The fiber cement market is anticipated to thrive at a slow-paced CAGR of 4.7% between 2023 and 2033. The market is expected to have a market share of US$ 28.68 billion by 2033 while it is likely to be valued at US$ 18.12 billion in 2023.
- The advent of new alternative materials for construction and industrial applications is expected to give birth to several markets like fiber cement and bricks. Furthermore, the sustainability, low cost, and maintenance associated with fiber cement are also flourishing the market growth.
- New sustainable projects are applying nature-friendly yet durable construction materials in their buildings. Hence, high sales of fiber cement are anticipated during the forecast period. Also, the long-life span and versatility in design give it an edge over the usual cement.
- One of the prominent growth factors for fiber cement is its fire and heat-resistant nature which is mainly weather resistant as well. These properties make fiber cement revolutionize the construction material industry.
- The affordable pricing adds value to its sales as it is economically beneficial as well due to the long shelf life, limited maintenance, and low price. Alongside this, the sustainable materials used in its formation are expected to attract aware end users.
- The key reason why end users are preferring these sustainable construction materials is the small installation time. Further, the usage of the right tools can reduce 50% of the time comparatively.
- These fiber cement come in the form of cement board and slide with high longevity. Also, the flexibility gives the constructor the option of designing it with high ease.
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Key Points
- The United States market leads North America’s fiber cement market in terms of market share in North America. The United States held a market share of 11.4% in 2022. The factors attributed to the growth are rising residential and industrial construction and the government providing subsidies to eco-friendly construction material businesses.
- Germany’s fiber cement market held a healthy market share of 8.9% in 2022. The market growth is caused by the German government’s extended research and development programs, focusing on using materials like carbon fiber, fiber-reinforced concrete, etc.
- India’s market thrives at an average CAGR of 5.5% between 2023 and 2033. Further, the growth is attributed to the penetration of innovation in the construction and electrical sector.
- China thrives at a CAGR of 5.1% between 2023 and 2033.
- Based on raw material type, the Portland segment held the leading market share of 37.9% in 2022.
- Based on application type, the sliding segment leads as it held a market share of 24.3% in 2022.
Competitive Landscape
The key suppliers focus on sustainability, reusable material, and fast installation. The competitors merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- PPG Industries Incorporated has launched its protection over wood along with fiber cement and composite substrates, delivering to verticals like automotive, commercial, and residential.
- Ecolab Incorporated has introduced the fiber building materials such as fiberglass filament, mat, and insulation. These products also include flat glass, ceiling tiles, and fiber cement.
Key Players Profiled in the Market
- 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
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Key Segmentation of the Fiber Cement Market
By Raw Materials:
- Silica
- Portland Cement
- Cellulosic Fiber
- Others
By End User:
- Residential
- Non-Residential
By Application:
- Cladding
- Siding
- Backer Boards
- Molding and Trimming
- Roofing
- Wall Partitions
- Others
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