Fiber Cement Market Size 2023-2030 Global Industrial Analysis, Market Share, Top Key Players

Fiber Cement Market

The global fiber cement market size was worth around USD 16.61 Billion in 2022 and is predicted to grow to around USD 24.53 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.00% between 2023 and 2030.

Global Fiber Cement Market: Overview

Fiber cement is also known as a construction material or composite building material of wood fibers, Portland cement, water, and silica, which is used in construction activities. They possess superior properties such as high versatility, durability, thermal insulation, resistance to water, flexibility, and high strength; hence, it is widely used in manufacturing roofing and façade products.

Homeowners, professional builders, and contractors have preferred them to asbestos cement products. These products have low maintenance costs and, hence, are widely used in trimming, siding, roofing, and other areas. The cement reacts with water and results in a hard stone formation. The presence of fiber reinforcement in cement makes it a long-lasting and strong construction material. Fiber cement decreases the commercial value and enhances performance. In addition, it offers advantages for construction products such as cladding and roofing.

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Global Fiber Cement Market: Growth Factors

Increasing demand for fiber cement from construction professionals due to product features is expected to boost the global fiber cement market in the future. Rapid industrialization and growing construction activities globally are other key factors responsible for the growth of the global market. Fiber cement is highly demanded in the global market due to the high efficiency of fiber cement products and rapid urbanization & industrialization in developing countries further influencing the growth in the global fiber cement market.

Further, a ban on asbestos products and a booming construction industry foster global market growth. Moreover, increasing investments in infrastructure development and financial support from government agencies is expected to boost the overall fiber cement market growth. However, fiber cement is expected to face tough competition from other products in the market such as vinyl siding, which may hinder the growth of the global market.

Global Fiber Cement Market: Segmentation

The global fiber cement market is categorized based on end-user as non-residential sector and residential sector. Based on the application, the global market is classified as roofing, molding & trimming, countertops, siding, ceiling, and backer boards. Of these, the siding application segment is the leading in the global market. Further, the global fiber cement market is divided based on raw materials such as cellulosic fiber, Portland cement, silica, and others.

Global Fiber Cement Market: Regional Analysis

Rapidly increasing construction activities in Asia Pacific contributed to the higher demand for fiber cement and is expected to maintain its dominance in the next few years. In addition, rising demand for fiber cement in developing economies such as North America and Europe owing to the turnaround of manufacturing industries and the presence of stringent regulations is expected to show significant growth in the near future. The U.S. and Japan are considered the fastest-growing markets for fiber cement and are expected to continue this growth trend in the near future. The residential sector is projected to grow rapidly in developing countries such as India, Canada, and China.