The fiber cement market is poised for steady growth, projecting a Compound Annual Growth Rate (CAGR) of 4.7% from 2023 to 2033. With an anticipated market share of US$ 28.68 billion by 2033, the industry is expected to witness significant expansion compared to its estimated value of US$ 18.12 billion in 2023. This growth trajectory underscores the enduring demand and adoption of fiber cement solutions in the construction and building materials sector over the next decade.
Fiber cement has emerged as a versatile and durable building material, gaining prominence in the construction industry worldwide. Composed of cement, sand, and cellulose fibers, this composite material exhibits remarkable strength, resilience, and fire resistance. The global fiber cement market has witnessed substantial growth in recent years, driven by its widespread applications in residential, commercial, and industrial construction projects.
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Key Points
- The United States market leads North America’s fiber cement market in terms of market share in North America. The United States held a market share of 11.4% in 2022. The factors attributed to the growth are rising residential and industrial construction and the government providing subsidies to eco-friendly construction material businesses.
- Germany’s fiber cement market held a healthy market share of 8.9% in 2022. The market growth is caused by the German government’s extended research and development programs, focusing on using materials like carbon fiber, fiber-reinforced concrete, etc.
- India’s market thrives at an average CAGR of 5.5% between 2023 and 2033. Further, the growth is attributed to the penetration of innovation in the construction and electrical sector.
- China thrives at a CAGR of 5.1% between 2023 and 2033.
- Based on raw material type, the Portland segment held the leading market share of 37.9% in 2022.
- Based on application type, the sliding segment leads as it held a market share of 24.3% in 2022.
Competitive Landscape
The key suppliers focus on sustainability, reusable material, and fast installation. The competitors merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- PPG Industries Incorporated has launched its protection over wood along with fiber cement and composite substrates, delivering to verticals like automotive, commercial, and residential.
- Ecolab Incorporated has introduced the fiber building materials such as fiberglass filament, mat, and insulation. These products also include flat glass, ceiling tiles, and fiber cement.
Key Players Profiled in the Market
- Dow Chemical Company
- Hardie (James) Industries Plc.
- Imerys SA
- Elementia SA de CV
- Building Materials Corporation of America
- PPG Industries Incorporated
- Akzo Nobel NV
- Canfor Corporation
- Ecolab Incorporated
- Central Fiber LLC
- Mercer International Incorporated
- US Silica Holdings Incorporated
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Key Segmentation of the Fiber Cement Market
By Raw Materials:
- Silica
- Portland Cement
- Cellulosic Fiber
- Others
By End User:
- Residential
- Non-Residential
By Application:
- Cladding
- Siding
- Backer Boards
- Molding and Trimming
- Roofing
- Wall Partitions
- Others
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