The fiber cement board market is expected to grow from US$ 1,682.42 million in 2021 to US$ 2,339.16 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028.

Fiber cement board is a versatile building material that may be used in exterior siding, interior walls, false ceilings, and various other areas. They are made of sand, cellulose fibers, and cement and can endure high temperatures, which makes them perfect for construction projects in different climatic conditions. It consists of boards, panels, and siding and is widely utilized in the construction of residential and commercial structures because to its fire and impact resistance. They may also be used for external wall cladding, partition walls, ceilings, and aesthetic purposes. Fiber cement ornamental cladding is typically utilized for rainscreen applications, but fiber cement boards are commonly seen in corridors, tunnels, hotel lobbies, shopping malls, and residential structures, among other places. It is a low-cost composite material that is also resistant to fungus, mould, and bacteria, extending its longevity.

Based on type, the fiber cement board market is segmented into low-density fiber cement board, medium density fiber cement board, and high-density fiber cement board. The medium density fiber cement board segment led the market in 2021, and it is expected to register the highest CAGR during the forecast period.

The fiber cement board market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SCAM), and the Middle East and Africa (MEA). In 2021, Asia Pacific dominated the market. The growth of various end-use industries in Asia Pacific is driving the growth of the fiber cement board market in this region. The building & construction industry strongly contributes to the market growth in Asia Pacific. In India, construction is the second-largest industry, after agriculture, accounting for ~11% of the country's GDP. A healthy distribution of residential and industrial building projects contributes to the stability of the fiber cement board market in Asia Pacific. Increased urbanization, government and private sector investments, and consumer spending are the factors that collectively impact the growth of Asia Pacific economies, which are also likely to trigger infrastructure developments in the region, thereby contributing to the related markets. In recent years, product acceptance has expanded in key end-use industries such as residential and commercial. Rapid residential expansion is a primary driver for the worldwide fiber cement board market, and favorable government policies and rising environmental consciousness are likely to boost market revenue growth throughout the forecast period. They are also very thermally strong and do not easily catch fire. Because these boards are asbestos-free, they are far less hazardous to work with and preferred in hospital situations where high functionality materials are necessary to fulfill tight laws and industry requirements.

The chemicals & materials industry faced unprecedented challenges upon the onset of the COVID-19 pandemic. The shortage of raw materials and manpower, shutdown of factories, and other operational difficulties associated with COVID-19 safety protocols adversely affected the fiber cement board market. The lockdown measures heavily impacted the supply and the production side of fiber cement board. As the construction industry is susceptible to economic cycles, construction companies and workers were particularly exposed to the consequences of a sharp drop in economic activity amid the pandemic. Operational shutdown in the construction industry varied by location and project type, depending on the severity of SARS-CoV-2 infection, as well as the timing and stringency of containment measures. According to European Commission, construction output in the European Union climbed by 3.9% in January 2022 compared to December 2021; construction production in Europe similarly increased by 3.9%. Construction operations were deemed necessary in several countries; however, in other nations, construction sites were completely or partially shut down as part of containment efforts. Nevertheless, the successful implementation of mass vaccination drives in 2021 resulted in a rise in business activities. With economies reviving their operations, the demand for fiber cement boards is expected to rise globally in the coming years as key fiber cement boards manufacturers have started resuming their operations, along with restoring their normal production capacities.

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 are among the leading players in the fiber cement board market. These companies are adopting strategies such as mergers and acquisitions, and product launches to expand their geographic presence and clientele.

The overall fiber cement board market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. Participants of this process include 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.