The global fiber cement board market is anticipated to create robust growth over the assessment period by registering a CAGR of 4.3% from 2022 to 2032. The global market registered a valuation of around US$ 10 Billion in 2021 to reach a valuation of US$ 27 Billion by 2032. The growth of the market is attributed to the increasing usage of fiber cement boards in various sectors such as commercial, industrial, and residential buildings. This material is mostly utilized to cover the exteriors of the buildings.
The construction sector has been the prominent end user of the fiber cement board market for the past several years. Furthermore, the surging population in cities owing to rising migration and urbanization has led to a significant rise in construction projects. Since more opportunities are growing in cities, people in large numbers are shifting to urban centers which have led to a tremendous increase in construction activities across the regions of the world.
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Key Takeaways
- The demand for fiber cement boards has a prominent presence in the construction industry. This material 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.
- Rising construction activities in urban cities are attributed to the increasing demand for new housing as well as the refurbishment of old constructions is also expected to increase the demand for fiber cement board in the coming years.
- The construction industry has the maximum utilization of fiber cement board in various residential and industrial development for various applications. Tile backing, ceiling, roofing, and flooring are some of the applications among others.
- The growth of the fiber cement board market in the real estate and construction industry is poised to indirectly supplement the sales of fiber cement boards in the forecasted years. Moreover, fiber cement board is known for its water resistance. They are also more resistant to mold and mildew and do not disintegrate or break down due to continuous exposure to moisture.
- Fiber cement is built with more than 90 percent of non-flammable material. Therefore, it does not catch fire easily, which makes it safe for use in various applications. Such numerous advantages are predicted to be the major driving factor for the growing demand for fiber cement boards in the global market.
- Fiber cement board is considered an expensive construction material and costs more when compared to alternatives such as Vinyl boards for installation. Alternatives including vinyl boards are known for their energy efficiency and require less maintenance. These factors are anticipated to impact the growth in demand for fiber cement boards in the future.
- Rising government initiatives across lower and middle-income countries are attributed to providing affordable housing to a massive section of society. Rising opportunities in developing countries are likely to create huge demand for fiber cement boards during the forecast years.
- Increasing renovation activities carried out within all the higher-income regions are expected to further boost the sales of fiber cement boards across these regions. The fiber cement board market share contributed by developed regions is predicted to drive the global market in the coming days.
Competitive Landscape
Some of the key players in the global fiber cement board market are working on expanding their portfolio company and augmenting their fiber cement board market share in the coming days. Furthermore, new technological advancements within the fiber cement board market are creating new growth opportunities over the forecast period.
Key Companies Profiled
- 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
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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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