Fiber cement is durable, and can be painted or stained after installation. The fiber cement panels can last decades and are also aesthetically pleasing. Early fiber cement panels included asbestos fibers to add strength. Fiber cement is available in a variety of textures and colors. A smooth finish will give the house a more refined look while a ridged look will pick up sun patterns
Market Statistics:
The global fiber cement accounted market for 33346.93 Kilo Tons in terms of value by the end of 2021.
Global Fiber Cement Market: Drivers
Global rise in construction sector with increasing investment is driving growth of the fiber cement market. For instance, in the Union Budget 2019-20, the Government of India has given a massive push to the infrastructure sector by allocating Rs 24,000 crore (US$ 3.4 billion) for the sector. For 2019-20, budgetary allocation for Ministry of Development of North Eastern Region has been increased to Rs 3,000 crore (US$ 429.25 million) as compared to Rs 2,629 crore (US$ 376.16 million) in 2018-19. Moreover, growing demand for natural construction materials due to rising environmental concerns and growing demand for advanced construction material is also projected to foster market growth.
Global Fiber Cement Market: Opportunities
Increasing use of fiber cement for developing modular kitchen cabinets and cupboards is expected to bring bright market opportunities. Additionally, smart cities mission is a major project undertaken by the government of India, which will construct more than 100 smart cities all over the country to achieve rapid urbanization in the country. For instance, the 2021-22 Union budget, INR 6,450 crore (USD 868 million) has been allocated to the smart city mission against INR 3,400 crore (USD 457 million) in the 2020-2021 Union budget.
To know the latest trends and insights prevalent in the Global Fiber Cement Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/fiber-cement-market-5229
Global Fiber Cement Market: Restraints
Lack of awareness regarding the product is expected to restrict the market growth to some extent.
Global Fiber Cement Market - Impact of Coronavirus (Covid-19) Pandemic
Fiber cement market faced a huge challenge in the form of the COVID-19 outbreak in 2020. The construction industry was severely affected by COVID-19 in 2020 due to lockdown and social-distancing norms which led to shut down of various manufacturing industries.
Key Takeaways:
The global fiber cement market was valued at 33347 kilo tons in 2021 and is forecast to reach at a 45678 kilo tons by 2030 at a CAGR of 4.23% between 2022 and 2030.
Residential segment held dominant position in the global fiber cement market in 2021, accounting for 60.0% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Fiber Cement Market Trends:
Increasing disposable income of consumers is driving sale of modern and decorative construction materials to that gives aesthetic look to the house. Ideas for middle-housing is also evolving which will further uplift the demand for fiber cement. Moreover, fiber cement also helps to contribute to LEED credits, as these products are low-emitting materials.
Increasing number of modern restaurants is also anticipated to fuel market growth. Fiber cement cladding offers a natural wood-like finish and bold new designs. Additionally, these claddings can stand up to harsh weather conditions and do not require refinishing to keep their bold style, thus reducing the cost of maintenance.
Global Fiber Cement Market: Competitive Landscape
American Fiber Cement Corporation, Cembrit Holding A/S, CenturyPly, CSR Limited, Elementia Materials, Etex Group, Everest Industries Limited, James Hardie, Industries plc, NICHIHA Co. Ltd, Saint-Gobain, SCG, Toray Industries Inc., and TPI Polene Public Company Limited
Global Fiber Cement Market: Recent Developments
In May 2019, James Hardie Building Products Inc., introduced three new products at the International Builders' Show (IBS) in Las Vegas, February 19-21, 2019: Artisan Shingle, HardieSoffit VentedPlus Panel, and HardieBacker Cement Board with HydroDefense Technology.
