Fiber Cement Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $18,888 million by 2022, registering a CAGR of 6.7% during the period 2016 – 2022.
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Boom in the construction industry, ban on asbestos cement products, high efficiency of fiber cement products, and rapid urbanization and industrialization in developing countries drive the fiber cement market growth. In addition, increase in infrastructure investments act as an opportunity for the global market. However, dearth of skilled labor in developing countries is expected to hamper the fiber cement market growth.
Fiber cement products have gained popularity in North America and Asia-Pacific region in the recent years. Homeowners prefer fiber cement siding over vinyl siding, owing to its durability, resistance to termites and water, fire retardant property, and low maintenance. Growing interest of consumers towards fiber cement boards, sheets, slates, and other products has created lucrative opportunities for fiber cement industry manufacturers to offer a broad array of differentiated products in darker tones and natural hues.
Increase in adoption of non-asbestos fiber cement products post ban on asbestos products has supplemented the overall growth of the market. Canada, Netherlands, Sri Lanka, and others have focused on eliminating the use of toxic minerals in infrastructure development projects to promote the adoption of eco-friendly cement products. However, growing interests of homeowners and builders towards fiber cement housing & building have led to spiraling growth of vertical siding, molding, trimming, and ceiling. States Smriti Loomba, Research Analyst, Construction, Allied Market Research.
The end users of the fiber cement industry are residential and non-residential sectors. The non-residential sector segment generated the highest revenue in 2014, owing to large-scale installation of fiber cement products for commercial, industrial, and infrastructure projects. However, the residential sector is expected to grow at rapidly during the forecast period, owing to rapid urbanization in the developing nations.
Asia-Pacific was the highest revenue contributor to the global fiber cement market in 2015, and is expected to maintain its position throughout the period. Rapid urbanization and industrialization in the developing countries, such as China, India, Sri Lanka, Thailand, and others has led to higher adoption of fiber cement products in the region and is likely to boost the fiber cement market size. North America is projected to be the fastest growing region in the world, owing to higher adoption of fiber cement siding as compared to other materials.
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Key Findings of the Fiber Cement Market
- North America is projected to be the second fastest growing region, in terms of revenue, registering a CAGR of 6.3% during the forecast period.
- Molding & trim segment witnessed significant growth in 2014, and is anticipated to grow at the highest CAGR of 7.4% from 2016 to 2022.
- The non-residential segment was the highest revenue contributor to the global fiber cement market in 2015, accounting for 62.1% share. It is expected to maintain its dominance throughout the forecast period.
Market players have focused on adopting several strategies, such as product launch, acquisition, and partnership to expand their market outreach. For instance, in 2014, Plycem Corporation launched its fiber cement collection with a wide variety of colors, textures, and styles under the brand name, Allura. The product line includes exterior siding, architectural panels, shakes, trims, and backerboards.
The key market players profiled in the report include Etex Group NV, James Hardie Industries PLC, Evonik Industries AG, Compagnie De Saint Gobain SA, Toray Industries Inc, CSR Limited, The Siam Cement Public Company Limited, Nichiha Corporation, Plycem Corporation, and Cembrit Holding A/S.
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