Wilmington, Delaware, United States, July 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global fiber cement market was valued at US$ 14.2 Bn in 2022. It is estimated to grow at a CAGR of 5.2% from 2023 to 2031 and reach US$ 22.5 Bn by the end of 2031.
Rise in demand for sustainable and durable building materials is fueling the fiber cement market. Fiber cement offers several advantages in comparison to traditional materials such as vinyl or wood. This includes fire resistance, long-term durability, and low maintenance.
Rise in adoption of green building practices and regulations promoting energy-efficient construction practices is fueling market expansion. Increase in investment in infrastructure development and renovation activities is also anticipated to fuel market development in the next few years.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 14.2 Bn | |
| Estimated Value | US$ 22.5 Bn | |
| Growth Rate - CAGR | 5.2% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 325 Pages | |
| Market Segmentation | By Type, By Application, End-use | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | James Hardie Industries plc, Cembrit Holding A/S, Nichiha Corporation, Everest Industries Limited, Saint-Gobain, Plycem USA, Inc., GAF, Elementia, EQUITONE, and Soben International | |
Competitive Analysis
The global landscape is extremely consolidated, with a handful of large-scale vendors accounting for the majority of the market share. Companies are focusing on innovation and technological advancements in fiber cement production to develop environmentally friendly products.
Prominent players in the fiber cement market include James Hardie Industries plc, Cembrit Holding A/S, Nichiha Corporation, Everest Industries Limited, Saint-Gobain, Plycem USA, Inc., GAF, Elementia, EQUITONE, and Soben International.
Fiber cement is a composite material composed of cement, cellulose fibers, sand, and additives. It is gaining popularity in building applications due to its minimal maintenance and fire-resistance attributes.
Key Findings of Study
Rise in Adoption of Sustainability and Green Building Practices Fueling Market Growth – Fiber cement is gaining popularity in the construction sector due to the increase in adoption of environmentally friendly building materials and green construction practices. It can help improve energy efficiency in buildings.
Fiber cement is manufactured from renewable and recyclable materials and thus has a lower carbon footprint than other construction materials. Therefore, an increase in regulations promoting energy-efficient construction practices is augmenting market value.
Fiber cement is composed of cement, cellulose fibers, sand, and additives. These materials can be produced from renewable sources as well as recycled materials. Adoption of renewable and recycled materials reduces dependence on non-renewable materials and promotes the preservation of natural resources.
Fiber cement is associated with a lower carbon footprint compared to some other building materials. The production of fiber cement requires less energy and generates fewer greenhouse gas emissions. Therefore, a lower impact on the environment supports sustainability objectives and decreases climate change.
Rapid Urbanization and Infrastructure Development Driving Market Trajectory – Population growth, rapid urbanization, and infrastructure development are some key factors favoring the adoption of fiber cement in various applications. Fiber cement is widely used in various applications in residential, commercial, and industrial buildings. Therefore, increase in investment in infrastructure development to support rapid urbanization is fueling fiber cement market size.
Fiber cement offers a range of aesthetic options for building construction activities. It can be manufactured to imitate the appearance of various materials, including stone, brick, wood, or stucco.
Fiber cement can be easily customized to meet specific requirements. It can be formed, cut, and molded into different shapes, sizes, and textures.
Extensive Usage in Roofing Applications Driving Market Revenue – In terms of application, the roofing segment is anticipated to dominate the global industry during the forecast period. Fiber cement is extensively used in the roofing of buildings owing to its excellent durability. This allows roofs to withstand extreme weather conditions, heavy rain, and extreme temperatures. Additionally, fiber cement is resistant to warping, cracking, and rot, thus minimizing maintenance of buildings.
Fiber cement roofing requires minimal maintenance in comparison to other roofing materials. It is resistant to insects, moisture, and decay, which reduces the need for frequent repairs or replacements.
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Growth Drivers
- Rapid urbanization and rise in construction activities are fueling the fiber cement market
- Surge in adoption of sustainability and green building practices is augmenting market growth
Regional Landscape
The fiber cement market in North America is anticipated to account for the leading share of the global industry during the forecast period. Rise in investment in remodeling and renovation activities in the residential sector is propelling market dynamics in the region.
The U.S. is a key market for fiber cement in North America. This can be ascribed to the strong focus on green and energy-efficient construction practices in the country.
Asia Pacific is anticipated to emerge as a key market for fiber cement. Rapid urbanization, population growth, and infrastructure development in countries such as China and India are augmenting market growth in the region. Increase in regulations to promote green building practices is also contributing to the growth of the global industry in the region.
The global fiber cement market is segmented as follows:
Global Fiber Cement Market, by Type
- Cellulose Fiber-based
- Synthetic Fiber-based
- Mineral Fiber-based
- Natural Fiber-based
Global Fiber Cement Market, by Application
- Siding
- Roofing
- Molding & Trim
- Flooring
- Others
Global Fiber Cement Market, by End-use
- Residential
- Commercial
- Industrial
Global Fiber Cement Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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