The global fiber cement board market value is likely to jump from US$ 10,980.6 million in 2023 to US$ 16,890 million by 2033. This estimated growth is expected to be driven by a steady CAGR of 4.4% in the global fiber cement board market over the next decade.
Increasing demand for high-performing fiber cement board building solutions in the construction industry is fueling the market growth. Their adoption is also driven by their ability to reduce construction costs, as they are easy to transport and require minimal effort by labor.
Sales of fiber cement boards are predicted to flourish in developing economies as investment in the construction of housing projects surges. Emerging new projects including single- and multi-family housing are enhancing the scope of construction materials.
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In India, the residential construction sector is expected to be supported by the Pradhan Mantri Awas Yojana-Urban (PMAY-U) “Housing for All” Mission that is predicted to continue till 31st December 2024.
The increasing concern of the Indian government to complete big infrastructure projects prior to the 2024 elections is also a key motivator of infrastructure construction in the country. Thus, creating significant opportunities for fiber cement board producers.
Development of the commercial sector that incorporates hospitality buildings, outdoor leisure facilities, retail buildings, office buildings, and other commercial buildings is another factor that is increasing prospects for the product. Apart from offices and other projects, the expansion of the tourism business is also expected to bring new avenues for construction.
“Soaring investments in housing and infrastructural projects, especially in developing countries, are creating multiple opportunities for the producers of construction materials like fiber cement board. With these emerging opportunities, key players are focusing on enhancing their product portfolio by taking into account the valuable insights from their customers. This strategy is predicted to give them leverage over their competitors,” says an FMI analyst.
Key Takeaways from the Fiber Cement Board Market Report:
· In 2022, the fiber cement board market attained a value of US$ 10,520 million.
· Based on end use, the commercial segment is expected to obtain a 32.10% market share in 2023.
· Portland cement is predicted to acquire a market value of 78.10% in 2023.
· China and India are assessed to expand at significant CAGRs of 5.1% and 5.3% through 2033.
· Japan is predicted to exhibit a growth rate of 2.7% CAGR over the forecast period.
· Germany and the United Kingdom are predicted to register CAGRs of 1.8% and 2%, respectively.
· The United States market is projected to record a CAGR of 2.3% through 2033.
Developments Taking Place in the Fiber Cement Board Market
Key players in the market are offering innovative products to raise the bar higher for their competitors. For instance, Buildrite Construction Chemicals, a prominent construction chemical player in the Philippines, introduced eight new and inventive products at WorldBex 2023. Among these products is Tofil 807 and 808, which is a drywall finishing system that is equipped with anti-crack technology. This product is suggested for gypsum boards and fiber cement boards to eliminate the issue of cracking joints.
Active market participants are offering innovative fiber cement boards, consisting of a range of exterior and interior systems like throughwall systems, partitions, and ceilings. With such elaborate offerings, players are focusing their efforts on providing premium quality solutions offering long-lasting beauty and trusted protection.
Key Players in the Fiber Cement Board Market
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
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
Middle East and Africa