The scope of our recent study on the “Fiber Cement Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, and End-Use” includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players and their key developments.
The fiber cement market size is expected to grow from US$ 21,748.45 million in 2022 to US$ 33,052.23 million by 2028; it is estimated to record a CAGR of 7.2% from 2022 to 2028. Fiber cement is durable and resistant to rot, pests, and fire, which makes it an excellent choice for residential and commercial buildings. Growing awareness regarding the benefits of fiber cement and surging demand for energy-efficient buildings boost the fiber cement market growth. Rapid urbanization and industrialization in developing countries, blooming construction industry, and increasing demand for asbestos-free cement products are also driving the market growth.
Based on end-use, the global fiber cement market is bifurcated into residential and non-residential. The residential segment held a larger market share in 2022. Fiber cement is widely used in residential construction owing to its key advantages, including water resistance and prevention of termites. Rapid urbanization with an increasing expatriate population is expected to propel the demand for fiber cement in residential construction.
The global fiber cement market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the global fiber cement market in 2022. Major factor driving the fiber cement market in Asia Pacific is the growing awareness regarding the benefits of fiber cement.
Impact of COVID-19 Pandemic on Fiber Cement Market
The COVID-19 pandemic adversely affected the growth of the chemicals & materials sector and the fiber cement market. The implementation of measures to combat the spread of SARS-CoV-2 negatively impacted the growth of various industries. Industries such as packaging, consumer goods, automotive & transportation, textiles, and building & construction were adversely affected by the disruptions in operational efficiencies and value chains due to the sudden closure of national and international boundaries. During the COVID-19 pandemic, falling revenue and increasing project delivery challenges led to the sector’s contraction in most markets, with a corresponding negative impact on the labor force.
The report includes the segmentation of the global fiber cement market as follows:
The global fiber cement market is segmented on the basis of type, application, and end-use. Based on type, the global fiber cement market is bifurcated into air-cured and autoclaved. Based on application, the market is segmented into roofing, outside siding or façade, and others. Based on end-use, the market is bifurcated into residential and non-residential. By region, the global fiber cement market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America fiber cement market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific fiber cement market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America fiber cement market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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