Global Fiber Cement Market - Segmented by Raw Material, Application, End User Industry and Region - Growth, Trends and Forecast (2018 - 2023)
The fiber cement market is expected to register a CAGR of approximately 5.1% during the forecasted period, 2018-2023. The market is driven by many factors, such as the growing residential sector in Asia-Pacific economies. However, the threat from wood and vinyl siding is expected to restrain the market.
Increasing Residential Sector Driving the Market
Asia-Pacific economies like China and India, which are the major markets for construction, are experiencing increasing residential construction, thereby driving the market for fiber cement. In China, Beijing Municipal Commission of Urban Planning and Land and Resources Management has planned to allocate 6,000 hectares of land by 2021 to meet the demand for 1.5 million units of residential houses. In India, the government is planning to bring USD 1.3 trillion investment to bring homes to the country’s 1.3 billion people.
Siding - the Dominant Application
Based on application, the siding segment is dominant because of its better intrinsic properties, therefore increasing its demand in the residential sector. It is cost effective, highly durable and requires low maintenance, making it preferable for fire and termite resistance, and holding paint for longer years as compare to wood siding.
Asia-Pacific - the Largest Regional Market
Asia-Pacific accounts for the highest market share of fiber cement in the world because of rapid industrialization and growing construction activities in China, India, and East Asian countries. China experienced its own industrial revolution after moving towards a mixed economy and government initiatives like the 13th Five Year Plan are increasing construction, thereby driving the fiber cement market during the forecast period.
Major Players: Etex Group NV, James Hardie Industries PLC, Evonik Industries AG, Compagnie de Saint Gobain SA, and Toray Industries Inc., amongst others.
Reason to Purchase the Report
To understand the impact of end-user industries on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type and application in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the Market Estimate sheet (in Excel).
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