Future Prospects of Fiber Cement Market and Industry Forecast
The global fiber cement market is expected to reach a value of US$ 26,970.3 Million in 2032, with the market growing at an average CAGR of 4.7% during the forecast period of 2022 to 2032. In 2022, the fiber cement market is likely to reach an estimated US$ 17,038 Million; pushed to grow by the escalating need to control carbon emissions from the construction and building sector.
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.
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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.
“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.
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
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.
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