Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, "Fiber Cement Market by Raw Material (Portland Cement, Silica, Cellulosic Fibers, and Others), Construction Type (Siding, Roofing, Molding & Trimming, and Others), and End Use (Residential and Non-Residential): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global fiber cement market is predicted to reach $24.4 billion by 2030. The market was valued at $16.4 billion in 2020 and is estimated to grow at a CAGR of 4.11% during the 2021-2030 period.
Growth Drivers, Market Restraints, and Investment Opportunities
Increasing consensus across the world regarding the need to reduce carbon emissions from the building & construction sector is predicted to expand the scope of the global fiber cement market. On the contrary, dearth of skilled labor in the developing economies might create hurdles in the growth of the market. Nonetheless, the rising pace of urbanization and industrialization, along with high efficiency of fiber cement products is anticipated to offer numerous growth opportunities in the market.
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The Portland cement segment to be highly dominant
By raw material, the Portland cement segment accounted for the highest share in 2020 with around half of the total revenue. The extensive use of Portland cement as a basic raw material for concrete, mortar, and stucco is anticipated to drive the growth of this segment. On the other hand, the cellulosic fiber segment is expected to have the highest CAGR of 5.09% during the 2021-2030 period.
The siding segment to grow rapidly in the forecast period
By construction type, The siding segment held the largest market share in 2020 with around half of the total share. The growing number of residential and non-residential projects across the globe is projected to strengthen the position of the segment. On the other hand, the molding and trim segment is estimated to demonstrate the highest CAGR of 4.91% during the forecast period.
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Asia-Pacific, followed by Europe and North America, to be the most profitable by 2030
By region, the Asia-Pacific fiber cement market, followed by Europe and North America, accounted for the largest market share in 2020 with around half of the total revenue. The market in the same region is projected to be the fastest growing with a CAGR of 4.81% during the analysis timeframe. Rising demand for residential construction in this region is predicted to become the major factor driving the growth of the market.
Leading Companies in the Market:
- James Hardie PLC
- Cembrit Holding A/S
- Evonik Industries AG
- Nichiha Corporation
- Saint Gobain SA
- Toray Industries Inc.
- Plycem Corporation
- The Siam Cement Public Co. Ltd.
- CSR Ltd.
- Etex Group NV
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