Market Highlights

The global fiber cement market is projected to be valued at USD 21,393 million by the end of 2028, registering a CAGR of more than 4.5% during the forecast period.

Fiber cement is also known as reinforced fiber cement. It is a composite building material used in construction and is mainly composed of Portland cement, fine silica (sand), cellulosic material, and other additives. It offers benefits such as resistance to fungi, mold, and bacteria, thereby increasing its durability. Furthermore, the material is low-cost and inert. Thus,it can directly be dumped in landfills,with no harm to the environment. Fiber cement panels are used for exterior wall cladding, partition walls, ceilings, and decorative applications.

The primary factor driving the global fiber cement market is its widespread use in the construction industry. Extensively used in rooftop extensions, storage rooms, sentry posts, cottages, farmhouses, site offices, etc., in residential construction, the global demand for fiber cement is expected to surge during the review period. Its commercial applications are in offices, labor quarters, transit camps, rehabilitation centers, schools, and healthcare centers. It exhibits characteristics such as long-life span; versatility and aesthetics; heat and fire resistance; weather resistance; warping and rotting resistance; high strength; and low maintenance cost, making it an ideal choice for siding applications.

Furthermore, the fiber cement board, also called v board, is a cost-effective and time-saving solution for the construction of drywalls. Therefore, the use of v board for energy efficiency in construction is one of the factors creating new growth opportunities for players in the global fiber cement market

COVID-19 Impact Analysis

The pandemic has had a significant impact on the construction sector, which is sensitive to economic cycles. However, the construction sector holds power to fast recovery owing to its potential to create jobs; and in turn, recovery measures can support the sector’s transformation towards sustainability and digitalization. Many companies in the construction sector are going through a financial recession, so companies are laying off many of their workers. Overall, the construction industry has taken a terrible turn on account of the factors such as weak global demand, supply disruptions, global financial shocks, factory shutdown, reduced discretionary spending, and delayed CAPEXcycle.

Segment Analysis

The global fiber cement market has been segmented on the basis of product, application, end use, and region.

On the basis of product, the global fiber cement market has been segmented into boards, panels, and others. The boards segment accounted for the largest market share in 2020 and is estimated to register a CAGR of 5.08% during the review period. Fiber cement board is a stable performance and lightweight building & decoration board used as a major and natural fiber reinforced, with the process of pulping, emulsion, forming, pressing, autoclaving, drying, and surface treatment.

By application, the fiber cement market has been categorized into siding, flooring, inner lining, fire and acoustic walls, partition wall, roofing, molding & trim, and others. The demand for fiber cement siding is increasing on account of its favoring factors such as easy installation, affordability, and weather resistance.

Based on end use, the global market is bifurcated into residential and non-residential. The non-residential construction segment is further segmented into commercial, industrial, and others. The residential segment was valued at USD 9,396.8 million. However, the non-residential segment is expected to register a higher CAGR of 5.63% during the assessment period.

Key Findings of the Study:

• • The global fiber cement market is projected to reach a value of USD 21,393 million by 2028,with a CAGR of around 4.5%during the forecast period from 2021 to 2028.

• • Asia-Pacific accounted for the largest market share in 2020; this is due to the increased residential construction in the region on account of improving economic conditions and increasing population.

• • Latin America is expected to be the second-fastest-growing regional market registering a CAGR of over 5%.

• • The Middle East & Africa market is likely to register significant growth due to the presence of infrastructural hubs in GCC countries. Moreover, the upcoming global events, i.e., Expo 2020 and FIFA Worldcup 2022, are likely to impact the construction and renovation in the region, thereby driving the fiber cement market.

• • Focus on energy efficiency in construction activities is a key opportunity in this market.

Europe Fiber Cement Market Outlook 2030: Industry Insights & Opportunity Evaluation, 2019-2030

The post Rising Investment in Residential Construction To Drive the Global Fiber Cement Market first appeared on CRI Report.