Fiber Cement Market Size, Share & Industry Analysis, By Material (Portland, Silica, Cellulosic, and Others), By Application (Siding, Roofing, Cladding, Molding & Trimming, and Others), By End-use (Residential and Non-Residential), and Regional Forecast, 2024-2032

The global fiber cement market size was valued at USD 13.15 billion in 2023 and is projected to grow from USD 13.60 billion in 2024 to USD 18.41 billion by 2032, exhibiting a CAGR of 3.8% during the forecast period. Asia Pacific dominated the fiber cement market with a market share of 43.19% in 2023. Moreover, the fiber cement market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 3.29 billion by 2032, driven by rising demand for fiber cement as an advanced material in the construction industry. 

Fiber cement is an advanced building & construction material composed of portland cement, silica, and cellulosic fiber. The composition of these materials enhances the structural strength and the elasticity of the end products, such as paving tiles and exterior wall tiles. Also, this cement offers extensive chemical and physical properties over conventional cement, including resistance to rust, vapor permeability, and remarkable thermal & noise insulation. Therefore, the product is widely consumed in residential and non-residential construction sectors.  Besides, the rise in population density has surged the massive demand for residential construction activities including the construction of buildings, houses, villas, and bungalows. The rise in these activities has surged the product demand as fiber cement is widely used in exterior wall systems to reduce the structure temperature. As a result, all these factors are anticipated to boost the fiber cement market growth.

The rapid spread of COVID-19 impacted the global economy. The industries such as automotive & transportation, healthcare, and agriculture were highly impacted as several governments imposed lockdown measures and restrictions on logistic movements. This resulted in the temporary shutdown of the cement industry in various countries. According to the Ministry of Industry and Information, the cement industry in China faced a huge decline of 8.2% year-on-year growth rate in the first half of 2020. These factors impacted the market growth during the pandemic.

However, the supportive regulations and strategies helped key manufacturers to return to the pre-pandemic levels of business operation. As a result, the product's consumption is increasing due to the spread of awareness for the use of fiber cement.

Fiber Cement Market Trends

Growing Demand for Exterior Wall Systems to Drive Market Growth Due to Anti-moisture Property

The demand for the exterior wall system is an emerging trend in the construction market. The rise in this trend is associated with its properties, such as anti-moisture construction material. The product offers great resistance against moisture in these applications as it has a ventilated cavity and fibrous nature that offer remarkable strength to the exterior walls.

Additionally, incorporating green building materials has increased the number of sustainable buildings. As a result, using the fiber exterior wall system as an advanced green building material to enable energy conservation will surge the product demand. The government has also issued several rules regarding using eco-friendly and energy-saving materials, including low-carbon cement, concrete, and exterior wall system. For instance, according to the European Green Deal, the European Union's energy performance of the building aims to achieve green building and renovation goals. Hence, all these above mentioned factors are expected to boost the market growth during the forecast period.

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Fiber Cement Market Growth Factors

Growing Demand for Advanced Construction Materials due to their Properties to Drive Market Growth

The demand for fiber cement has increased recently due to rising demand as an advanced material in the construction industry. Over the past years, urbanization and industrialization in developing countries have influenced youngsters to move to the metro cities for a better life and livelihood. This has increased residential building projects, further surging the product demand. The product is used as a key raw material to construct the residential paving tiles, cladding, and fiber cement siding of the exterior anti-moisture protection walls. Thus, the rise in construction demand is anticipated to boost the market growth during the forecast period.

Furthermore, the increasing demand for cement additives is another key driver for the global market. The product as an additive is used in the mixtures and aids in reducing energy consumption by decreasing the temperature of the structures. As a result, it is utilized widely in many construction projects. For instance, chrysotile fiber is utilized in commercial construction projects and helps offer high tensile strength, heat-insulating, fire-retardant, and chemical-resistant properties. Thus, all these factors are anticipated to boost the product demand in the construction industry. 

Rise in Product Utilization in Ultra-High-Performance Concrete is Aiding the Market Growth

The construction industry is expanding with a significant growth rate owing to the massive demand for residential and non-residential construction projects. Therefore, the competition in the construction industry has gained momentum over the last few years.  As a result, architects and engineers are coming up with innovative structural designs such as cantilever balconies, floating stairs, and unitized curtain walls to meet the demand and increasing competition. Ultra-high-performance concrete allows for faster and stronger construction owing to the presence of fiber cement in the composition. Additionally, the product utilization in the concrete enables a high compressive strength of over 150 MPa, which is comparatively higher than traditional concrete. Such remarkable properties boost the demand for ultra-high performance concrete, leading to increased product consumption.

RESTRAINING FACTORS

Health Concerns Associated with Fiber Cement May Hamper the Market Growth

Fiber cement mainly comprises various materials, including fibrous silicate minerals, lime, and ash. The excessive utilization of these fibrous silicate minerals may hamper human health, as it can cause lung cancer, ovarian cancer, and other breathing-related issues. Therefore, governments and organizations across different nations have imposed strict regulations on fibrous silicate minerals by limiting their amount in the product. For instance, The United States Environmental Protection Agency instructed on using and safely exposing fibrous silicate minerals in product manufacturing. Also, the government of British Columbia proposed an additional safety measure in the fibrous silicate minerals to ensure the workers' health in the manufacturing plants. Thus, all these factors are anticipated to hinder the market growth.

Fiber Cement Market Segmentation Analysis

By Material Analysis

Portland Segment Held the Dominant Market Share due to its Wide Availability and Cost Effectiveness

Based on material, the market is divided into portland, silica, cellulosic, and others. The portland segment accounted for the largest market share in the overall market. The growth of this segment is associated with wide availability and cost-effectiveness, which makes it suitable for the exterior wall siding and cladding system in residential construction projects. Moreover, this material is popular for ceiling construction work as it reduces the temperature of the ceiling walls. Hence, such factors are boosting product adoption.

