The global fibre cement market is projected to have a considerable CAGR of around 4.2% during the forecast period. Fibre cement is a material that affixes to the exterior of both residential and commercial spaces due to its properties such as resistance to wear and tear to concrete, as well as assisting the domestic space by keeping it sustainable from harsh environmental elements. Fibre cement is mostly used in the residential sector. The fibre cement market is primarily driven by the growing construction industry, which includes both residential and commercial spaces, an increase in the number of smart city projects, increased disposable income of individuals, and central government housing programs. According to a recent study by the University of Minnesota, fibre cement is one of the greatest materials for building for its high durability, low cost, and low environmental impact. However, factors such as fibre cement board's costly initial installation and continuous maintenance costs, along with the scarcity of skilled staff needed to install these boards may restrain the growth of the market. 

Impact of COVID-19 on Fibre Cement Market 

COVID-19 had a negative impact on the fibre cement market. Due to the lockdown, the construction industry was severely impacted, which had a negative impact on fibre cement demand. During that time, the residential sector also experienced a significant drop. For instance, according to JLL India, in India, the housing sales in the top seven cities in the country decreased from 143,923 in 2019 to 74,451 in 2020, significantly impacting the market studied.

Segmental Outlook  

The global fiber cement market is segmented based on application and end-user. Based on the application, the market is further classified as siding, roofing, cladding, molding and trimming, and others. Further, based on the end-user the market is classified into residential, and non-residential

Global Fibre Cement Market Share by End-User, 2021 (%)

The Residential Segment is Considered as Dominating Segment in the Global Fiber Cement Market. 

Among end-user, the residential sector is estimated as dominating segment during the forecast period. Fibre cement materials are utilized for both external and internal purposes in the residential market. They are used for internal claddings, such as partition walls, floors, ceilings, windowsills, and tile backer boards. They are also external claddings, such as flat sheets for windshields, flat sheets as a base, soffits, wall copings, corrugated sheets, slates, and planks. China is primarily driven by rapid growth in the residential and commercial construction sectors, which is aided by the country's expanding economy. Hong Kong's housing authorities in China have taken several steps for the development of low-cost housing. By 2030, officials hope to have built 301,000 public housing units.

Regional Outlook 

Geographically, the global fibre cement Market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America is projected to have a significant CAGR in the Dyes & Pigment market. The structural reforms in North America have attracted large investments in the infrastructure and manufacturing sectors, encouraging fibre cement to be more widely used. Further, the region's market growth is being fuelled by federal policy stimulus in the US and Canada, as well as an increase in commercial construction activities. The USA is a significant contributor to the market growth attributing to the enhanced economic growth and a focus on renovating existing building structures to provide greater safety and security measures. 

Global Fibre Cement Market Growth, by region 2022-2028

Asia-Pacific Accounted for the Largest Market in the Global Fibre Cement Market

Geographically, Asia-Pacific is projected to hold a significant CAGR global fibre cement Market. The factors that are contributing to the growth of the market include the rapid development in the construction sector across China, India, and ASEAN Countries. According to the National Bureau of Statistics of China, China's construction output value climbed from CNY 9.6 trillion in 2010 to CNY 26.39 trillion in 2020. The country has been primarily driven by abundant developments in the residential and commercial construction sectors, which have been strengthened by the country's growing economy. Further, Various programs enacted by the Indian government, such as the Smart City project and Housing for All by 2022, are intended to give an essential boost to the Indian construction industry. 

Market Players Outlook

The key players in the fibre cement Market contribute significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include James Hardie Building Products Inc., Etex Group, NICHIHA Co. Ltd, SCG, Elementia Materiales., among others. These market players adopt various strategies such as product launches, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. In March 2018, Toray Corporation acquired TenCate Advanced Composites Holding B.V., a subsidiary of Koninklijke Ten Cate B.V. for USD 1.12 billion to enhance its fiber cement product portfolio and geographical reach. The merger of TCAC and Toray brings together complementary high-performance composites product portfolios for aerospace, space, and communications, as well as high-performance industrial applications. The merger has a strong strategic rationale and clear benefits for both organizations.

The Report Covers

• Market value data analysis of 2022 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global  Fibre Cement Marketmarket. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where in the market.