Fiber Cement Market Hits USD 19.1 Billion in 2023, With an Estimated CAGR of 5.6% by 2030

The Global Fiber Cement Market size was valued at around USD 19.1 Billion in 2023 and is projected to grow at a CAGR of around 5.6% during the forecast period, i.e., 2024-30.. Fiber cement, also known as reinforced fiber cement, is a composite material widely used for different construction activities. It comprises sand, Portland cement, cellulosic material, and other additives. Fiber cement provides resistance to bacteria, mold, and fungi. Along with this, it is inert and can be directly dumped in landfills without harming the environment.

Fiber cement is an energy-efficient and eco-friendly material. It consumes less power while installation and transportation. It is available in different forms, with the most common form being sheets and horizontal boards. During the manufacturing of fiber cement, the water used is recycled several times.

The demand for fiber cement is increasing astronomically for the construction of residential as well as commercial buildings owing to its impact-resistant properties, and high durability & strength. It is widely used for exterior wall cladding, partition walls, ceilings, and decorative applications. Therefore, the booming construction sector is projected to drive the demand for fiber cement. However, lack of skilled labor in developing countries might hamper the market growth, further states the research report, “Global Fiber Cement Market Analysis, 2024.”

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Fiber Cement Market Segmentation Analysis:

• By Material (Cellulosic material, Portland cement, Sand)
• By Application (Cladding, Roofing, Siding, Molding & Trimming, Backer Boards, Wall Partition, Others)
• By End-User (Residential, Non-Residential)
• By Fiber Type (Polypropylene, PVA, Lignocellulose, Carbon, Others)
• By Production Process (Hatschek Process, Extrusion Process, Perlite Process)
• By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
• By Country(S, Canada, Mexico, Brazil, Argentina, Germany, France, The UK, Italy, China, India, South Korea, Japan, Saudi Arabia, South Africa). 

Siding Application Captures the Largest Share of the Fiber Cement Market

Of them all, Siding is the prime application of fiber cement. It has the appearance of wood but poses concrete toughness since it comprises a combination of water, sand, wood pulp, and Portland cement. The high durability & flexibility of fiber cement makes it suitable for siding purposes. Fiber cement siding provides resistance from insects & natural disasters. Also, unlike wood, there is no need for repeatedly painting the sidings.

Furthermore, the demand for fiber cement in molding & trimming applications is expected to grow at the fastest pace during 2024-30. It is due to the properties of fiber cement like low maintenance, ability to withstand extreme weather conditions, & fire resistance that make it a perfect material for molding and trimming.

With Rapid Infrastructural Developments, Asia-Pacific Dominates the Fiber Cement Market

Geographically, of all regions, Asia-Pacific holds the largest share of the Fiber Cement Market, mainly due to the burgeoning infrastructural developments across countries like India & China. For instance:

• In India, the Union Budget has allocated Rs 139 billion (US$ 1.93 billion) for Urban Rejuvenation Mission and Smart Cities Mission. With the push from the government toward infrastructural developments, coupled with 'Housing for all, 2022,' Smart Cities Mission is projected to boost the demand for fiber cement in the country over the forecast years. Additionally, the ban on using Asbestos in most Asian countries is another crucial factor propelling the regional market growth. 

On the other hand, Europe is the fastest-growing region in the Global Fiber Cement market. The surging preference for the development of green buildings and the rapid expansion of the residential sector are the major factors propelling the growth of the Fiber Cement Market in Europe.

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Competitive Landscape

According to MarkNtel Advisors, the leading players in the Fiber Cement Market are James Hardie Industries PLC (Ireland), Allura (US), Cembrit Holding A/S (Denmark), Etex Group NV (Belgium), American Fiber Cement Corporation (US), Toray Industries Inc. (Japan), Nichiha (Japan), Cembrit Holding A/S (Denmark), CSR Limited (Australia), & Elementia.

Key questions answered in the study

1. What are the current & future trends in the Global Fiber Cement Market?
2. How has the industry been evolving in terms of geography and services adoption?
3. How has the competition been shaping across the globe, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Fiber Cement market?
5. What are the customer orientation, purchase behavior, and expectations from the Fiber Cement manufacturers across the globe?

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