential, non-residential), application (cladding, siding, backer boards, molding and trimming, roofing, wall partitions, others), and region.
According to the latest FMI reports, based on region, the fiber cement market in North America is predicted to thrive during the forecast period. In 2022, the region is expected to account for 14.5% of the overall market share. The growing residential construction projects such as new house constructions, single-family dwellings, and others are propelling the market growth in this region.
The fiber cement market in Europe is expected to acquire 19.6% of the market share in 2022 and is likely to continue its growth over the forecast period. The construction industry in major European countries, especially Germany is responsible for the regional growth of the fiber cement industry. Apart from North America and Europe, Asia Pacific is also expected to undergo tremendous growth during the forecast period, holding about 12% of the market share. The expanding construction and building sector in countries like India and China are accountable for this growth.
Based on segmentation, the high demand for siding segment will lead to market domination of the segment in terms of application while, based on raw material, the portland cement is likely to lead the market during the forecast period.
Key Segments Profiled in the Fiber Cement Industry Survey
Fiber Cement Market by Raw Materials:
- Silica
- Portland Cement
- Cellulosic Fiber
- Others
Fiber Cement Market by End User:
- Residential
- Non-Residential
Fiber Cement Market by Application:
- Cladding
- Siding
- Backer Boards
- Molding and Trimming
- Roofing
- Wall Partitions
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