Global Fiber Cement Market generated revenue of $12,336 million in 2014, and is expected to garner $18,888 million by 2022

Global Fiber Cement Market generated revenue of $12,336 million in 2014, and is expected to garner $18,888 million by 2022, registering a CAGR of 5.8% from 2016 to 2022.

The global fiber cement market is driven by factors such as rapid urbanization and industrialization in developing countries, booming construction industry, high efficiency of fiber cement products, and ban on asbestos cement products. In addition, increased investment in infrastructure sector offers opportunities to the market players. However, lack of skilled labor in developing countries hamper the growth of the global fiber cement industry.

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The use of asbestos cement is associated with severe health hazards such as ovarian cancer, lung cancer, and other diseases. Therefore, the ban on asbestos cement products by government agencies have fueled the demand for fiber cement products such as planks, sheets, panels, boards, and others. The fiber cement siding segment generated the highest revenue in 2014, and is expected to remain dominant throughout the analysis period. This is attributed to the remarkable properties of fiber cement siding such as non-combustible and eco-friendly.

Boom in the construction industry, ban on asbestos cement products, high efficiency of fiber cement products, and rapid urbanization and industrialization in developing countries drive the fiber cement market growth. In addition, increase in infrastructure investments act as an opportunity for the global market. However, dearth of skilled labor in developing countries is expected to hamper the fiber cement market growth.

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Fiber cement products have gained popularity in North America and Asia-Pacific region in the recent years. Homeowners prefer fiber cement siding over vinyl siding, owing to its durability, resistance to termites and water, fire retardant property, and low maintenance. Growing interest of consumers towards fiber cement boards, sheets, slates, and other products has created lucrative opportunities for fiber cement industry manufacturers to offer a broad array of differentiated products in darker tones and natural hues.

Increase in adoption of non-asbestos fiber cement products post ban on asbestos products has supplemented the overall growth of the market. Canada, Netherlands, Sri Lanka, and others have focused on eliminating the use of toxic minerals in infrastructure development projects to promote the adoption of eco-friendly cement products. However, growing interests of homeowners and builders towards fiber cement housing & building have led to spiraling growth of vertical siding, molding, trimming, and ceiling. States Smriti Loomba, Research Analyst, Construction, Allied Market Research.

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