Fiber cement is a composite construction material also acknowledged as reinforced fiber cement and is used mainly in roofing & facade works due to its strength & durability. It has several different benefits, including its low cost, fire resistance, water tightness, lightweight, and termite resistance. These properties of such products are easy to work with and low maintenance, making them the ideal choice for professional builders, designers, & architects. In addition, it is fungi, mold, and bacteria resistant, owing to its durability and ability to be disposed of in landfills. Due to these factors, Fiber cement is claimed to be an extraordinary material being non-vulnerable to the environment.
The Global Fiber Cement Market is projected to grow at a CAGR of around 5.6% during the forecast period, i.e., 2023-28. The market is primarily influenced by many advantageous factors, including developing countries getting more exposure to rapidly strengthening urbanization and industrialization. Other than this, the rising demand for eco-friendly material in the construction industry, the non-vulnerability and high durability of fibers, and the ban on asbestos cement products are anticipated to encourage the adoption of fiber cement for building and construction in the long run. As a result, these materials are used widely in several applications, including roofing, cladding, and building facades across both residential & non-residential sectors.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|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 high diversification in product offerings and the adoption of advanced technologies will offer lucrative growth opportunities for the market in the forthcoming period. However, the need for more skilled labor and the complex procedure of installing products made using such kinds of cement are some prominent factors likely to limit the expansion of the Global Fiber Cement Market during 2023-28.
Key Driver: Rising Prominence of the Fiber Cement as an alternative to Asbestos in the Construction Industry
One of the significant key drivers responsible for the expansion of the market includes the rising prominence of fiber cement in the construction industry. Undoubtedly, the product has plenty of benefits to offer to its end users, and the market is projected to follow the footprints of success during 2023-2028. The growth can be attributed to the ban imposed on asbestos cement products. The International Ban Asbestos Secretariat (IBAS) reports that over 60 countries have enacted complete bans on Asbestos due to its well-known health and safety risks.
Since they are often used for residential construction for rooftop extensions, storage rooms, cottages, farmhouses, site offices, and so on, manufacturers have turned their focus to fiber cement as an alternative to Asbestos, citing their functional similarity. Moreover, due to its extended life, versatility, and attractiveness, paired with its remarkable resistance to fire, weather, warping, and rotting, the product has gained popularity in the construction industry. Such tremendous factors are urging the market to expand exponentially during the projected period.
Possible Restraint: Complications Related to the Installation of Fiber Cement Siding
The shortage of skilled labor and the 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 2023-28. Therefore, a vast understanding of the several nails and guns used in the installation procedure must be improved.
Moreover, it might adversely affect an individual since cutting the sides and edges of the cement emits crystalline silica, which is a harmful human carcinogen. When crystalline silica gets excessively emitted into the air, it enlarges the risk of silicosis, lung cancer, and chronic obstructive pulmonary disease (COPD). Hence, the harmful effects of installing fiber cement necessitate skilled labor, and the lack of it may cause market growth obstacles during the forecast period.
Based on Application,
Here, Siding is one of the significant applications of fiber cements. With a rapid surge in the construction of residential & non-residential buildings, the demand for such materials in Siding applications is increasing substantially. In addition, the rising inclination for green buildings, coupled with the need for style, durability, & affordability, is also contributing to the increasing adoption of such products for construction purposes and will drive the market during the projected period.
Along with this, molding & trimming is the fastest-growing application in the market due to the increasing installation of trim boards in housing projects, coupled with its superior performance attributes, including low maintenance requirements, the ability to withstand harsh weather conditions without rotting, and fireproof characteristics. In addition, fiber cement moldings & trims are used primarily in exterior applications. Hence, these aspects are propelling the use of such types of products for molding & trimming applications, thereby contributing to the overall market growth.
Based on Material,
Of these, Portland Cement has the major potential to accelerate the growth of the market. Even during the historical period, it dominated as the leading material segment of the market due to its production via mixing calcium, silica, iron, aluminum, and other essential additives. Portland Cement is classified under Ordinary Portland Cement (OPC) and White Portland Cement. Its low maintenance and production cost, simplest raw materials, including limestone, naturally occurring minerals, and shale used for the production, are the significant variables that will unquestionably change the entire market paradigm in a progressing way.
Geographically, the Global Market expands across:
Geographically, of all regions, Asia-Pacific holds the largest share of the Fiber Cement Market, mainly because it is the fastest-growing economy worldwide, creating the massive potential for infrastructural developments. Moreover, the booming construction industry in India & China, substantial investments in infrastructural developments, and mounting awareness regarding the harmful impact of using asbestos are other crucial factors driving the demand for these products in Asia-Pacific.
Additionally, stringent norms regarding using asbestos cement in construction activities have shifted builders & related authorities towards using alternatives.
Further, Europe is anticipated to witness the fastest market growth during the forecast period, mainly due to the mounting trend of constructing energy-efficient buildings. Additionally, surging European residential constructions are fueling market growth across the region.
Recent Developments in the Global Market
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Frequently Asked Questions
A. The “Fiber Cement Market” is projected to grow at a CAGR of around 5.6% during the forecast period, i.e., 2023-28.
A. The market is more likely to influenced by a plethora of advantageous factors which include developing countries getting more exposure to rapidly strengthening urbanization in addition to industrialization, rising demand in the construction industry, non-vulnerability and high durability, and the ban on asbestos cement products.
A. 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), CSR Limited (Australia), and Elementia are the leading players in the market.
A. Siding is anticipated to emerge as an area of remunerative opportunities for the leading players in the Market during the forecast period.
A. The Asia-Pacific region would present lucrative prospects in the “Fiber Cement Market” during 2023-28.
A. Lack of adequate knowledge and skills for installation is the possible restraint that might affect the development of the market during 2023-28.