The global fiber cement market is expected to witness a moderate growth rate of around 4.3% during the forecast period. Fiber cement is a versatile building material made up of cement reinforced with various fibers. The growth is the construction industry globally directly influences the growth of the market. For instance, according to the US Department of Commerce, construction spending during June 2022 was estimated at a seasonally adjusted annual rate of US$ 1,762.3 billion, 1.1% below the revised May estimate of US$ 1,781.9 billion. During the first six months of 2022, construction spending amounted to US$ 848.2 billion, 10.7% above US$ 766.0 billion for the same period in 2021. Such huge spending in the construction industry will create demand for fiber cement and will eventually drive market growth.
Siding is leading the market in the both residential and non-residential sector
Based on application, the siding segment is expected to lead the global market in both residential and non-residential sectors. Siding is among the major application of fiber cement and can be manufactured in a variety of profiles and is made up of Portland cement, sand, water, and cellulose fibers. Siding fiber cement is a cost-effective and low-maintenance finish that will not buckle or wrap and holds paint for several years longer than conventional wood siding. Moreover, Fiber cement siding has performance advantages over traditional siding materials like wood and vinyl. According to the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau, 22% of all new homes would have fiber cement siding as the main external wall covering in 2021.
Asia Pacific to contribute significantly to the global market owing to the rapidly developing real state sector in the region
Geographically, Asia Pacific is expected to be the dominating region in the global fiber cement market over the forecast period. The rising population and increasing disposable income led to considerable growth for the real state sector across Asian countries which is positively impacting the sales of fiber cement in a positive manner. According to the data published by the Fiber Cement Product Manufacturer’s Association (FCPMA), India uses only about 20% of the chrysotile fiber cement produced in the world. North America is following the Asia Pacific in terms of revenue and is expected to register significant growth in the coming years. Government spending on infrastructure development through programs such as smart cities in the US is also expected to propel the demand for fiber cement in the region. In Europe, the market is expected to experience moderate growth during the forecast period on the back of rising construction activities coupled with the significant demand for fiber cement.
Market Structure and Competitive Landscape
The global fiber cement market is flooded with numerous players operating in the marketplace. Some of the prominent players that contribute significantly to the growth of the global fiber cement market include James Hardie Building Products Inc., Etex Group, NICHIHA Co. Ltd, SCG, Elementia Materiales, EvonikIndustries, Toray Industries, CSR Limited, Cembrit Group A/S, The Siam Cement Public Company Limited, Plycem Corporation, Visaka Industries, and others.
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & Acquisitions, Partnerships, and collaborations are some of the strategies followed by industry players. Some of the key developments in the global fiber cement market include,
- In August 2022, Visaka industries, a prominent Indian market player in fiber cement, announced an investment of around US$ 15 million in a new board plant in west Bengal in order to expand their manufacturing capacity.
- In January 2020, James Hardie Building Products Inc., introduced fiber cement with 700 Colorplus Technology finishes under the James Hardie’s Dream Collection.
Key Market Segmentation
RationalStat has segmented the global fiber cement market on the basis of raw material, application, end use, and region.
- By Raw Material
- Sand
- Portland Cement
- Cellulosic Fiber
- Others (Silica, etc.)
- By Application
- Siding
- Roofing
- Molding & Trim
- Cladding
- Others (Flooring, etc.)
- By End Use
- Residential
- Non-Residential
- Industrial
- Commercial
- Agricultural
- By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
Secondary Sources
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for fiber cement manufacturers and suppliers, raw material suppliers, third-party distributors, government organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global fiber cement market is expected to grow at a CAGR of around 4.3% during the forecast period 2022-2028.
Asia Pacific is dominating the global fiber cement market in 2021.
The global fiber cement market is estimated at around US$ 17.1 billion in 2021.
The rise in government restrictions on the use of asbestos is the key driver of the global fiber cement market.
Major companies operating in the global fiber cement market include James Hardie Building Products Inc., Etex Group, NICHIHA Co. Ltd, SCG, Elementia Materiales, Evonik Industries, Toray Industries, etc.