Fiber Cement Board Market Analysis

Global Fiber Cement Board Market Overview

Fiber Cement Board Market Size was valued at USD 13.14 billion in 2023. The Fiber Cement Board industry is projected to grow from USD 13.81 Billion in 2024 to USD 19.56 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.45% during the forecast period (2024 - 2032). Increased High resilience and structural integrity, a rapidly expanding construction industry, and excellent applicability in moisture-rich environments are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Fiber Cement Board Market Trends

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  Increased Usage as an Asbestos Alternative is driving the market growth

  
  

According to the International Ban Asbestos Secretariat, nearly 55 countries worldwide have imposed a partial ban on asbestos products due to its well-known health and safety hazard. Due to restrictions on asbestos products, manufacturers have turned their attention to fiber cement market products as an alternative, as asbestos and fiber cement are nearly identical. When it comes to environmental friendliness, fiber cement outperforms asbestos. It is the primary reason fiber cement has gained Popularity. Regular cement requires a lot of water, whereas fiber cement uses recycled materials and fewer resources. With water crises in some parts of the world, using materials that reduce water usage is essential. The ban on asbestos products has further increased the likelihood of growth in the fiber cement board market CAGR.

Furthermore, the rising construction activities and infrastructure development are estimated to drive the market's growth. The rising rapid industrialization, increasing disposable incomes of individuals, and higher living standards will further propel the growth rate of the fiber cement board market. The easy availability of raw materials will also drive market value growth.

Additionally, the fiber cement board market is experiencing significant growth due to the rising popularity of fiber cement as a sustainable building material. It offers profitable opportunities for market players in the forecast period from 2022 to 2029. Increased investments in infrastructure development and residential construction further propel the market. Fiber cement siding, used to enhance the exterior of buildings, offers durability and resistance to harsh environmental elements. These properties contribute to its growing demand in the market. It's strength and structural integrity also make it highly sought after. The expanding construction industry, particularly in the residential sector, is a key driver of market growth. The growing middle-class population and increasing disposable incomes have increased the demand for middle-class housing, thereby driving the use of fiber cement within this segment. Additionally, favorable government policies and growing environmental awareness will fuel market expansion in the coming years. Thus, driving the Fiber Cement Board market revenue.

September 2023 saw Nuvoco Vistas launching dura guard microfibre fiber-reinforced cement. The company strives to create sustainable, innovative products that meet stringent international standards.

In May 2023, ATUM Life introduced India’s first eco-conscious experience center. By the end of the year 2023, the company will have established various ATUM Life Experience Centers across major metropolitan cities. It is made entirely out of Vnext Fiber Cement Board –which is a product manufactured by the firm itself that uses no gypsum or plywood as an environmentally friendly substitute.

Fiber Cement Board Market Segment Insights

Fiber Cement Board Raw Material Insights

Based on Raw Material, the Fiber Cement Board market segmentation includes Portland cement, Silica. The Portland cement segment dominated the market due to its widely used binding agent in Fiber Cement Board production; Portland cement offers remarkable strength, durability, and resistance to fire, moisture, and pests. It ensures the structural integrity of Fiber Cement Boards by providing excellent adhesion to reinforcing fibers. Moreover, the versatility of Portland Cement allows manufacturers to customize Fiber Cement Boards by incorporating different raw materials and additives, catering to specific requirements.

Fiber Cement Board Type Insights

The Fiber Cement Board market segmentation, based on type, includes Low-Density Fiber Cement Board, Medium-Density Fiber Cement Board, and High-Density Fiber Cement Board. The medium-density fiber cement board segment has emerged as the dominant force in the market. These boards are manufactured by processing wood residuals, such as hardwood or softwood, into wood fibers. They offer exceptional moisture, fire, and termite resistance, ensuring long-lasting durability and reliability. What sets Medium-Density Fiber Cement Board apart is its lightweight nature, making it easier to handle and install than other fiber cement boards.

Fiber Cement Board Application Insights

Based on Application, the Fiber Cement Board market segmentation includes Residential Buildings, Non-Residential Buildings. The residential buildings segment dominated the market; fiber cement boards are resistant to moisture, rot, and pests, ensuring long-term performance and reliability in residential structures. They also provide excellent thermal insulation and are highly fire-resistant, contributing to residential buildings' safety and energy efficiency. Moreover, fiber cement boards offer versatility in design options and color choices, allowing homeowners to achieve their desired aesthetics.

Figure1: Global Fiber Cement Board Market, by Application, 2022&2032(USD billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Fiber Cement Board Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Fiber Cement Board market will dominate due to the accelerating construction expenditure within the Region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: GLOBAL FIBER CEMENT BOARD MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Fiber Cement Board market accounts for the second-largest market share due to the increased High resilience and structural integrity rapidly expanding construction industry. Further, the German Fiber Cement Board market held the largest market share, and the U.K. Fiber Cement Board market was the fastest-growing market in the European Region.

