Market Definition
In the modern era of construction, there is a high demand for ingredients that are both sustainable & environmentally friendly and can serve adequately for the production of construction materials. As a result, to fulfill this need, natural fibers are being used, along with engineering materials, in construction activities. Due to the versatile nature of natural fibers, a new material, fiber cement, has been explored, which can be combined with construction materials to produce low-cost building materials.
Fiber cement is a composite construction material used mainly in roofing & façade works due to its strength & durability. It is a mixture of cellulose fiber or asbestos, Portland cement, sand, water, and a small amount of other chemical additives used for providing products with particular characteristics. The advantages of fiber cement are its low cost, fire resistance, water tightness, lightweight, and termite resistance. These properties of fiber cement products are easy to work within low maintenance, making them the ideal choice for professional builders, designers, & architects.
Market insights
The Global Fiber Cement Market is anticipated to grow at a CAGR of around 5.6% during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the rapid industrialization & urbanization in developing countries. The booming construction industry and rising restrictions on the use of asbestos worldwide are other crucial factors driving the global market. Additionally, mounting usage of fiber cement for manufacturing faced & roofing products due to its high durability & strength is also augmenting the fiber cement market growth globally.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 5.6% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, UK, France, Italy | |
| Asia-Pacific: China, India, Japan, South Korea | |
| South America: Brazil, Argentina | |
| Middle East & Africa: Saudi Arabia, South Africa, Rest of the Middle East & Africa | |
| Key Companies Profiled | 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 |
| Unit Denominations | USD Million/Billion |
Moreover, the surging demand for environmentally friendly & sustainable construction materials is also fueling the usage of fiber cement in construction activities. Fiber cement is used widely in several applications, including roofing, cladding, and building facades across both residential & non-residential sectors. However, shortage of skilled labor and complex procedure of installing products made using fiber cement are some prominent factors that might hinder the growth of the Global Fiber Cement Market during 2021-26. However, the surging demand for high diversification in product offerings and adoption of advanced technologies will offer lucrative growth opportunities for the Fiber Cement Market in the forthcoming timeline.
Impact of Covid-19 on the Global Fiber Cement Market
The Covid-19 pandemic in 2020 has adversely impacted the economy & disrupted several businesses & industrial establishments worldwide. Construction is one such industry that has been adversely impacted due to the pandemic since most construction projects got jeopardized due to lockdown and mass exodus of migrant workers. Hence, due to the turmoil in the construction industry, the pandemic has negatively impacted the Fiber Cement Market.
The construction sector witnessed a simultaneous reduction in both demand & supply amidst the pandemic. Since the construction sector is driven primarily by infrastructural projects, it got adversely hit due to project delays. Significant income losses and diversion of government funds toward Covid-19 management have also negatively influenced the construction industry.
Moreover, the shutdown of manufacturing units, labor shortages, and supply chain issues are some prominent aspects that led to the declining growth of the fiber cement market. Also, the falling demand for construction projects due to the poor business sentiments, lower operating surpluses, & incomes severely impacted the market growth. Additionally, low economic activity in other sectors has also affected construction services through forwarding linkages. Hence, the negative impact on construction activities has directly influenced the Global Fiber Cement Market amidst the pandemic.
However, with the upliftment of lockdown, the construction industry has been significantly different, principally due to the rapid adoption of advanced technologies within the sector. Moreover, resumption in most construction projects would propel the fiber cement market growth in the forecast period.
