Fiber Cement Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Fiber Cement Market Trends & Growth Drivers

Paradigm Shift toward Green Building Drives Market Growth

• Fiber cement is more environmentally friendly as compared to asbestos.
• Thus, national governments have regulations in place to limit the use of asbestos and are trying to impose a ban on its use, resulting in increased usage of fiber cement as its substitute.
• For instance, the European Union has banned the usage of asbestos in new products, as it is hazardous to health.
• Moreover, countries are shifting toward green buildings and constructions, for which governments have offered several supportive initiatives.
• For instance, the Government of Canada is encouraging the development of green and inclusive community facilities across the country through upgrades, retrofits, repairs, and new constructions.
• Furthermore, Mexico, like other developing countries, is also embracing the green building trend.
• Mexico has joined the World Green Building Council and is trying to learn the best practices from Canada, Europe countries, and the U.S., in order to save money and gain the health advantages of green and sustainable buildings.
• Green buildings consume up to 50% less electricity than conventional ones, thus reducing the load on the grid and decreasing carbon emissions from coal-, gas-, and oil-fire power plants.

Health Concerns Can Restrain Market Growth

• The biggest restraint for the market is the health concerns associated with fiber cement.
• It is a mixture of many different materials, the most prominent of which is silicate minerals.
• Their excessive utilization has the potential to cause breathing issues, ovarian cancer, lung cancer, and many other serious diseases.
• Therefore, several regulations have been implemented with regard to the content of these materials and their handling, which makes the overall process difficult and the product more expensive.

Fiber Cement Market Analysis

Application Analysis

The siding category dominates the market in 2024, with 35% revenue share. Individuals are preferring fiber cement siding over other materials, due to its advantages such as it withstands high winds compared to vinyl siding and is lighter and economical compared to bricks and stone siding, among others. Currently, brick veneer siding typically ranges between USD 7 and USD 12 per square foot while fiber cement siding cost ranges from USD 5 to USD 7 per square foot.

The substantial profits originate from the residential sector, as people are progressively looking for environment-friendly solutions, thereby getting themselves involved in replacing the existing siding with fiber cement to provide the better exterior performance along with saving money and time on maintenance. The abovementioned factors are projected to augment the fiber cement market, globally.

The molding and trimming category has the highest CAGR, on account of the rising usage of trim boards in homes. This is itself attributed to the numerous performance advantages of trim boards made of fiber cement, such as resilience against harsh weather, low maintenance requirement, resistance to rotting, and fireproof nature.

The segment has the below-mentioned categories:

• Siding (Largest Category)
• Roofing
• Cladding
• Molding and Trimming (Fastest-Growing Category)
• Others

End Use Analysis

The residential category is the larger, with a share of 70% in 2024, and the faster growing, with a CAGR of 6.7% over this decade. In the U.S., the use of fiber cement for exterior walls for building single-family houses increased from around 5% in 2005 to about 8% in 2020, depicting the potential growth in the coming years. The major factor attributing to this growth includes a higher return of investment, i.e., around 85% compared to approximately 75% from natural wood or 80% from engineered wood. Additionally, the burgeoning population, which is set to touch 11 billion by the end of this century, as per the UN, is driving residential construction around the world on a massive scale.

The report offers insights on the following end uses:

• Residential (Larger and Faster-Growing Category)
• Non-Residential

Raw Material Analysis

Portland cement dominates the market in 2024, and it will also be the fastest-growing category, at a CAGR of 7.2%, over the forecast period. The stringent rules and regulations to decrease the risks associated with silica sand, silica dust exposure, and quartz sand, are resulting in surging consumption of Portland cement, hence boosting the market growth in this category.

The following raw materials have been studied:

• Portland Cement (Largest and Fastest-Growing Category)
• Silica
• Cellulosic Fiber
• Others

Geographical Analysis

• Geographically, APAC is the largest fiber cement market in 2024, with a share of 45%, and it is also expected to witness the fastest growth, at a CAGR of 7.5%, during 2024–2030.
• The region consists of some of the fastest-growing economies in the world and every jurisdiction is concerned and highly focused on creating ample opportunities for the expansion and growth of the infrastructure.
• Moreover, factors such as increasing disposable income, burgeoning construction industry particularly in developing nations such as China and India, surging foreign investments, and increasing knowledge about the depraved consequences of asbestos use, are projected to drive the demand for fiber cement in the region.
• For new development projects, China is adhering to green building requirements.
• For example, Suzhou Taihu New City in Jiangsu province is expected to accommodate 200,000 people and will focus on high-end service sectors, including education and training, research and development, tourism, and finance.
• Therefore, with the rising infrastructure expenditure and construction activities, the demand for fiber cement is expected to rise significantly in the coming years.

The following regions and countries are covered:

• North America
  • U.S. (Larger Country Market)
  • Canada (Faster-Growing Country Market)
• Europe
  • Germany (Largest Country Market)
  • U.K. (Fastest-Growing Country Market)
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific (APAC) (Largest and Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • India (Fastest-Growing Country Market)
  • Japan
  • South Korea
  • Australia
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest Country Market)
  • Mexico (Fastest-Growing Country Market)
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia (Largest and Fastest-Growing Country Market)
  • South Africa
  • U.A.E.
  • Rest of MEA

Fiber Cement Market Share

The fiber cement market is fragmented because of the presence of several key players. In recent years, they have been involved in launching new products and acquiring other companies, in order to stay ahead of their competitors. Construction materials are easily produced, which is why even small, local firms have appreciable outputs.

Fiber Cement Company News

• In May 2024, James Hardie Building Products Inc. opened a new 200,000-square-foot manufacturing facility in Westfield, Massachusetts, developed with an investment of USD 50 million.
• In March 2024, Etex Group NV completed the acquisition of the plasterboard and fiber cement businesses of the Australia-based BGC.
• In January 2023, James Hardie Building Products Inc. expanded its Hardie Architectural Collection in the U.S. with the launch of Hardie Siding Series.