Fiber Cement Market is Expected to Witness Further Growth in The Wake of COVID-19 pandemic

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.

A recent report published by Allied Market Research, titled, "Fiber Cement Market - Global Opportunity Analysis and Industry Forecasts, 2014 - 2022," projects that the global fiber cement market is estimated to reach $18,888 million, registering a CAGR of 5.8% from 2016 to 2022. Moreover, the Asia-Pacific region is expected to dominate the global market by 2022, registering a notable CAGR of 6.7% from 2016 to 2022.

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"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.

The end users of the fiber cement industry are residential and non-residential sectors. The non-residential sector segment generated the highest revenue in 2014, owing to large-scale installation of fiber cement products for commercial, industrial, and infrastructure projects. However, the residential sector is expected to grow at rapidly during the forecast period, owing to rapid urbanization in the developing nations.

Market players have focused on adopting several strategies, such as product launch, acquisition, and partnership to expand their market outreach. For instance, in 2014, Plycem Corporation launched its fiber cement collection with a wide variety of colors, textures, and styles under the brand name, Allura. The product line includes exterior siding, architectural panels, shakes, trims, and backerboards.

The key market players profiled in the report include Etex Group NV, James Hardie Industries PLC, Evonik Industries AG, Compagnie De Saint Gobain SA, Toray Industries Inc, CSR Limited, The Siam Cement Public Company Limited, Nichiha Corporation, Plycem Corporation, and Cembrit Holding A/S.

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