PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490294
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490294
Fiber Cement Market size was valued at USD 13,248.43 Million in 2023, expanding at a CAGR of 4.10% from 2024 to 2032.
Fiber cement is renowned for its extraordinary toughness and resilience against fire, rot, vermin, and inclement weather. Because of this, it is the material of choice for roofing, siding, and other construction applications where durability is essential.
Fiber Cement Market- Market Dynamics
Increasing number of construction activities and lower maintenance costs are expected to propel market demand
The demand for building materials, particularly fiber cement, is driven by rising urbanization and brisk construction activity in emerging economies. Sturdy and affordable building solutions are required to support the expansion of infrastructure and housing as populations rise and metropolitan regions increase. Fiber cement materials have prospects in the rehabilitation and remodeling sector, particularly in the replacement of roofing, siding, and trim that is old or damaged. Fiber cement is a popular choice among homeowners looking to update their homes because of its low maintenance requirements, durability, and attractive appearance. However, a serious coal shortage clasped the world in 2022 and increased the production costs and average selling prices for cement manufacturers.
Demand for building materials like fiber cement that meet or surpass regulatory criteria is driven by strict building rules and regulations governing fire safety, energy efficiency, and environmental effects. Adherence to building standards has the potential to foster market expansion. Because of its extended lifespan, low maintenance needs, and minimum waste during manufacturing, fiber cement is regarded as an environmentally benign building material. Some fiber cement products also include recycled components, which improves their environmental credentials even more.
Fiber Cement Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.10% over the forecast period (2024-2032)
Based on Material segmentation, the Portland cement segment was predicted to show maximum market share in the year 2023, owing to high wide availability.
Based on Application segmentation, the siding segment was the leading Application in 2023, mainly due to high demand from construction buildings.
Based on End User segmentation, the industrial segment was the leading End User in 2023, mainly due to high demand from the industrial sector including the construction, pharmaceutical, and manufacturing sectors.
On the basis of region, Asia Pacific was the leading revenue generator in 2023, owing to high construction at the industrial level.
The Global Fiber Cement Market is segmented on the basis of Material, Application, End User, and Region.
The market is divided into four categories based on Material: Portland cement, silica, cellulosic fiber, and others. The Portland cement segment dominates the market. The high durability and quality offered by Portland cement are boosting segment growth.
The market is divided into five categories based on Application: cladding, molding, siding, roofing, and others. The siding segment dominates the market. The increasing demand for fiber cement in siding construction applications is boosting the segment growth.
The market is divided into three categories based on End Users: industrial, residential, and commercial. The industrial segment dominates the market and is expected to maintain its high dominance during the forecast period. The rising number of industrial constructions across manufacturing, automotive, and pharma industries is boosting the growth of the market.
Fiber Cement Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific is estimated to dominate the global Fiber Cement market owing to increased construction developments like airports, railways across developing Asian countries like India, China, Malaysia, etc. These regions are further split as per the nations bringing business for the companies.
Fiber Cement Market is consolidated in nature. Top market players hold majority market revenue share. Globally, the new floor area dedicated to residential buildings decreased by around 289 million square feet in 2022 as compared to 2021. This is related to the housing crisis brought on by a lack of labor, unsustainable high pricing for building materials, and a scarcity of land. Asia-Pacific was particularly affected by this crisis, with new floor area falling 5.39 percent in 2022 compared to 2021. However, it is anticipated in 2023 in Asia Pacific there will be a large growth in new floor space worldwide as the new companies come to the region.
In October 2023: James Hardie Building Products Inc. collaborated with D.R. Horton, Inc., the largest homebuilder in the United States, to offer premier quality and innovative fiber cement.
In April 2023, BlueLinx Holdings Inc., a leading wholesale distributor of building products in the United States and Allura, a subsidiary of Elementia Materiales, announced partnership for the expansion of their distribution.