The fiber cement market is anticipated to flourish at an average CAGR of 4.7% between 2023 to 2033. The market is expected to hold a market share of USD 28.68 billion by 2033 while the market is likely to reach a value of USD 18.12 billion in 2023.
Fiber cement is one of the most widely used and vital composite materials. Because of its exceptional physical features such as high strength and durability, it is also employed in the manufacture of façade and roofing goods.
By chemically interacting with water, cement generates a hard stone, and the reinforcement of fiber in the mixture improves the attributes of building and construction materials such as strength and lifespan. The current building industry is finding the unique and creative benefits of employing fiber cement in numerous construction applications like cladding and roofing all around the world.
In such industrial applications, the significant role of fiber cement is to increase performance qualities while lowering the commercial value of building and construction materials. Moreover, the fiber cement market is predicted to increase in the next years, owing to the increasing use of fiber cement in current construction operations and its distinctive characteristics and qualities.
| Attribute | Details |
|---|---|
| Fiber Cement Market CAGR (2023 to 2033) | 4.7% |
| Fiber Cement Market Size (2023) | USD 18.12 billion |
| Fiber Cement Market Size (2033) | USD 28.68 billion |
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The global demand for fiber cement is projected to increase at a CAGR of 4.7% during the forecast period between 2023 to 2033, reaching a total of USD 28.68 billion in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 3.5%.
The increased need to reduce total carbon emissions from the building and construction sectors is likely to promote product adoption. Furthermore, factors that fuel market expansion further are:
Increased investment in the infrastructure sector provides the opportunity for market participants. However, the worldwide fiber cement industry is hampered by a shortage of experienced personnel in underdeveloped nations.
Superior Performance Advantages over Conventional Cement Materials are Likely to Sustain Growth
Fiber cement, as an essential component of the building and construction materials sector, is largely utilized in both interior and exterior applications such as siding, roofing, cladding, molding, and trimming. Further, building and construction materials used in interior and outdoor applications must have certain chemical and physical qualities to survive the potentially negative effects of elements such as weather, temperature, and humidity.
Fiber cement is in high demand because of its superior performance advantages over traditional cement, such as its capacity to withstand extreme weather conditions, resistance to warping and sagging, low maintenance requirements, humidity resistance, and fireproof capabilities.
Distinct and advantageous properties of fiber cement are encouraging stakeholders in the construction industry to replace traditional building & construction materials such as wood and vinyl with fiber cement, which is expected to create significant sales opportunities for players in the global fiber cement market.
The Popularity of Low-Cost Asbestos-based Products may Eat into Fiber Cement's Market Share
While most industrialized nations are turning to fiber cement for its superior performance qualities and environmental benefits, demand for asbestos-based construction materials remains high in several emerging economies such as Brazil and India.
Building and construction materials made from asbestos are favored by end users in the construction sectors of emerging nations because of their low cost and global availability. Moreover, leading competitors in the fiber cement market might need to focus their efforts on raising end-user knowledge of the health and environmental risks associated with asbestos-based building materials to encourage a transition toward safe and better fiber cement.
Fiber cement is losing market share to less expensive alternatives to asbestos-free fiber cement, which is going to spark a surge of innovation throughout the fiber cement market to capture this market share in emerging nations.
| Country | Revenue Share % (2022) |
|---|---|
| The United States | 11.4% |
| Germany | 8.9% |
| Japan | 3.2% |
| Australia | 2.7% |
| Country | CAGR % (2023 to 2033) |
|---|---|
| China | 5.1% |
| India | 5.5% |
| The United Kingdom | 4.4% |
Rising Residential Building Industry in the Region Creating Opportunities for Fiber Cement Manufacturers
In North America, national data reveal an indisputable increase in new house constructions. Permits issued for all-sized residential developments grew 36% during the last two years. The rise was 30% for single-family dwellings. The rise was 21% for large structures with five or more units.
The average value of a newly constructed single-family house climbed by 7% over this period. All of these development drivers in the residential building industry are projected to enhance fiber cement demand throughout the forecast period in the region. Thus, due to the aforementioned reasons, the United States held a market share of 11.4% in 2022 at the global level.
