The fiber cement board market is estimated to create an absolute dollar opportunity with a steady CAGR of 4.3% throughout the forecast years 2022-2032. Fiber cement boards are constructed of plant extract cellulose, cement, and sand. Cement plays an important role in the formation of fiber cement boards as it fits as an extremely hard material that makes it a quite affordable alternative for the real estate business.
Fiber cement boards are widely used for covering the exteriors of the buildings in residential, commercial, and industrial buildings. The construction sector is the prominent end-user of the fiber cement board market. With the rising need for residential buildings, the fiber cement board market is also anticipated to showcase phenomenal growth over the forecast period.
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Key Takeaways
• The rising population in the cities and the increased number of migrations from rural to urban areas have led to rapid urbanization. A significant rise in construction projects has been seen over the past few years and is estimated to rise in the future, resulting in increased sales of fiber cement boards in the global market.
• Rising inclination towards creating planned cities and better living conditions are driving sales of fiber cement board more in all the countries simultaneously.
• The government is rapidly taking initiatives across the lower and middle-income countries in order to provide affordable housing to large sections of society. These opportunities are expected to create massive demand for fiber cement boards during the forecast years.
• All the major higher-income regions carry out renovation activities that are expected to further boost the sales of fiber cement boards in these regions. The contribution of developed regions in the construction sector is predicted to boost sales in the fiber cement board market.
• The construction industry has maximum contribution to the sales of fiber cement board market since it is used for applications such as flooring, siding, and roofing, among others. Growth in the construction industry is expected to drive the sales of fiber cement boards extensively in the future.
• Increasing demand for new housing and refurbishment of old constructions is drastically increasing demand for fiber cement board in the coming years.
Competitive Landscape
James Hardie Industries PLC, Etex Group NV, Cembrit, Mahaphant Fibre Cement Co., Ltd., Elementia, S.A.B de C.V., Everest Industries, Saint-Gobain, Hume Cemboard Industries, Nichiha Corporation, Soben board Everest are some of the key companies profiled in the full version of the report.
Key market players are expected to expand the portfolio of the company and augment its fiber cement board market share in the coming days. Some major companies in the industry are making technological advancements to get an edge over the market.
More Insights into the Fiber Cement Board Market
North America and Europe are expected to lead the global fiber cement board market. Countries including the U.K, North America, Germany, and Spain among others are expected to be prominent countries in the fiber cement board market owing to high construction spending in these countries.
The surge in the global construction activities in commercial and residential areas is expected to contribute to the growth of the fiber cement board market in North America.
There is an aesthetic advantage attached to fiber cement board as it resembles wood planks or wood shingles which makes the demand for fiber cement board in the architecture sector also. Moreover, the sales of fiber cement boards are more eco-friendly options for residential applications.
Regions such as the Asia Pacific, Latin America, and countries like MEA are witnessing a surge in construction activities amidst growing urbanization is expected to drive the demand for fiber cement board in the global market.
Developing countries like India, China, and Indonesia are foreseeing rapid population growth which is yet another factor driving sales of fiber cement boards and better housing conditions, which is expected to drive the construction industry in the Asia Pacific region.
North America and European regions are predicted to hold a prominent share in the global fiber cement board market. New opportunities for the fiber cement board market are predicted to be generated from the Middle East & Africa, and Latin America regions.
Key Segments
By Raw Material:
• Portland cement
• Silica
By Application:
• Commercial Buildings
• Residential Buildings
By End Use:
• Residential
• Commercial
• Industrial
By Region:
• North America
• Latin America
• Europe
• Asia Pacific
• MEA
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