Fiber Cement Board Market Outlook:
According to Market Research Future (MRFR), the global fiber cement board market is expected to cross USD 2,263.0 million at a CAGR of 7.4% from 2019 to 2025 (forecast period). The study offers a broad analysis of the effects of the COVID-19 pandemic on the global fiber cement board market.
Fiber cement board is an improvement on the gypsum board used in the construction. In comparison to core gypsum products, the fiber cement board provides long-term performance as it is resistant to mildew, which deteriorates structural integrity. It is also resistant to fire and biological agents like termites. Once installed, the fiber cement board requires minimal maintenance, which significantly contributes to its market value.
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Market Dynamics
Easy installation and efficiency in residential and non-residential construction of the fiber cement board industry are accelerating market development. Compared to the alternatives and development of the global construction industry, its exceptional characteristics are also anticipated to augment the market for fiber cement board.
Nevertheless, due to their narrowness, the application of the fiber cement board is limited. It isn't easy to make fiber cement boards thick as it increases their brittleness.
Market Segmentation
The global fiber cement board market has been segmented into raw material, type, and application.
By raw material, the global fiber cement board market has been segmented into Portland cement and silica. Portland Cement is the largest segment. Portland cement is the most extensively used in various cement to manufacture fiber cement boards, especially for the construction industry. Silica is a niche market segment. Silica fiberboards offer benefits like higher strength and durability compared to Portland fiber cement boards. They also have a smaller molecular size. However, these boards are more costly than Portland fiber cement boards, limiting the growth of the segment.
By type, the global fiber cement board market has been segmented into a low-density fiber cement board, medium-density fiber cement board, and high-density fiber cement board. Low-Density Fiber Cement Board is used for applications like interior ceilings and partitions; they are inexpensive but offer limited sound and thermal insulation. Ideal for low-stress decorative purposes. Medium-Density Fiber Cement Board finds application in external sliding and floor decks. This density provides a perfect blend of practicality and aesthetics. High-Density Fiber Cement Board is the largest segment as high-density fiber cement boards offer unparalleled insulation and water and weather resistance. Perfect for applications in regions with sub-zero temperatures.
By application, the global fiber cement board market has been segmented into residential buildings, non-residential buildings. Residential Buildings find widespread application in the construction of residential buildings due to their superior quality, especially in North America and Europe. Non-Residential Buildings is the larger segment owing to the larger share of non-residential buildings in the construction industry. The industry also uses semi-skilled labor to install fiber cement boards. Furthermore, in commercial structures, the utility of fiber cement boards increases drastically due to the overall insulation and resistance they offer.
Regional Analysis
Region-wise, the global fiber cement board market has been segmented into North America, Europe, Asia Pacific, the Middle & East Africa, and South America.
North America has one of the biggest and most advanced construction industries in the world. There is a strong demand for fiber cement boards due to local manufacturing, government funding, and the availability of skilled workers for installation. These factors propel the development of the market in the region.
Europe is currently the most significant regional market, with a high demand for fiber cement board in Europe, particularly in the construction of residential buildings. The exceptional weather resistance and thermal insulation properties of the fiber cement board are boosting the growth of the regional market.
The Asia Pacific has the largest market for fiber cement board and is the largest producer of cement. These factors help ensure the growth of the regional market for the fiber cement board owing to the easy availability and low cost of raw materials.
Accelerated urbanization in Africa and industrialization in the Middle East are fueling the market's growth in the region owing to an expansion in the construction of buildings and industries using fiber cement boards.
South America has a small market. South America is undergoing a construction boom, which is expected to fuel the development of the fiber cement board market.
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Key Players
James Hardie Europe GmbH (Australia), Biele Group (Spain), Etex (Belgium), SHERA (Thailand), Cembrit Holding A/S (Denmark), Soben International (Asia Pacific) Ltd (Hong Kong), SCG (Thailand), LATONIT (Russia), NICHIHA (Japan), Everest Industries (India), Toray Industries Inc. (Japan)
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