Fiber cement is a building material used to cover the exterior materials used in the construction of residential and non-residential buildings and is produced using three primary components, namely, Portland cement, silica, and cellulose fiber. The growth of the market is attributed to the increase in the demand for energy-efficient buildings across the globe. Growing urbanization and industrialization in developing countries, increasing regulations on the usage of asbestos, and expanding the construction industry contribute to the growth of the fiber cement market. However, the lack of skilled labor in developing countries and high installation costs of fiber cement products may inhibit the growth of the fiber cement industry in the coming years.
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MarketsandMarkets expects the global fiber cement market size to grow from USD 16.4 billion in 2020 to USD 20.3 billion by 2025, at a CAGR of 4.4% from 2020 to 2025. The market for fiber cement is segmented, on the basis of material, into Portland cement, sand, cellulosic material (fiber), and others. Portland cement is projected to be the largest segment for fiber cement, during the forecast period. It is the most widely used type of cement, which is used for making concrete and mortar. Further, it is reasonably priced material and is readily available, which makes it one of the widely used materials for construction globally.
The fiber cement market is classified, on the basis of application, into siding, roofing, molding and trim, wall partitions, flooring, backer boards, and others. Others include ceilings, countertops, and interior wall cladding. Molding & trim is projected to register the fastest growth in the fiber cement market during the forecast period. Molding and trim involves the creation of an aesthetic vertical accent between fiber cement panels. Trim is a general term used to describe the materials used around openings such as windows or doors, at the corner walls and ceilings, or floor intersections. Trim can also be applied on wall surfaces, for example, a chair rail or wainscoting. Molding is a type of trim, which can be characterized by its enhanced profile. Typically molding is more decorative and elaborate in detail.
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On the basis of the end-use, non-residential is projected to be the largest segment in the fiber cement market during the forecast period. With the increase in demand for non-residential construction activities, majorly in the industrial and agricultural sector, the fiber cement products is observing an increase in its demand.
The fiber cement market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa and South America. The APAC region accounted for the largest market share in 2019, in terms of both value and volume. Further, the market for fiber cement in the APAC region is projected to grow at the highest CAGR from 2020 to 2025, in terms of both value and volume. The major drivers of the fiber cement market in this region are the growing construction sector, particularly in rapidly-growing countries such as China and India, huge foreign investments, and growing awareness about the ill-effects of using asbestos, among masses.
Durability, aesthetic appeal, strength, and the sustainable nature of the fiber cement accelerate their demand and need in the market. Fiber cement products outlast their alternatives, such as vinyl or cedar shingles, by decades. The fiber content provides extra strength to fiber cement products, making them more durable. This, in turn, reduces maintenance costs.
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R Etex Group NV (Belgium), James Hardie Industries PLC (Ireland), Evonik Industries AG (Germany), Toray Industries Inc (Japan), and CSR Limited (Australia), are the key players operating in the fiber cement market.
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