The increasing demand for siding boards is driving the growth of the silica segment, as this material offers excellent resistance against temperature and odd environments.

The cellulosic segment had a significant market share in the fiber market. This material is known for its fibrous nature, making the cement long-lasting and flexible. Therefore, the demand has increased for cellulosic fibrous cement in the construction industry.

The others segment includes organic fibrous cement. The other segment's growth is associated with a demand for fibrous cement boards for commercial buildings. Using organic fibrous cement in these boards enhances their life span and flexibility. Therefore, increasing the consumption of these boards will boost the other segment's growth.

By Application Analysis

Siding Segment Held the Largest Market Share due to its Low Maintenance Cost and High Strength

By application, the market is classified into siding, roofing, cladding, molding & trimming, and others. The siding segment held the largest fiber cement market share in 2023. The segment's growth is associated with the lowest maintenance cost and excellent mechanical properties, including high and remarkable tensile strength. The use of the product in the siding application makes it crackproof and provides excellent structural flexibility when installed on the exterior wall. Therefore, the rise in the consumption of siding in the construction industry further surges the product demand.

The roofing segment is expected to register a moderate CAGR during the forecast period. The growth of the roofing segment is associated with the increase in residential construction projects and energy-conservative buildings. The product is used as sheets in these construction projects as these sheets enable fast installation and excellent protection against odd environmental conditions. Therefore, the mechanical properties offered by the product in the roofing application are anticipated to boost segment growth.  

Rising demand for the rain-screen cladding system is driving the cladding segment demand. The rain-screen cladding protects the external layer of the walls from temperature and moisture due to the presence of the product in its composition. Therefore, the increasing demand for rain-proof sheets and cladding is expected to boost the cladding segment.

The rise in interior design demand to increase the eye appeal of the interior structures will drive the growth of the product from molding and trimming application due to its flexible nature. The growth of the other segment is associated with the rise in the repairing activity from the construction industry.

By End-Use Analysis

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Rise in Urbanization rate is Surging Residential Construction Development

Based on end-use, the market is bifurcated into residential and non-residential. The rise in population, coupled with growing urbanization, is surging residential construction projects, including villas, apartments, and buildings. As a result, the segment is fueling the adoption of the product as it offers excellent mechanical strength.

The growth of the non-residential segment is attributed to the rise in the number of commercial shopping complexes, airports, malls, and mega-complexes. In this segment, the product reduces energy consumption and inner temperature.

REGIONAL INSIGHTS

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The Asia Pacific market was valued at USD 5.68 billion in 2023. The growth of the market is associated with the rise in the population and their demand for residential construction. This leads to the consumption of the product in residential projects for interior and exterior designing and environmental protection.

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The North America market growth is associated with increasing demand for the product and advanced construction materials, which ensures safety and provides aesthetic performance to homes, villas, and private bungalows. The Europe market share had significant gains owing to the high per capita income that increased the construction industry investment. Moreover, the construction industry has a significant presence in the region due to the high number of product manufacturers. This has resulted in a rise in the consumption rate of materials, including bricks and cement, thereby further surging the product demand.

Rapid industrialization and the increasing population In Latin America are surging the demand for industrial & commercial complexes, airports, warehouses, and shopping complexes. These structures utilize many kinds of cement, including white cement, fibrous cement, and low-carbon cement, to enhance performance and energy conservation. Fibrous cement is a construction material used to reduce the temperature of these structures. Thus, all these factors are anticipated to boost the product demand in the region. At the same time, the Middle East & Africa market is expected to grow at a moderate CAGR over the forecast period owing to the presence of key product suppliers and manufacturers, thereby increasing the domestic consumption of the product.

List of Key Companies in Fiber Cement Market

Key Players to Strengthen their Position by Increasing Regional Presence

Prominent companies in the market include James Hardie Industries PLC, ETEX Group, Evonik Industries, Saint Gobain, and CSR Limited.

James Hardie Industries PLC has a strong presence in North America, Europe, Australia, New Zealand, and the Philippines. The company provides a wide range of cement products. Similarly, key leading players have established a strong regional presence, varied product offerings, and robust distribution channels.

LIST OF KEY COMPANIES PROFILED:

• James Hardie Industries PLC (Ireland)


• ETEX Group (Belgium)


• Evonik Industries (Germany)


• Saint Gobain (France)


• CSR Limited (Australia)


• Nichiha Corporation (Japan)


• Cembrit Group A/S (Denmark)


• The Siam Cement Public Company Limited (Thailand)


• plycem corporation (Costa Rica)


• Beijing Hocreboard Building Materials Co. Ltd. (China)

KEY INDUSTRY DEVELOPMENTS:

• December 2023 - ETEX Group strengthened its presence in the market by acquiring BCG’s fiber cement business. The acquisition focused on maximizing the company’s revenue from the fiber cement business segment.


• November 2022- ETEX Group announced the acquisition of USRA. The acquisition aims to establish a presence in lightweight, sustainable building solutions, including plasterboard and cement.

REPORT COVERAGE

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The fiber cement market research report provides detailed market analysis and focuses on crucial aspects such as material, applications, end-use, and leading companies. It provides quantitative data in terms of value and volume, research methodology for market size estimation, and insights into market trends. It highlights key industry developments and the competitive landscape. In addition to the above-mentioned factors, the report encompasses numerous factors that have contributed to driving the market's growth in recent years.

Report Scope & Segmentation