Fiber Cement Market Size Expected to Reach $24.4 billion by 2030

According to a new report published by Allied Market Research, titled, "Fiber Cement Market by Raw Material, Construction Type, and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2030,"

The global fiber cement market was valued at $16.4 billion in 2020, and is projected to reach $24.4 billion by 2030, growing at a CAGR of 4.11% from 2021 to 2030.

Rapid urbanization and industrialization in developing countries, booming construction industry, high efficiency of fiber cement products, and ban on asbestos cement products are factors that drive the global fiber cement market.

In addition, increased investment in infrastructure sector offers growth opportunities to the market players. The use of asbestos cement is associated with severe health hazards such as ovarian cancer, lung cancer, and other diseases. Therefore, the ban on asbestos cement products by government agencies fuels the demand for fiber cement products, such as planks, sheets, panels, boards, and others. The fiber cement siding segment generated the highest revenue in 2020, and is expected to remain dominant throughout the analysis period. This is attributed to the remarkable properties of fiber cement siding, as it is non-combustible and eco-friendly.   

The homeowners in the U.S. focus on renovation activities, such as bathroom, countertops, ceiling, and interior remodelling to fuel the demand for fiber cement backerboards and other products. Rapid growth in the construction industry due to renovation of historical structures in developed countries, such as UK, France, Germany, Rome, Italy, and Spain also augment the demand for fiber cement. Fiber cement products are used in the residential segment for both, external and internal applications. They are used for internal claddings, including partition walls, windowsills, ceilings and floors, and tile backer boards.

They are used for external claddings, including flat sheets as bases, flat sheets for windshields, wall copings, soffits, corrugated sheets, slates, and planks. They are also used for roofing as slates and corrugated sheets.

Residential construction in regions, such as North America, Asia Pacific, and Europe, witnessed steady growth in recent times. In Asia-Pacific, residential construction is increasing in countries, including India, China, Indonesia, Singapore, and Vietnam. North America and Europe witness growth in residential construction, widely driven by the high demand for residential houses. The construction sector in the Asia-Pacific region is the largest globally and grows at a healthy rate, owing to the rise in population, increase in middle-class income, and rapid urbanization.

The fiber cement market is segmented on the basis of raw material, application, end use, and geography. 

On the basis of the raw materials used for manufacturing, the market is segmented into Portland cement, silica, cellulosic fiber, and others. The construction type segment of the fiber cement market is broadly classified into molding & trimming, siding, roofing, and others (backerboards, countertops, and ceiling).

The end use of the market is categorized into residential and non-residential sectors. The non-residential sector accounted for the highest market share, owing to increased installation of fiber cement products in commercial, infrastructure, and other projects. The fiber cement market is segmented into four regions, namely North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific is the leading region in terms of demand for fiber cement, and is expected to maintain its dominance during the forecast period. The high adoption of fiber cement products in the region would continue to bolster the fiber cement market size.

The key players profiled in the report include Etex Group NV, James Hardie Industries PLC, Evonik Industries AG, Compagnie De Saint Gobain SA, Toray Industries Inc., CSR Limited, The Siam Cement Public Company Limited, Nichiha Corporation, Plycem Corporation, and Cembrit Holding A/S.

The other companies operating in the fiber cement industry, such as Elementia, S.A.B de C.V., Marley Eternit Ltd., Thai Olympic Fibre-cement Co., Ltd., Mahaphant Fibre Cement Co., Ltd., Everest Industries Ltd., Swisspearl, Equitone, Allura USA, Beijing Hocreboard Building Materials Co., Ltd., and Fry Reglet compete for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the demand for the fiber cement market during the forecast period.

Impact Of Covid-19 On Global Fiber Cement Market

• Emergence of COVID-19 had a less impact on the growth of the global fiber cement market.
• This impact is mostly attributed to significant disruptions in the raw material transportation, presence of low-labor, and shutdown of many manufacturing industries, thus resulting in decline in demand for fiber cement during this period.
• The decrease in demand for many non-essential products and shut down of construction created a negative impact on the development of the global fiber cement market.
• Thus, the abovementioned factors are expected to have negative impact the global fiber cement market growth during the COVID-19 pandemic period.

Key Findings Of Study

• By region, Asia-Pacific accounted for the largest market share in 2020.
• By raw material, the Portland cement segment held the largest market share in 2020.
• By construction type, the siding segment held the largest market share in 2020.
• By end use, the non-residential segment held the largest market share in 2020.