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Fiber Cement Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Fiber Cement Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Fiber Cement Global Market Report 2024, The fiber cement market size has grown strongly in recent years. It will grow from $16.3 billion in 2023 to $17.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to industrialization’s impact, market penetration in developed regions, regulatory support and standards, construction boom, architectural evolution.

The fiber cement market size is expected to see strong growth in the next few years. It will grow to $21.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to cost-effectiveness and longevity, consumer awareness and preferences, weather resistance and durability, residential and commercial construction, government regulations and policies. Major trends in the forecast period include urbanization and infrastructure development, rising construction activities, shift towards sustainable building materials, weather resistance and durability, architectural trends and aesthetics.

Increasing expenditure on construction is expected to propel the growth of the fiber cement market. With the increase in the construction industry, the use of high efficiency and sustainable fiber cement affixes to the exterior of both residential and commercial spaces due to its characteristics that include resistance to wear and tear to concrete along with benefiting the residential space has increased. For instance, according to the Office of National Statistics UK, the monthly construction output increased by 3.5% in volume in November 2021. Also, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, increasing expenditure on construction is driving the growth of the fiber cement market.

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The fiber cement market covered in this report is segmented –

1) By Raw Material: Cellulosic Fiber, Portland Cement, Silica

2) By Application: Siding, Roofing, Cladding, Molding and Trimming, Other Applications

3) By End User: Residential, Non-Residential

Major companies operating in the fiber cement market are focused on developing innovative solutions such as architectural product collections. Architectural product collections refer to curated sets or groups of building materials, finishes, or components offered by manufacturers or suppliers to architects, designers, and construction professionals. For instance, in February 2022, James Hardie Industries plc, an Ireland-based fiber cement products manufacturing company announced the launch of ‘Hardie Architectural Collection’. The Hardie Architectural Collection provides a contemporary, unified solution comprising fiber cement panels and metal trims. The Hardie Architectural Panels are made with Hardie fiber cement technology that provides superior home protection, non-combustibility, and low maintenance.

The fiber cement market report table of contents includes: