Home Advanced Materials Forecasting the Fiber Cement Market: Size, Growth, Share, and Demand Trends Through 2031

Fiber Cement Market

Fiber Cement Market Size, Share & Trends Analysis Report By Application (Siding, Roofing, Cladding, Molding and Trimming, Other Applications), End-User Industry (Residential, Non-residential) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRAM3426DR
Study Period 2019-2031 CAGR 4.1%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 16.55 Billion
Forecast Year 2031 Forecast Year Market Size USD 23.76 Billion
Largest Market Asia-Pacific Fastest Growing Market North America
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Market Overview

The global Fiber Cement Market was valued at USD 16.55 billion in 2022 and is projected to reach an estimated value of USD 23.76 billion by 2031, at a CAGR of 4.1% during the forecast period (2023 – 2031).

Fiber cement is a composite building material primarily consisting of cement reinforced with fibers. The demand for this product is expected to be driven by the need to reduce carbon emissions in the building and construction sectors. Factors such as rapid urbanization and industrialization in developing countries, a growing construction industry, the effectiveness of fiber cement products, and restrictions on asbestos cement products also contribute to market growth. Additionally, increased investments in the infrastructure sector offer opportunities for market players.

Market Dynamics

Market Drivers

Rising Residential Construction across the World

Fiber cement products are applied internally and externally in the residential sector. They are used for internal claddings like tile backer boards, partition walls, windowsills, ceilings, and floors. They are used for external claddings, including slates, planks, corrugated sheets, soffits, wall copings, and flat windshields. In the form of slates and corrugated sheets, they are also used for roofing.

Residential construction in regions such as North America, Asia-Pacific, and Europe has witnessed steady growth in recent times. The Asia-Pacific area has the most significant construction industry in the world. It is expanding at a healthy rate due to urbanization, rising middle-class incomes, and population growth. Significant residential and commercial construction developments support a significant portion of China's economic growth. Hong Kong's housing authority initiated several initiatives in China to jump-start affordable housing development. By 2030, the authorities hope to have 301,000 public housing units available.

In addition, India is anticipated to receive roughly USD 1.3 trillion in housing investments during the following seven years, and 60 million new dwellings are anticipated to be built. In 2024, the country's rate of affordable housing availability is projected to increase by almost 70%. 

Some reasons why Fiber Cement is seeing an increase in its market size

While constructing homes, construction companies are opting for more sustainable methods. Fiber cement is a sustainable option and will give the best results. They offer a sustainable option because of the following advantages:

  • Fiber cement boards offer a longer lifespan than other sliding materials, such as wool or vinyl. They can last up to 50 years. They also offer low maintenance compared to wood, which is susceptible to rot.
  • It relies on recycled material and consumes fewer resources than regular cement, which requires a lot of water during production.
  • Fiber cement is very versatile and can imitate the properties and looks of stucco or wood, including grain patterns. It can be made into various designs, including panels, boards, or shingles. They also are compatible with paints. These properties make them more sustainable, as builders have to use fewer resources.
  • Fiber cement boards are strong, sturdy, and resistant; they can withstand the harshest conditions. Unlike wood, they can protect against bugs and animals that eat into them.
  • Compared to other materials, like vinyl, that has VOCs (Volatile Organic Compounds) and is harmful to health, fiber cement is made of natural products. VOCs are known to affect human health negatively. They can cause headaches, nausea, asthma, and ear irritation.

Such advantages offered by fiber cement are expected to drive the demand for the market studied during the forecast period.

Market Restraint

Presence of Alternatives

Wood, metal, and vinyl are alternatives to fiber cement products. Wood is a longstanding alternative to fiber cement. Wood siding is a popular choice for cabins, lodges, and homes in the suburbs owing to its versatility. A variety of design possibilities are present when using wood. Metal is another alternative to fiber cement siding. Metal offers more stability and protection compared to wood. Metal has better flame retarding properties than wood and does not form molds, or have rotting risks, like wood. Metal sidings can come in a variety of styles and designs as per the interests of homeowners. Vinyl is another option for homeowners; it is easy to find and install. It comes at affordable prices, and homeowners looking for affordable exterior options prefer vinyl. However, vinyl is relatively weak and may not withstand strong winds or harsh weather conditions. The availability of alternatives, such as wood, vinyl, and metal, is expected to restrain the market studied in the coming years.

Market Opportunities

The Shift from Low-end Plywood Segment with Fiber Cement in India

Compared to plywood products, fiber cement products are cheaper by nearly 40%, are more durable, and offer a life span of 15 to 20 years compared to plywood products' 5 to 10 years. Fiber cement products are resistant to weathering, environmentally friendly, resistant to fire, termite, and water, and offer pleasing aesthetics. At the same time, plywood products do not offer similar protective resistance and require other materials for aesthetics.

