Allied Market Research published a research report on the fiber cement market. The findings of the report state that the global market for fiber cement generated $16.4 billion in 2020, and is expected to garner $24.4 billion by 2030, witnessing a CAGR of 4.11% from 2021 to 2030. The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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Eswara Prasad, the Manager, Chemicals and Materials at Allied Market Research, highlighted, “Rapid increase in urbanization and industrialization increases the demand for fiber cement products in the construction industry and need for higher efficiency of fiber cement products. The rise in awareness among individuals toward the environment leads to increase in demand for eco-friendly products. The stringent regulations & policies for the ban asbestos cement products generate rise in demand for fiber cement products. Rapid innovation and development of various environment-friendly fiber cement products and increase in infrastructure activities in the emerging economies impact the development of the market positively. The ongoing renovation of old houses in the developed countries is expected to provide lucrative opportunities for the development of the fiber cement market during the forecast period.”
The report offers an in-depth analysis of drivers, restraints, and opportunities to help market players in devising strategies and capitalizing on potential market opportunities. Rapid growth of the residential sector and construction sector, and ban on asbestos cement products by government agencies drive the growth of the global fiber cement market. In addition,rise in adoption of fiber cement in prime end-use industries, namely residential, commercial, infrastructure, hospitality, and other offers is expected to boost the market growth. However, lack of skilled workforce for manufacturing fiber cement products hinders the market growth. Moreover, proactive government initiatives to increase infrastructure investments and boom in the construction sector in developing countries, including India, South Africa, China, Thailand, and others, are expected to offer lucrative growth opportunities to the global fiber cement market in the coming years.
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The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the fiber cement market across the globe. The outbreak of COVID-19 had a significant impact on construction activity around the globe, thus affecting the global fiber cement market in 2020. The lockdown limitations in several nations hampered the production activities during the COVID-19 pandemic, due to this the building materials sector witnessed a significant reduction in terms of trade. Due to the disturbance in logistics, procuring raw materials was challenging. Since China is the world’s largest producer of Portland cement, the spread of COVID-19 had a significant impact on the global fiber cement business.
The report offers a detailed analysis of segments of the global fiber cement market. These segments include raw material, construction type, end use, and region. This analysis assists new entrants, investors, and market players as they can determine the fastest growing and highest revenue-generating segments for determining growth strategies for the next few years.
By raw material, the Portland cement segment dominated the global fiber cement market in terms of revenue in 2020, and is expected to maintain its lead throughout the forecast period. Portland cement is the most widely used type of cement, which is used for making concrete and mortar. The report also includes an analysis of silica and cellulosic fiber segments.
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By end-use, the non-residential sector contributed to the highest market share, and is anticipated to continue its lead during the forecast period. This is owing to the increased installation of fiber cement products in commercial, infrastructure, and other projects. The report also includes an analysis of residential segments.
By region, Asia-Pacific held the largest market share in 2020, and is expected to witness high demand for fiber cement, thus maintaining its dominance during the forecast period. The high adoption of fiber cement products in the region would continue to bolster the fiber cement market size.
The leading market players analyzed in the global fiber cement market report include James Hardie Industries PLC, Etex Group NV, Evonik Industries AG, Toray Industries Inc., Compagnie De Saint Gobain SA, CSR Limited, Nichiha Corporation, The Siam Cement Public Company Limited, Plycem Corporation, and Cembrit Holding A/S.
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