The global fiber cement market is on the rise, according to a recent report by Allied Market Research. The market, valued at $16.4 billion in 2020, is projected to reach $24.4 billion by 2030, with a compound annual growth rate (CAGR) of 4.11% from 2021 to 2030.
One of the key drivers behind this growth is the global shift towards reducing carbon emissions in the building and construction sector. Fiber cement’s eco-friendly and durable properties make it a preferred choice for various construction applications. However, a shortage of skilled labor, especially in developing regions, could pose a challenge to market expansion. Despite this, rapid urbanization, industrialization, and the high performance of fiber cement products present lucrative opportunities for market growth.
In terms of market segments, the report highlights that the Portland cement segment dominated in 2020, capturing nearly half of the market revenue. Its widespread use in concrete, mortar, and stucco is expected to fuel its dominance in the forecast period. On the other hand, the cellulosic fiber segment is projected to experience the fastest growth, with a CAGR of 5.09% between 2021 and 2030.
When it comes to construction applications, the siding segment led the market share in 2020, accounting for nearly 50% of the overall market. The increase in residential and non-residential projects globally is expected to sustain this trend. Meanwhile, the molding and trimming segment is projected to achieve the highest growth rate, with a CAGR of 4.91% during the forecast period.
In terms of regional insights, the Asia-Pacific market is expected to lead global growth, followed by Europe and North America. The Asia-Pacific region is projected to exhibit the fastest growth, with a CAGR of 4.81% over the forecast period. The rising demand for residential construction in the region is a key factor contributing to this growth.
Several prominent companies are driving innovation and growth in the global fiber cement market, including James Hardie PLC, Cembrit Holding A/S, and Saint Gobain SA, among others. These companies are investing in technological advancements and expanding their market presence to meet the growing demand for fiber cement products worldwide.
In summary, the fiber cement market is poised for significant growth in the coming years, driven by global trends in sustainability, urbanization, and increased construction activities. This presents a promising opportunity for investors and industry players to capitalize on the market’s potential.