The report titled “global fiber cement market Analysis and Forecast, 2019-2028” assesses the global market based on raw material, construction type, end user, and region. A comprehensive report provides a detailed historical and future market size with a comprehensive market trend analysis. The market share analysis, production capabilities of the top companies, an overview of the competition, strategic imperatives, key end users, construction value-added, construction projects, potential growth areas, and competition analysis for the target players evaluated in the global fiber cement market study.
Market Overview and Dynamics: Governments in countries like Canada and Mexico are promoting the construction of green buildings
The global fiber cement market is expected to grow at a CAGR of around 5.5% during the forecast period of 2022-2028. The global fiber cement market crossed US$ 17,500 million in 2021.
- Fiber cement is more environmentally friendly as compared to asbestos. Thus, national governments have regulations in place to limit the use of asbestos and are trying to impose a ban on its use, resulting in increased usage of fiber cement as its substitute. For instance, in 2005, the European Union banned the usage of asbestos in new products, as it is hazardous to health.
- Moreover, countries are shifting toward green buildings and constructions, for which governments have offered several supportive initiatives. For instance, the Government of Canada is encouraging the development of green and inclusive community facilities across the country through upgrades, retrofits, repairs, and new constructions.
Construction activity in the residential sector decreased significantly during the COVID-19 pandemic, which consequently had an effect on the cement industry. For instance, the consumption of cement fell by more than 3% globally in 2020.
Usage of this product is anticipated to be driven by the growing need to reduce overall carbon emissions from the building and construction sectors. Additionally, the market is being driven by factors including the quick urbanization and industrialization of developing nations, the rising construction sector, the high efficacy of fiber cement products, and the prohibition of asbestos cement products.
Additionally, the market participants have prospects thanks to a growth in investment in the infrastructure sector. The expansion of the worldwide fiber cement industry is, however, constrained by the scarcity of competent labor in developing nations.
- Based on raw material, Portland cement has historically been the raw material that generates the most revenue, and this is anticipated to hold true throughout the analysis period. The consumption of Portland cement is skyrocketing as a result of strict laws and regulations to reduce the dangers connected with silica sand, silica dust exposure, and quartz sand. This is fueling the market expansion in this category.
- Based on construction type, the majority of fiber cement is utilized in siding applications, which accounted for over 40% of revenue in 2021.
- People are choosing fiber cement siding over other types of siding due to its benefits, which include the fact that it is lighter and more cost-effective than brick and stone siding and can withstand strong winds better than vinyl siding.
- Currently, the cost of fiber cement siding ranges from US$ 5 to US$ 7 per square foot, but brick veneer siding normally costs between US$ 7 and US$ 12 per square foot.
- Based on end use, due to a growth in the installation of fiber cement products in commercial, infrastructure, and other projects, the non-residential sector holds the largest market share in 2020.
Competition Analysis: Regional Players Dominate the Domestic Markets
Due to the presence of many well-established companies in the global fiber cement sector, there is intense competition. In order to preserve a competitive advantage in the market, local businesses are developing new, advanced technologies and innovations as the government has boosted its investment in drones and unmanned aerial vehicles (UAVs). It is imperative that India is an import-driven market for drones and UAVs.
Acquisitions, product launches, and partnerships are the identified industry trend in the global fiber cement market. Significant consolidation is expected in the global market during the assessed period 2022-2028.
- In December 2022, Global building materials company James Hardie Industries (ASX: JHX) revealed it is slashing hundreds of jobs across the globe. The company confirmed it will cut around 100 jobs within the Asia Pacific region, mostly Australia, as it hands down redundancy notices to employees.
- In May 2022, the Siam Cement Public Company Limited announced that SCG.
Cleanergy Company Limited, a wholly owned subsidiary of SCC, and GULF1 Company Limited, a subsidiary in which Gulf Energy Development Public Company Limited indirectly holds 99. 99% equity stake, has jointly established SG Solar Company Limited in Thailand as a joint-venture company with SCG Cleanergy holding a 50% equity stake and GULF1 holding the remaining 50%.
Some of the leading players involved in the production and marketing of the fiber cement market include Etex Group NV, James Hardie Industries PLC, Evonik Industries AG, Compagnie De Saint Gobain SA, Toray Industries Inc., CSR Limited, The Siam Cement Public Company Limited, Nichiha Corporation, Plycem Corporation, and Cembrit Holding A/S, Elementia, S.A.B de C.V., Marley Eternit Ltd., Thai Olympic Fibre-cement Co., Ltd., Mahaphant Fibre Cement Co., Ltd., Everest Industries Ltd., Swisspearl, Equitone, Allura USA, Beijing Hocreboard Building Materials Co., Ltd., and Fry Reglet and others.
RationalStat has segmented the global fiber cement market on the basis of raw material, construction type, end use, application, sales channel, and region
- By Raw material
- Portland Cement
- Silica
- Cellulosic Fiber
- Others
- By Construction Type
- Siding
- Roofing
- Molding & Trimming
- Cladding
- Others
- By End Use
- Residential
- Non-residential
- Commercial
- Infrastructure
- By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
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