Fiber Cement Market to Reach USD 18.3 Billion by 2032 Driven by Rising Demand from The Construction Industry | Report by SNS Insider

Pune, July 08, 2024 (GLOBE NEWSWIRE) — The SNS Insider report estimates the Fiber Cement Market Size at USD 13.0 billion in 2023, with a projected CAGR of 3.9% to reach USD 18.3 billion by 2032.  

The fiber cement market is gaining momentum due to a surge in demand for durable and eco-friendly building materials; this has turned out to be the major requirement of the construction industry. This growth is led by product innovations that enhance material properties while reducing costs. For instance, in September 2023, Nuvoco Vistas launched Duraguard Microfiber Cement, a high-strength and ultra-durable concrete made with certain new materials, such as clinker and electrostatically precipitated dry fly ash. Growing demand for fire-resistant material, enforced by different stringent regulations in regions highly prone to fire incidents, such as Australia, also fueled the demand for fiber cement. One of the major 2023 US construction projects underway will apply fiber cement siding due to its strength in unfriendly weather. These advancements, coupled with regulatory support and growing applications in residential and commercial construction, position fiber cement for substantial growth.

 

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The fiber cement market’s growth dynamics are influenced by its environmental advantages, featuring natural components like cellulose fibers, sand, and cement. These eco-friendly attributes appeal to industries seeking alternatives to conventional materials such as wood and vinyl. Despite challenges like initial costs, fiber cement’s long-term benefits—like durability, pest resistance, and low maintenance—drive adoption. Investments in R&D and building up new manufacturing facilities aim to enhance fiber cement’s properties, including thermal insulation and weight reduction, broadening its applicability across construction sectors. For instance, In March 2024, Shera launched a USD 36 million production hub in Pampanga, Philippines, scaling operations to meet local construction demand. Led by Thunnop Jumpasri, the facility began in 2023, aiming for full capacity by October 2024 with plans to double output and create 150 jobs. Similarly, Everest Industries opened a USD22.6 million plant in Chamarajanagar, Karnataka, producing fiber cement boards and Rapicon wall panels since March 2024. These innovations are pivotal in propelling market expansion, supported by ongoing regulatory shifts towards sustainable building practices.

Fiber Cement Market Report Scope & Overview:

Report Attributes Details
Market Size in 2023 USD 13.0 Billion
Market Size in 2032 USD 18.3 Billion
CAGR (2024-2032) 3.9%
Report Scope & Coverage Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Market Driver
  • Fiber cement has started gaining traction in the construction industry owing to its enhanced properties.
  • Increasing application of fibre cement in ultra-high-performance concrete

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Segment Analysis

The fiber cement siding segment is set to dominate the market in 2023 because it is durable, requires minimal maintenance, and is attractive, thus making it an ideal material for buildings. The fact that this type of siding resists rot, insects, fire, and various weather conditions assures long-term performance; this will, in turn, reduce repair costs for property owners. Architects benefit from its versatility in textures, colors, and profiles, enhancing building designs and curb appeal. Strict building codes further boost demand, as fiber cement siding meets or exceeds these standards. Its eco-friendly composition, incorporating recycled materials and recyclability, reinforces its market position amid ongoing global construction and renovation projects.

Recent Developments

September 2023: Nuvoco Vistas launched “Duraguard Microfiber,” a fiber-reinforced cement product to enhance construction durability and strength.

June 2023: American Fiber Cement Corporation writes that it is now operating under, and branding itself as, American Fiber Cement with new, refreshed branding but delivering the same comprehensive suite of fiber cement products.

October 2023: James Hardie joined forces with D.R. Horton in leveraging the best in fiber cement innovation to construct homes in the United States.

June 2023: Saint-Gobain has finalized an agreement for the acquisition of Hume Cemboard Industries Sdn Bhd, HCBI, to expand innovative fiber cement solutions for more sustainable construction in Malaysia.

Regional Analysis

In 2023, the Asia Pacific region dominated the fiber cement market. The demographic factors prevailing in this region include high growth in population and urbanization, coupled with increasing awareness among people about the various benefits offered by fiber cement to the end-users, such as durability, productivity, fire-resistance, and low maintenance. With growing environmental consciousness, fiber cement finds applications as siding, roofing, cladding, and trim material. Government policies, too, are being framed that support sustainable construction practices. Regulations related to energy efficiency, fire safety, and environmental protection will continue to support the growth of eco-friendly materials like fiber cement. Meanwhile, advanced manufacturing technology further increases production efficiency and product quality, easily meeting increasing demand at competitive prices. With the booming construction industry, growing demand for green building material types incorporated with relevant regulations, and technological advancement—Asia Pacific is set to play a leading role in the global fiber cement market.

SNS View on Fiber Cement Market

The fiber cement market is about to reach high growth rates, driven by durability, sustainability, and versatility. The analysts say this growth will come because of the more significant emphasis on green building methods and the strengthening of fire safety laws on all fronts. Innovations in processes continue to raise product performance while reducing the ecological footprint of these products. For instance, carbon-neutral production techniques have been very prominent and actively support global sustainability initiatives. Its resilience to economic fluctuations, including that influenced by changes in oil prices, underpins it strongly. While fiber cement is able to blend into different architectural styles and climatic conditions, its position looks very great both in the developed and emerging markets. Growing consumer demand for durable and eco-friendly materials drives the continuous growth of the fiber cement market and increases investment in research and development.

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Key Takeaways:

  • High durability, sustainability, and low maintenance cost of the fiber cement market make it grow faster.
  • North America dominates the market due to the stringent building regulatory framework imposed by these governments and the growth in sustainable construction.
  • Innovations in manufacturing processes contribute to a decrease in production costs and reduce the impact on the environment, thus fuelling market growth.
  • The market has proved resilient to economic fluctuations and is expected to fuel further growth with continuous investments in research and development.

Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Fiber Cement Market Segmentation, By Material Type

8. Fiber Cement Market Segmentation, By Application

9. Fiber Cement Market Segmentation, By End Use

10. Regional Analysis

11. Company Profiles

12. Competitive Landscape

13. Use Case and Best Practices

14. Conclusion

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