NEW YORK, May 18, 2022 /PRNewswire/ -- The fiber cement market valued $17,500.0 million in 2021, which is on the path to reaching $27,743.8 million by 2030, advancing at a 5.3% CAGR between 2021 and 2030, according to the market research report published by P&S Intelligence. The rise in the usage of this material on the exterior and interior surfaces of residential buildings is expected to propel the market growth. Additionally, the features of fiber cement, such as fire resistance, water resistance, durability, stability, and high strength, are boosting its demand.
When opposed to asbestos, fiber cement causes less harm to the environment. As a result, governments have imposed restrictions to check asbestos usage, with many already having banned it, in turn, leading to a greater use of fiber cement. For example, the European Union prohibited asbestos content in new products in 2005 citing its health risks.
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Key Findings of Fiber Cement Market Report
- Briarwood Products, a supplier of cement roofing sheets, purchased Tubex SA, a maker of molded things and fiber cement sheets headquartered in Spain, in March 2022.
- Patina Inline, a fiber cement facade board, was introduced by Cembrit UK in June 2020. Using machined linear grooves in the facade board, this product gives the building a 3D look. The product has greater strength and longer life due to its fiber cement composition.
- APAC is the major fiber cement market, and it is predicted to develop the quickest between 2021 and 2030. The region has some of the world's fastest-growing economies, and the governments are focused on providing enough chances for infrastructure development.
- For instance, in 2019, the Chinese government approved 26 infrastructure projects for a total of $142 billion, with completion in 2023. Moreover, China is following green building guidelines for new development projects.
- Till now, the highest fiber cement market revenue has come from the sale of Portland cement among all raw materials. To reduce the dangers of silica dust, quartz sand, and silica sand exposure, strict laws and regulations are being implemented, thus resulting in the increasing use of Portland cement.
- In the coming years, the residential sector is predicted to grow at an over 5% CAGR. The usage of fiber cement on the exterior walls of single-family dwellings in the U.S. grew from approximately 5% in 2005 to over 8% in 2020.
Fiber cement is mostly used in siding applications, which accounted for approximately 40% fiber cement market revenue. People favor fiber cement siding over other materials as it can endure stronger winds compared to vinyl siding and is lighter and less expensive than brick-and-stone siding.
Browse detailed report on Global Fiber Cement Market Size, Share, Growth and Demand Forecast to 2030
Key players have constantly released new products and acquired other businesses in recent years. These players are Plycem Corporation, Nichiha Corporation, CSR Limited, Toray Industries Inc., Compagnie De Saint Gobain SA, James Hardie Industries PLC, The Siam Cement Public Company Limited, Etex Group NV, Evonik Industries AG, and Cembrit Holding A/S.
Fiber Cement Market Segmentation Analysis
By Raw Material
- Portland Cement
- Silica
- Cellulosic Fiber
By Application
- Siding
- Roofing
- Cladding
- Molding and Trimming
By End User
- Residential
- Non-Residential
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Italy
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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