Fiber Cement Board Market Share, Size and Growth Analysis By 2029

The fiber cement board market is projected to expand from US$ 1,682.42 million in 2021 to US$ 2,339.16 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.5% during the period from 2021 to 2028.

Fiber cement board is a highly adaptable construction material suitable for a variety of applications, including exterior siding, interior walls, false ceilings, and more. Composed of sand, cellulose fibers, and cement, these boards are designed to withstand high temperatures, making them ideal for construction projects across diverse climatic conditions. The product range includes boards, panels, and siding, which are extensively used in both residential and commercial building projects due to their fire and impact resistance. Additionally, fiber cement boards are employed for external wall cladding, partition walls, ceilings, and decorative purposes. While fiber cement decorative cladding is often used in rainscreen applications, these boards are also commonly found in corridors, tunnels, hotel lobbies, shopping malls, and residential buildings. Their affordability, combined with resistance to fungi, mold, and bacteria, enhances their durability and appeal.

The market for fiber cement boards is categorized by type into low-density, medium-density, and high-density fiber cement boards. In 2021, the medium-density fiber cement board segment led the market and is anticipated to exhibit the highest CAGR throughout the forecast period.

Geographically, the fiber cement board market is divided into regions including North America, Europe, Asia Pacific (APAC), South and Central America (SCAM), and the Middle East and Africa (MEA). In 2021, the Asia Pacific region held a dominant position in the market. The growth of various end-use industries in this region is a significant driver for the fiber cement board market. The building and construction sector plays a crucial role in this growth, with India?s construction industry being the second-largest after agriculture, contributing approximately 11% to the nation?s GDP. A balanced distribution of residential and industrial construction projects supports the stability of the fiber cement board market in Asia Pacific. Factors such as increased urbanization, investments from both government and private sectors, and rising consumer spending are collectively influencing the growth of economies in Asia Pacific, which in turn is likely to spur infrastructure development and related markets. In recent years, acceptance of fiber cement boards has surged in key end-use sectors, particularly in residential and commercial construction. The rapid expansion of residential projects is a primary catalyst for the global fiber cement board market, with favorable government policies and heightened environmental awareness expected to further enhance market revenue during the forecast period. These boards are also thermally robust and have a low propensity to ignite. Being asbestos-free, they pose significantly less risk during installation, making them a preferred choice in healthcare settings where high-performance materials must comply with stringent regulations and industry standards.

The chemicals and materials sector encountered significant challenges due to the COVID-19 pandemic. Disruptions in the supply chain, labor shortages, factory closures, and operational hurdles related to COVID-19 safety measures negatively impacted the fiber cement board market. Lockdown measures severely affected both the supply and production aspects of fiber cement boards. Given the construction industry's sensitivity to economic fluctuations, construction firms and workers faced considerable challenges due to a sharp decline in economic activity during the pandemic. The extent of operational shutdowns in the construction sector varied based on location and project type, influenced by the severity of SARS-CoV-2 infections and the timing and strictness of containment measures. According to the European Commission, construction output in the European Union rose by 3.9% in January 2022 compared to December 2021, indicating a recovery trend. While construction activities were deemed essential in several countries, others experienced complete or partial site closures as part of containment strategies. However, the successful rollout of mass vaccination campaigns in 2021 led to a resurgence in business activities. As economies began to recover, the demand for fiber cement boards is anticipated to increase globally in the coming years, with major manufacturers resuming operations and restoring normal production levels.

Key players in the fiber cement board market include Nichiha Co., Ltd, Cembrit Holding A/S, Dow Inc., Beijing Hocreboard Building Materials Co. Ltd., SCG Building Materials Co., Ltd., Saint Gobain S.A., Tepe Betopan A.?., IKK Group, Hume Cemboard Industries Sdn Bhd, and ACFA Building Solution. These companies are pursuing strategies such as mergers and acquisitions, along with product launches, to enhance their geographic reach and customer base.

The overall size of the fiber cement board market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the information and gain deeper analytical insights. Participants in this research included VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the fiber cement board market.