The global fiber cement market is expected to generate around $27,743.8 million revenue in 2030, progressing at a CAGR of over 5.3% during 2021–2030. The increasing need to reduce overall carbon emissions from the construction industry is projected to drive the usage of the product. Furthermore, factors such as a steady rise in industrialization and urbanization rates in developing countries, growth in the construction industry, and a prohibition on the usage of asbestos are expected to augment the growth of the market, globally.
Furthermore, various advantageous features of fiber cement, such as climate resistance and anti-microbial properties, a safe and secure alternative to other traditional materials, and the affordability and availability of the product, are other key factors that drive its demand for several applications.
The Portland cement category accounted for the largest revenue share, over 40%, in the market in 2021. Portland cement is the most common type of raw material used in the production of fiber cement. The Portland cement gives the material more strength, lowers permeability, reduces the heat of hydration, and enhances durability, making it one of the most extensively used building materials on a global level.
Furthermore, fiber cement siding has been extensively used in both household and commercial applications, due to its resistance to risks such as fire, wind, and rain. Since it is made of cement, sand, and fibers, it is also termite-resistant. Furthermore, the rising popularity of this siding would provide profitable prospects for small producers to offer a variety of shapes, colors, tones, and forms to meet the customers’ needs.
Geographically, APAC is the largest market for fiber cement, owing to the steady progress and ample developments in the commercial and residential construction industry across India, China, and ASEAN countries. Furthermore, certain factors such as the growing economy; the surging construction sector, especially in rapidly-growing nations such as India and China; the rising foreign investments; and the increasing awareness about the consequences of asbestos use are likely to enhance the regional market.
For instance, the Hong Kong residential authorities have launched numerous initiatives to start the construction of low-cost accommodations. By 2030, officials aimed to build around 301,000 public housing units.
Players in the fiber cement industry have been involved in product launches to remain competitive in the market. For instance, in January 2020, under the James Hardie's Dream Collection, James Hardie Building Products Inc. released fiber cement with 700 ColorPlus Technology finishes, thereby increasing its product offering of fiber cement with a broad spectrum of colors.
Some of the major players operating in the fiber cement market include Cembrit Holding A/S, Evonik Industries AG, Etex Group NV, The Siam Cement Public Company Limited, James Hardie Industries PLC, Compagnie De Saint Gobain SA, Toray Industries Inc., CSR Limited, Nichiha Corporation, and Plycem Corporation.