The report, titled "Global fiber cement market Analysis and Forecast, 2019-2028" examines the global market based on raw material, construction type, end consumer, and geographic region.
A thorough report offers a detailed analysis of the market's historical and projected size along with a detailed market analysis. The market share analysis, production capabilities of the most prominent companies, a summary of the competition, strategic imperatives, major end-users, value-added construction projects, areas of potential growth, and competition analysis for the key players evaluated in the global fiber cement market study.
Market Overview and Dynamics: Governments in nations like Canada and Mexico are encouraging the construction of green buildings
The global fiber cement market is estimated to grow at a CAGR of around 5.5% between the forecast period of 2022-2028. The market for fiber cement around the globe exceeded US$ 17,500 million in 2021.
Fiber cement is much more eco-friendly than asbestos. So, national governments have laws in place to restrict the use of asbestos and are trying to implement an end to the use of asbestos, resulting in increased usage of fiber cement as an alternative.
In 2005, for instance, the European Union banned the usage of asbestos in the development of new products, as it is hazardous to health.
Furthermore, many countries are moving towards green constructions and buildings, for which governments have proposed several supportive initiatives. For example, the Government of Canada is encouraging the development of green and inclusive community facilities throughout the country through renovations, retrofits, repairs, and construction of new structures.
The construction activity in the residential sector was reduced significantly during the COVID-19 pandemic, which thus affected the cement industry. For instance, the consumption of cement decreased to more than 3% globally in 2020.
The use of this product is anticipated to increase due to the necessity to reduce carbon emissions from the construction industries. Furthermore, the market is driven by a variety of factors including rapid urbanization and industrialization of developing countries, the increasing demand for the construction sector, the effectiveness of fiber cement products, and the ban on asbestos-based blocks of cement.
Furthermore, the market players can benefit from the rise in investments in the infrastructure industry. The growth of the global fiber cement market is, however, limited due to the shortage of skilled workers in developing countries.
Segmental Analysis
Based on the raw material, Portland cement has historically been the primary raw material that earns the most income, and this is predicted to remain the case for the duration of the study. The demand for Portland cement is exploding due to strict laws and regulations that minimize the risks associated with silica sand, and exposure to silica dust and quartz sand. This is driving the growth of this segment.
Based on the construction type, a major portion of the fiber cement is used for siding, which made up more than 40% of revenue in 2021.
oMany people are opting for fiber cement siding over other kinds of siding because of its advantages, including the fact that it's cheaper and lighter than stone or brick siding, and is able to withstand high winds more effectively than vinyl siding.
oAt present, the cost of fiber cement siding is ranging between US$5 to US$7 per square foot. However, brick veneer siding is typically priced between US$7 and US$12 dollars in square feet.
Based on end-use, in the form of an increase in the use of fiber cement in infrastructure, commercial, and other projects, the residential sector holds the highest market share in 2020.
Competition Analysis: Regional Players Dominate the Domestic Markets
Due to the presence of many well-established companies in the global fiber cement sector, there is intense competition. In order to preserve a competitive advantage in the market, local businesses are developing new, advanced technologies and innovations as the government has boosted its investment in drones and unmanned aerial vehicles (UAVs). It is imperative that India is an import-driven market for drones and UAVs.
Acquisitions, product launches, and partnerships are the identified industry trend in the global fiber cement market. Significant consolidation is expected in the global market during the assessed period 2022-2028.
In December 2022, Global building materials company James Hardie Industries (ASX: JHX) revealed it is slashing hundreds of jobs across the globe. The company confirmed it will cut around 100 jobs within the Asia Pacific region, mostly Australia, as it hands down redundancy notices to employees.
In May 2022, the Siam Cement Public Company Limited announced that SCG
Cleanergy Company Limited, a wholly owned subsidiary of SCC, and GULF1 Company Limited, a subsidiary in which Gulf Energy Development Public Company Limited indirectly holds 99. 99% equity stake, has jointly established SG Solar Company Limited in Thailand as a joint-venture company with SCG Cleanergy holding a 50% equity stake and GULF1 holding the remaining 50%.
Some of the leading players involved in the production and marketing of the fiber cement market include Etex Group NV, James Hardie Industries PLC, Evonik Industries AG, Compagnie De Saint Gobain SA, Toray Industries Inc., CSR Limited, The Siam Cement Public Company Limited, Nichiha Corporation, Plycem Corporation, and Cembrit Holding A/S, Elementia, S.A.B de C.V., Marley Eternit Ltd., Thai Olympic Fibre-cement Co., Ltd., Mahaphant Fibre Cement Co., Ltd., Everest Industries Ltd., Swisspearl, Equitone, Allura USA, Beijing Hocreboard Building Materials Co., Ltd., and Fry Reglet and others.
RationalStat has segmented the global fiber cement market on the basis of raw material, construction type, end use, application, sales channel, and region
By Raw material
oPortland Cement
oSilica
oCellulosic Fiber
oOthers
By Construction Type
oSiding
oRoofing
oMolding Trimming
oCladding
oOthers
By End Use
oResidential
oNon-residential
Commercial
Infrastructure
By Region
oNorth America
US
Canada
oLatin America
Brazil
Mexico
Rest of Latin America
oWestern Europe
Germany
UK
France
Spain
Italy
Benelux
Nordic
Rest of western Europe
oEastern Europe
Russia
Poland
Rest of Eastern Europe
oAsia Pacific
China
Japan
India
South Korea
Australia
ASEAN (Indonesia, Vietnam, Malaysia, etc.)
oMiddle East Africa
GCC
South Africa
Turkey
Rest of the Middle East Africa
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