August 11, 2021 22:43 ET | Source: Market Research Future Market Research Future
New York, August 12, 2021 (GLOBE NEWSWIRE) - Fiber Cement Market Overview: According to a comprehensive research report by Market Research Future (MRFR), "Fiber Cement Market: Information by Product, Application, End Use, and Region-Forecast By 2028.”, the market value is expected to be 24.87 billion U.S. dollars by 2028, the compound annual growth rate during the forecast period (2021-2028) is 5.59%, and the market value in 2020 is 16.4 billion U.S. dollars.
The list of major companies introduced in the fiber cement market research report are:
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Most of these companies compete based on product quality, brand identity and cost. They focus on selling cost-effective, high-quality and environmentally friendly products that meet all international quality standards to maintain relevance in the global market. In order to enhance their market position, participants have adopted various strategies, including acquisitions, geographic expansion, partnerships, and mergers with major stakeholders.
Given its impressive durability and strength, fiber cement is mainly used for exterior wall and roofing products. Its advantage of being easy to install on the wall of a building promotes its demand in the market. Fiber cement siding helps to cover the exterior of buildings and can be used in commercial and domestic applications. However, asbestos was once the most widely used support material in the construction industry; for safety reasons, it was replaced by cellulose. Fiber cement has many advantages, including high resistance to termites and impact, no decay, and incredible fire resistance. The product can also be used for exterior walls, roofs, interior walls, etc.
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The booming global population, increasing disposable income and the prevalence of nuclear families have led to a surge in the number of residential construction projects. With the advancement of economic conditions, the residential construction industry has grown rapidly in several emerging countries. This helps to a large extent increase the demand for fiber cement.
Another encouraging factor for market growth may be a significant increase in infrastructure development. As major events such as the 2022 FIFA World Cup, the UAE and Qatar, and the 2020 World Expo promote the number of renovation and construction activities, the demand for fiber cement is bound to increase substantially in the coming years.
The large number of fiber cement substitutes available on the market and the high installation cost of this product may be the main obstacles to market growth in the next few years.
Most companies focus on protecting the well-being and health of their employees, while also complying with the government's social distancing orders. They are working hard to maintain key business operations, especially in industries such as healthcare, food production, and power generation.
Considering the sharp decline in product demand in many major end-use sectors, the reduction in production capacity is also a result of the COVID-19 pandemic. Other challenges include disruptions in the supply chain of major raw materials and falling prices.
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The products, applications and end uses of the fiber cement market can be considered.
The products covered in the MRFR study of the fiber cement industry include panels and boards. The board of directors constitutes the leading market segment with the highest share in the market, and may also achieve a growth rate of 5.08% between 22019 and 2028.
Some of the main applications of fiber cement are modeling and decoration, flooring, siding, fire and sound insulation walls, linings, roofs, partition walls, etc. To ensure market leadership, by the end of 2028, the siding part will reach 4.722.3 billion US dollars. The dominance of the siding segment is the result of its various advantages, including high degradation resistance and low maintenance requirements.
Regarding end use, the global market caters to residential and non-residential. The residential sector occupies the highest share of the fiber cement market, and the compound annual growth rate from 2019 to 2028 will reach 4.57%. In view of the expanding middle class population, the residential sector is the main end user of fiber cement, and their disposable income has increased. These factors have contributed to the growth of the middle-class housing category. This has led to a large demand for fiber cement in the residential sector. The Asia-Pacific region has the largest construction industry in the world, led by India, China and several other Southeast Asian countries. The Indian government has launched a project called "Housing for All by 2022", which may help to significantly promote the development of the low-cost residential construction industry in the next few years.
Regional status of fiber cement market
The Asia-Pacific region is the largest market for fiber cement, accounting for nearly 40% of the total scale. The high expenditures of the private and public construction sectors in India, South Korea and Thailand are huge growth drivers for the fiber cement market. In addition, due to China's significant contribution to economic growth, coupled with the rapid development of urbanization and infrastructure projects, product demand will continue to grow in the next few years. In addition, the amazing growth of the residential sector and the emergence of the smart city concept in India have created miracles for the market.
In view of the affordable housing in the UK and Germany, the European market is also quite attractive. These countries are known for taking measures to increase building productivity, reuse vacant properties, redesign and proper land use, which promote the use of fiber cement and benefit the regional market.
Market segments covered by the research:
By product (board, panel and others), application (wall panels, flooring, lining, fire and sound insulation walls, partitions, roofs, molding and decoration, etc.), end use (residential and non-residential) and region (North America, Europe) , Asia Pacific, Latin America, and the Middle East and Africa)-forecast to 2028.
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