Burgeoning Demand from Construction Industry Drives Fiber Cement Market Growth in Europe
Europe is also growing as a valuable market for global fiber cement players, as the construction industry in its top nations, particularly Germany, takes shape. Development projects account for over 10% of Germany's yearly GDP, and residential construction is booming across the country.
The Federal Statistics Office recently revealed that it had awarded licenses for almost 72,000 new residential constructions and around 12,500 old buildings. This is projected to enhance public-private partnerships in Germany's construction sector, resulting in new attractive prospects for top participants in Europe's fiber cement market in the future years. Thus, Europe held 19.6% of the market share for the fiber cement market in 2022.
Growing Construction Industry in Asia Pacific Drives Fiber Cement Sales
The expanding construction sector in Asia Pacific might continue to play a vital role in the region's fiber cement market expansion. The residential sector, particularly in Southeast Asia, is projected to pick up steam in the future years.
Governing authorities in the area are also adopting favorable policy structures to encourage infrastructure development in developing nations, which will add to the rising demand for fiber cement in the thriving construction sector throughout emerging economies of Asia.
Huge foreign investments are being made in both the residential and non-residential sectors in China and India, which might open up new potential for players in the fiber cement market in both the residential and commercial building environments.
Customers in the region are becoming aware of the possible risks of utilizing asbestos cement as a building and construction material, and regulatory organizations are urging end users to switch to dependable and environment-friendly alternatives. This is causing a regional movement away from standard cement and toward fiber cement. Thus, Asia Pacific accounted for a 12% market share of the fiber cement market in 2022.
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| Category | By Raw Materialt |
|---|---|
| Leading Segment | Portland Cement |
| Market Share (2022) | 37.9% |
| Category | By Application |
|---|---|
| Leading Segment | Sliding |
| Market Share (2022) | 24.3% |
High Demand for Siding Sector to Drive Market Growth
Cladding, siding, backer boards, molding and trimming, roofing, wall partitions, and other applications are divided into categories. The siding sector is projected to dominate the market. The most common application of fiber cement in residential and non-residential construction is siding.
Fiber cement is put on the outside edges of walls in this application to protect them from the impacts of adverse weather conditions. Furthermore, fiber cement siding enhances the visual appeal of structures. Fiber cement siding is inexpensive and ideal for areas prone to harsh weather.
Portland Cement to Gain Momentum Worldwide
Based on raw material, the fiber cement market is classified into Portland cement, sand, cellulosic material (fiber), and others. During the projected period, the Portland cement sector is expected to dominate the market. Portland cement is a commonly utilized form of cement used to make concrete and mortar, therefore market development in this category is quick.
Portland cement is primarily composed of silica, calcium, alumina, and iron. It is a fairly costly and generally available material, making it one of the most extensively used building materials worldwide. As a result, the Portland cement segment's significant advantages drive market expansion further.
Key startup players in the fiber cement market are:
The global market for fiber cement is extremely fragmented, with several producers and other players continually increasing. The top companies in the fiber cement industry are Dow Chemical Company, Hardie (James) Industries plc, Imerys SA, Elementia SA de CV, Building Materials Corporation of America, PPG Industries Incorporated, Akzo Nobel NV, Canfor Corporation, Ecolab Incorporated, Central Fiber LLC, Mercer International Incorporated and USA Silica Holdings Incorporated.
Recent Developments
The global market is estimated to be around USD 18.12 billion in 2023.
The net worth of the global market could reach around USD 28.68 billion by 2033.
Portland cement is preferred more and it contributed to 37.9% market share in 2022.
Expanding construction sector could drive sales at a higher CAGR up till 2033.
North America is expected to remain the dominant market with an 11.4% share in 2022.
| Market Valuation (2023) | USD 18.54 billion |
|---|---|
| Market Valuation (2033) | USD 41.53 billion |
| Market CAGR (2023 to 2033) | 8.4% |
| Market Size, 2023 | USD 10,980.6 million |
|---|---|
| Market Size, 2033 | USD 16,890.0 million |
| Value CAGR (2023 to 2033) | 4.4% |
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