March 23, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, March 23, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the fiber cement market, increasing expenditure on construction is expected to propel the growth of the fiber cement market. With the increase in the construction industry, the use of high-efficiency and sustainable fiber cement affixes to the exterior of both residential and commercial spaces due to its characteristics that include resistance to wear and tear on concrete, along with benefits for the residential space, has increased. For instance, according to the Office of National Statistics UK, the monthly construction output increased by 3.5% in volume in November 2021. Also, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, increasing expenditure on construction is driving the growth of the fiber cement market.
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The global fiber cement market size is expected to grow from $14.37 billion in 2021 to $15.40 billion in 2022 at a compound annual growth rate (CAGR) of 7.13%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The fiber cement market is expected to reach $21.30 billion in 2026 at a CAGR of 8.45%.
Technological advancements are a key trend gaining popularity in the fiber cement market. The companies in the fiber cement board market are developing new products with the latest technologies to meet the demand from customers across various sectors. For instance, in February 2019, James Hardie, a manufacturer of fiber cement technologies based in Ireland, introduced three new products that are: HardieSoffit®, artisan® Shingle, VentedPlus™ panel, and Hardiebacker® Cement Board with Hydrodefense™ technology. The Artisan® Shingle works on a higher airflow soffit and is the industry's first waterproof cement backer board and is popular in the fiber cement siding market.
Major players in the fiber cement market are American Fiber Cement Corporation, Cembrit Holding, CSR Limited, Etex Group, James Hardie Industries PLC, Nichiha Corporation, Plycem, SCG Building Materials, Shandong Cement, Zykron, Allura, Alpha Roofing Industries, LLC, GAF, and Swiss Pearl.
The global fiber cement market is segmented by raw material into cellulosic fiber, portland cement, silica; by application into siding, roofing, cladding, molding and trimming, others; by end-user into residential, non-residential.
The regions covered in the fiber cement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the fiber cement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Fiber Cement Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide fiber cement market overviews, fiber cement market analyze and forecast market size and growth for the whole market, fiber cement market segments and geographies, fiber cement market trends, fiber cement market drivers, fiber cement market restraints, fiber cement market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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