The fiber cement market is projected to grow at a CAGR of 4.51% to reach US$18.105 billion by 2026, from US$13.296 billion in 2019.
Fiber cement is essentially a building material made up of cement integrated with cellulose fibers. The cement comes up with several benefits including high resistance and fireproof properties. The rise in demand for fiber cement is attributed to the rising construction activities, strict government regulations, and demand for environmentally friendly products.
fiber cement market, US$ billion, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis
A major reason for the growth of this market is the rise in the construction industry.
The boom in the fiber cement market is mostly due to the growth in the construction industry. Most of the developing nations of the world are going through rapid urbanization and industrialization. This, in turn, has created a demand for fiber cement products. Moreover, the world is witnessing a rise in infrastructure investment, especially in housing construction. This has further fuel the market for fiber cement and created opportunities for various companies to grow. A halt in the construction industry due to the coronavirus pandemic has affected the market for fiber cement.
The rising environmental awareness is expected to drive the demand for this market in the forecast period.
Over the last few decades, there have been numerous notable environmental issues across the globe that have subsequently made people more aware and conscious of the environment. Fiber cement provides various eco-friendly benefits including, it provides a longer lifespan thus eliminating the need to replace and repair, fiber cement is highly sustainable, it is versatile, strong, and sturdy, it is made up of neutral components, and thus is highly beneficial for health. All these factors are expected to boost the market demand for fiber cement.
The growth in the demand for fiber cement in the residential, as well as non-residential sector, is anticipated to fuel the growth of this market.
The fiber cement market is segmented, as end-users, Residential and Non-Residential. The non-residential segment is essentially divided into industrial and commercial buildings components. It is widely used in warehouses, mills, and factories. Moreover, the rising government initiative across the world is expected to boost the demand for fiber cement in the Non Residential sector.
Talking about the Residential sector, the fiber cement market is anticipated to grow owing to the rise in the middle-class population. The per capita income is rising across the globe. The developing countries are also growing at a faster pace. People are engaged in buying their own assets. This has increased the demand for fiber cement.
The rising manufacturing and maintenance cost is anticipated to negatively impact the market.
The high cost of manufacturing and maintenance are the prominent restraints impeding the market growth. The market is anticipated to face unparalleled challenges due to the huge cost required to incur. The manufacturing process of fiber cement is very rigorous and adds up to the high cost. Moreover, the cost of maintenance is unprecedentedly high. In addition, the input cost of laborers has risen owing to technological advances, the fiber-cement industry is demanding highly skilled manpower. All these factors will act as a barrier to market growth.
The fiber cement market is segmented, as geography, like North America, South America, Europe, the Middle East and Africa, and the Asia Pacific region.
The Asia Pacific region is anticipated to grow at the fastest rate owing to rapid urbanization, a growing construction sector, the massive increase in investment, and rising awareness about the benefits of fiber cement. Moreover, strict government regulations on using eco-friendly construction products will duty boost the demand for fiber cement in the Asia Pacific region. For instance, in India, the government has launched the 'Housing for All by 2022' project which is anticipated to drive the construction business and thus the demand for fiber cement. Moreover, the region offers cheap raw materials and labor. This would further enhance the market growth.
The European region is also anticipated to grow in the forecasted period. This growth will be majorly driven by the growing construction of energy-efficient buildings.
The Middle East and Africa region is also witnessing a surge in investment in infrastructure development. For instance, the UAE Minister of Energy and Infrastructure has recently announced a huge investment for infrastructure development as a part of the 2018-2023 five-year plan.
Recent developments in the fiber cement market.
The prominent key players in the fiber-cement industry include CSR Limited, Etex Group, Cembrit Holding A/S, Toray Industries, Inc., etc. some of the recent developments in the fiber-cement industry are:
The impact of the outbreak of COVID-19.
The outbreak of COVID-19 has negatively impacted the market for fiber cement. The construction industry was drastically impacted due to the strict restrictions imposed by the government across the globe. The suspension in economic activities has led to a disruption in the supply chain.
|Market size value in 2019||US$13.296 billion|
|Market size value in 2026||US$18.105 billion|
|Growth Rate||CAGR of 4.51% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Material, Application, End-Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Cembrit Holdings A/S, CSR Limited, Compagine de Saint-Gobain S.A., Etex Group, Evonik Industries AG, Nichiha Corporation, Plycem Corporation, James Hardie Industries, PLC, The Siam Cement Public Company Limited, Toray Industries, Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global fiber cement market?
A1. Fiber Cement Market was valued at US$13.296 billion in the year 2019.
Q2. What will be the fiber cement market size by 2026?
A2. The fiber cement market is projected to reach a market size of US$18.105 billion by 2026.
Q3. What are the growth prospects for the fiber cement market?
A3. The global fiber cement market is projected to grow at a CAGR of 4.51% over the forecast period.
Q4. What factors are anticipated to drive the fiber cement market growth?
A4. A major reason for the growth of the fiber cement market is the rise in the construction industry.
Q5. Which region holds the maximum market share of the fiber cement market?
A5. The Asia Pacific region is anticipated to grow at the fastest rate owing to rapid urbanization, a growing construction sector, the massive increase in investment, and rising awareness about the benefits of fiber cement.
Cembrit Holdings A/S
Compagine de Saint-Gobain S.A.
Evonik Industries AG
James Hardie Industries, PLC
The Siam Cement Public Company Limited
Toray Industries, Inc.
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