The growing need for curbing the overall carbon emission from the building & construction sector drives the growth of the global 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.”
On the basis of construction type, the siding segment contributed to the lion’s share in 2020, holding more than half of the global fiber cement market. Fiber cement siding is a building material which is made of sand, cement and cellulose fibers used in residential or non-residential areas to cover the exterior of a building. Rise in the number of residential as well as non-residential projects across the world fuels the segment growth. However, the molding and trim segment is projected to manifest the fastest CAGR of 4.91% from 2021 to 2030.
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The market across Asia-Pacific, followed by Europe and North America, dominated in 2020, garnering nearly half of the global fiber cement market. The same region is also expected to cite the fastest CAGR of 4.81% throughout the forecast period, due to the increasing demand for residential construction in the province.
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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