In India, the fiber cement roofing market was valued at approximately INR 12,000 crores and has opportunities from kutcha and semi-pucca houses. The fiber cement roofing market is an oligopoly, with the top-six players controlling 70% of capacity and 80% of the sales market in India. The fiber cement consumption per capita is low at 0.2 kg per person in India. Plywood is the most effective product among wood panels, and the market is highly fragmented, with more than 75 % controlled by the unorganized sector. Similarly other emerging markets are seeing a high demand for fiber cement products.

Regional Analysis

By region, the global fiber cement market is segmented into Asia-Pacific, Europe, North America, South America, and MEA. 

Asia-Pacific accounted for the largest market share and is estimated to grow at a CAGR of 5.2% during the forecast period. China's economy is expanding and has been helped by numerous residential and commercial construction developments. Hong Kong's housing authority initiated several initiatives in China to jump-start affordable housing development. 

Huge commercial and office buildings have been built due to the structural changes in the Chinese economy over the past few years, which have seen the service sector account for a more significant portion of the GDP overall. The need for more living space in urban areas as a result of urbanization and middle-class urban dwellers' desire to improve their living conditions may have a significant impact on the housing market and, as a result, increase residential construction throughout the nation. This will positively impact the market for fiber cement products in the nation.

With high demand in the new construction sector North America is the second largest region where fiber cement industry is projected to grow at an estimated CAGR of 3.5% 

Report Scope

Report Metric Details
Segmentations
By Application
  1. Siding
  2. Roofing
  3. Cladding
  4. Molding and Trimming
  5. Other Applications
End-User Industry
  1. Residential
  2. Non-residential
Company Profiles 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. TPI Polene Public Company Limited.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global fiber cement market is bifurcated by application, end-user industry, and region. 

By application, the global market is segmented into siding, roofing, cladding, molding and trimming, and other applications. The siding segment accounted for the largest market share and is estimated to grow at a CAGR of 4.6% during the forecast period. Siding products are used for various modern, classic, beauty on a budget, finishing touches, and multifamily homes. They are used for houses or buildings in humid climates, as they can withstand high humidity without rotting as wood products. Due to their fire-resistant property, they are used for homes or buildings in dry climates. They are also used for buildings or houses along coastal areas to protect from sun exposure, salt spray, and high humidity. Owing to the abovementioned properties and applications, the demand for fiber cement siding will likely increase during the forecast period.

By end-user industry, the global market is segmented into global fiber cement market is bifurcated into residential and non-residential. The residential segment accounted for the largest market share and is estimated to grow at a CAGR of 4.1% during the forecast period. Fiber cement products are used for various residential applications, such as siding, molding and trimming, roofing, cladding, and other applications. The residential industry is the primary end-user industry for fiber cement. Fiber cement products are widely used in the residential industry due to their various advantages, such as wear and tear resistance to concrete, UV resistance, fire resistance, pest and algae resistance, corrosion-free, and aesthetically appealing. Fiber cement is not only versatile and attractive, but it also has excellent protective qualities. As a result, it may be used in various conditions around the country. Fiber cement siding or cladding houses can withstand harsh weather and help keep the house sustainable to some of the harshest elements of the local environment. Therefore, owing to the above factors, the demand for fiber cement from the residential industry will likely increase during the forecast period.

Market Size By Application

Market Size By Application
  • Siding
  • Roofing
  • Cladding
  • Molding and Trimming
  • Other Applications
  • Recent Developments

    • June 2022 - American Fiber Cement Corporation introduces Deco, a brand‐new façade panel with a rustic coated surface. This panel meets the rising demand of architects and builders worldwide who want to create a smooth polished look with a natural texture.
    • June 2022 - Swisspearl Group in Niederurnen, Switzerland, will retroactively acquire Cembrit of Denmark, making it the second-largest producer of fiber cement in Europe. The entrepreneurial Swiss family Bernhard Alpstaeg owns 100% of the Swisspearl Group, which now has 2600 employees.

    Key Players

    Fiber Cement Market Share of Key Players

    Fiber Cement Market Share of Key Players
    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. TPI Polene Public Company Limited. Others

    Frequently Asked Questions (FAQs)

    What is the estimated growth rate (CAGR) of the Fiber Cement Market?
    Fiber Cement Market size will grow at approx. CAGR of 4.1% during the forecast period till 2031.
    Some of the top prominent players in Fiber Cement Market are, 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., TPI Polene Public Company Limited., etc.
    Asia-Pacific has been dominating the Fiber Cement Market, accounting for the largest share of the market.
    The region with the most rapid expansion in the Fiber Cement Market is North America.
    The global Fiber Cement Market report is segmented as follows: By Application, End-User Industry


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