NEW YORK , May 19, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Fiber Cement Board Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Low-Density Fiber Cement Board, Medium Density Fiber Cement Board, and High-Density Fiber Cement Board), End User (Residential and Commercial), and Geography," the fiber cement board market is expected to grow from US$ 1,603.38 million in 2021 to US$ 2,339.16 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The rising demand in the building and construction industry are the major factors driving the market growth. However, high installation and maintenance costs restrict the growth of the fiber cement board market. The report highlights key factors driving the market growth, and prominent players and their key developments in the market.
Fiber cement is a long-lasting and low-maintenance material that is often used to cover the exterior of homes and, in some circumstances, commercial structures. It is made of cellulose fibers, cement, and sand, which define its strength.
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No. of Charts & Figures
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Fiber Cement Board Market: Competitive Landscape and Key Developments
Nichiha Co., Ltd; Cembrit Holding A/S; Dow Inc.; Beijing Hocreboard Building Materials Co. Ltd.; SCG Building Materials Co., Ltd.; Saint Gobain S.A.; Tepe Betopan A.Ş.; IKK Group; Hume Cemboard Industries Sdn Bhd; and ACFA Building Solution are a few key players operating in the fiber cement board market. Leading market players adopt new product launches and mergers & acquisitions as key business strategies to expand their geographic presence and consumer base across the world. For instance, in 2020, Cembrit Holding A/S introduced a new 3D effect facade board.
Growing awareness about the need for sustainable developments and increased construction of green buildings is increasing demand for the fiber cement boars. It is made using recycled materials such as cellulose fibers, sand, and cement, which aid in protecting human health and the environment. Fiber cement boards are nontoxic as they do not contain asbestos. It is a cost-effective option that may mimic the appearance of wood siding, clapboard, and shingles, along with supporting design variety. Furthermore, factors driving the expansion of the global fiber cement board market include fast urbanization and industrialization in emerging nations, a thriving building and infrastructure sector with increasing investments in these projects, and high efficiency of fiber cement products.
The global construction industry has witnessed significant growth during the last few years. This growth in construction activities is propelling the demand for construction materials including fiber cement boards. Moreover, fiber cement installations are very effective in places with extreme weather. They can serve as a feasible solution for aluminum and wood installations commonly seen near marine environments with salty air. These sidings are also effective against rain and hail.
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In 2021, Asia Pacific dominated the global fiber cement board market. The region is expected to continue its dominance during the forecast period. In the region, the fiber cement board market trends are influenced by the presence of well-established industries such as building & construction and transportation. Along with this, the presence of major fiber cement board manufacturing companies in Asia Pacific is providing growth opportunities for the market. For instance, in 2021, Saint-Gobain inaugurated the Gyproc gypsum board factory in Hai Phong, Vietnam , with an investment of more than US$ 42 million . In 2021, Europe was the second-largest region for the global fiber cement board market. The increased demand for fiber cement boards from the construction industry in Europe is driving the growth of the market in the region.
Rising Demand for Fiber Cement Boards
Fiber cement boards are increasingly used in the residential and commercial building and construction industries. Fiber cement board is a composite material made of cement reinforced with cellulose fibers that are used for both commercial and residential applications such as ceilings, partitions, flooring, cladding, etc. It can withstand weather conditions ranging from strong sun to heavy rain and can be used for exterior applications. Fiber cement boards are employed because, as compared to gypsum boards, they are more resistant to moisture and leakage. Cement boards have excellent moisture absorption and drying qualities, making them weather durable.
Advanced technical specifications and functionalities, and favorable regulations implemented by governments across the globe trigger the adoption of fiber cement boards. Rising demand for environmentally friendly and sustainable building goods, and increased government control on the use of asbestos are major factors driving the fiber cement board market growth. These boards combine cement with different organic or mineral fibers in certain proportions. The use of fiber in cement provides benefits such as low weight, crack resistance, and better flexibility. Furthermore, the incorporation of such products guarantees high-quality, long-lasting furniture that is resistant to water, fire, and termites.
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Fiber Cement Board Market Size: Segment Overview
Based on type, the fiber cement board market is segmented into low-density fiber cement board, medium density fiber cement board, and high-density fiber cement board. The medium-density fiber cement board segment dominated the fiber cement board market share in 2020 and is also expected to be the fastest growing segment during the forecasted period. These boards are often used in low-grade building ceiling partition walls. Further, medium-density fiber cement boards are used in middle-grade building partition ceilings, and high-density types are used in high-grade building steel structure outer walls, steel structure floors, etc. High density fiberboard segment was the second largest segment in 2020. There has been an increase in demand for high density fiberboards due to their high strength, lightweight, durability, and easy installation
Based on end user, the fiber cement board market is segmented into residential and commercial. The market for the residential segment is expected to grow at a higher CAGR during the forecast period. The fiber cement boards are waterproof and fire-resistant, which propels their demand in the building and construction industry. Along with this, the residential segment dominated the fiber cement board market in 2020.
Impact of COVID-19 Pandemic on Fiber Cement Board Market
The chemicals & materials industry faced unprecedented challenges during the initial months of the COVID-19 pandemic. The shutdown of manufacturing units adversely affected the production and supply of fiber cement boards. Moreover, lockdown and other social restrictions hampered the logistics and transportation sectors, thereby disrupting the supply chains. The discontinuation of operations in industries such as building & construction led to decreased demand for fiber cement boards. However, the ease of lockdown restrictions provided revival opportunities for the chemicals & materials industry due to the resumption of transportation and trade, which is likely to drive the fiber cement board market growth in the coming years.
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In 2021, Asia Pacific accounted for the most extensive share of the global fiber cement board market. The fiber cement board installations are becoming the most popular and lucrative home improvement project due to the various advantages, such as durability, versatility in style, heat and fire resistance, weather resistance, and low maintenance.
The increasing use of fiber cement boards in the residential sector and its superiority are the major drivers of fiber cement boards. Fiber cement boards are fireproof, insect resistant, and perform well in natural disasters. They have excellent sound insulation properties. These properties make it suitable for building good quality and long-lasting homes.
Based on the segment type, medium density fibreboard is expected to be the fastest-growing segment during the forecast period. These products are made up of wood products by breaking down hardwood or softwood residuals into wood fibers.
Based on the end-user, residential segment held the largest market share in 2021. In the residential sector, fiber cement boards are highly used for flooring, making furniture, wall cladding, etc. These fiber cement boards are considerably thermal resistant and fire resistant, making the board an ideal solution in kitchens.
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Adopting eco-friendly construction materials is a recent trend in the global fiber cement board market. Construction work requires a tremendous amount of energy, water, and different raw materials. This leads to the generation of large amounts of waste and potentially harmful atmospheric emissions. Therefore, companies focus on building eco-efficient buildings while reducing their environmental impact.
Fiber cement boards are composed of sand, cement, and cellulose fibers. They are made of Portland cement and have a glass-fiber mesh on the surface. These boards can be used alone or in conjunction with plywood. They are highly resistant to water, fire, and termites, which makes them an excellent choice for constructing high-quality, long-lasting furniture and structures.
Fiber cement boards have become a common option for residential building construction as they outperform plywood and other materials. Fiber cement boards are preferred over gypsum boards due to their greater resistance to moisture and leakage. Fiber cement boards have excellent moisture absorption and drying qualities, which make them weather durable.
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