The Asia-Pacific Fiber Cement Board market is expected to grow fastest from 2023 to 2032. This is due to the rise in economic growth and greater development of the infrastructure sector, rapid urbanization, increasing industrialization, migration, and growing economies within the Region. Moreover, China’s Fiber Cement Board market held the largest market share, and the Indian Fiber Cement Board market was the fastest-growing market in the Asia-Pacific region.

Fiber Cement Board Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Fiber Cement Board market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Fiber Cement Board industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Fiber Cement Board industry to benefit clients and increase the market sector. In recent years, the Fiber Cement Board industry has offered some of the most significant advantages. Major players in the Fiber Cement Board market, including James HardieEurope GmbH (Australia), Etex (Belgium), Cembrit Holding A/S (Denmark), SHERA (Thailand), Soben International (Asia Pacific) Ltd (Hong Kong), SCG (Thailand), Biele Group (Spain), LATONIT (Russia), NICHIHA (Japan), Everest Industries (India), Toray Industries Inc. (Japan)., and others, are attempting to increase market demand by investing in research and development operations.

James Hardie Industries plc is a building materials company and the largest manufacturer of fiber cement products. It is headquartered in Ireland; it is a dual-listed company listed on the Australian and New York Stock Exchanges. Its management team currently sits in Chicago, Illinois, United States. James Hardie Building Products Inc. debuted 700 Color plus Technology finish fiber cement under the James Hardies' Dream Collection in January 2020 to expand the fiber cement product portfolio's vast range of color options. James Hardie Building Products Inc. debuted 700 Color plus Technology finish fiber cement under the James Hardies' Dream Collection in January 2020 to expand the fiber cement product portfolio's vast range of color options.

Toray Group is a globally recognized chemical industry group that operates in 29 countries and regions worldwide. The company's operations involve integrating nanotechnology into various sectors, including organic synthetic chemistry, polymer chemistry, and biotechnology. Toray also focuses on the development of IT-related products, carbon fiber composite materials, pharmaceuticals and medical products, and environment and engineering solutions, such as water treatment. In line with its strategic growth initiatives, Toray Corporation made a significant investment of USD 1.12 billion to acquire Ten Cate Advanced Composites Holding B.V., a Koninklijke Ten Cate B.V. subsidiary in the Netherlands. This acquisition further strengthens Toray's position in the advanced composites market and expands its cutting-edge materials and technologies portfolio.

Key Companies In The Fiber Cement Board Market Include

• James Hardie Europe GmbH (Australia)


• Etex (Belgium)


• Cembrit Holding A/S (Denmark)


• SHERA (Thailand)


• Soben International (Asia Pacific) Ltd (Hong Kong)


• SCG (Thailand)


• Biele Group (Spain)


• LATONIT (Russia)


• NICHIHA (Japan)


• Everest Industries (India)

Fiber Cement Board Industry Developments

HVG Facades launched a product called Vetérro, which is a new high-density, fiber cement exterior and interior cladding in February 2024. These panels provide for concrete-like look that changes subtly with age to make them look more appealing than having them painted.

Specialty Building Products, LLC is a market leader in specialty building product distribution across North America. In November 2023, it announced an expansion of its distribution partnership with James Hardie Building Products worldwide leader in fiber cement siding and backerboard solutions.

The increasing number of construction activities in the country widens the scope for fiber cement boards like those shown below. For instance, Visaka Industries Limited –a Hyderabad-based company, played an indispensable role in constructing the Indian Parliament House, which was completed in June 2023. The Parliament House walls were covered with VNext fiber cement boards that are used as cladding material (Figure 1).

Visaka Industries plans to set up a new plant involving Rs120 crore ($15 million) worth of investments in West Bengal for the manufacture of fiber cement boards. The capacity increase aims to meet the growing demand for environmentally friendly building materials in August 2022.

Swisspearl Group in June 2022 acquired Cembrit Company, according to a recent announcement released by its management. This move by Swisspearl Group was aimed at increasing its global presence and strengthening its production sites.

James Hardie Building Products Inc. enhanced the Dream Collection fiber cement in January 2020 through the addition of 700 new ColourPlus Technology finishes. It is also expected to expand its product range and improve its market position in the fiber cement board segment. James Hardie Building Products Inc. enhanced the Dream Collection fiber cement in January 2020 through the addition of 700 new ColourPlus Technology finishes.

Fiber Cement Board Market Segmentation

Fiber Cement Board Raw Material Outlook

• Portland Cement


• Silica

Fiber Cement Board Type Outlook

• Low-Density Fiber Cement Board


• Medium-Density Fiber Cement Board


• High-Density Fiber Cement Board

Fiber Cement Board Application Outlook

• Residential Buildings


• Non-Residential Buildings

Fiber Cement Board Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America