Fiber Cement Board Market Surges Amidst Retrofitting And New Building Investments, Set To Reach US$ 16,890 Million By 2033: FMI Forecast

(MENAFN- GlobeNewsWire - Nasdaq) NEWARK, Del, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global fiber cement board market value is likely to jump from US$ 10,980.6 million in 2023 to US$ 16,890 million by 2033. This estimated growth is expected to be driven by a steady CAGR of 4.4% in the global fiber cement board market over the next decade.

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Increasing demand for high-performing fiber cement board building solutions in the construction industry is fueling the market growth. Their adoption is also driven by their ability to reduce construction costs, as they are easy to transport and require minimal effort by labor.

Sales of fiber cement boards are predicted to flourish in developing economies as investment in the construction of housing projects surges. Emerging new projects including single- and multi-family housing are enhancing the scope of construction materials.

In India, the residential construction sector is expected to be supported by the Pradhan Mantri Awas Yojana-Urban (PMAY-U)“Housing for All” Mission that is predicted to continue till 31st December 2024.

The increasing concern of the Indian government to complete big infrastructure projects prior to the 2024 elections is also a key motivator of infrastructure construction in the country. Thus, creating significant opportunities for fiber cement board producers.

Development of the commercial sector that incorporates hospitality buildings, outdoor leisure facilities, retail buildings, office buildings, and other commercial buildings is another factor that is increasing prospects for the product. Apart from offices and other projects, the expansion of the tourism business is also expected to bring new avenues for construction.

“Soaring investments in housing and infrastructural projects, especially in developing countries, are creating multiple opportunities for the producers of construction materials like fiber cement board. With these emerging opportunities, key players are focusing on enhancing their product portfolio by taking into account the valuable insights from their customers. This strategy is predicted to give them leverage over their competitors,” says Nikhil Kaitwade , Associate Vice President at Future Market Insights (FMI).

Key Takeaways from the Fiber Cement Board Market Report:

• In 2022, the fiber cement board market attained a value of US$ 10,520 million.
• Based on end use, the commercial segment is expected to obtain a 32.10% market share in 2023.
• Portland cement is predicted to acquire a market value of 78.10% in 2023.
• China and India are assessed to expand at significant CAGRs of 5.1% and 5.3% through 2033.
• Japan is predicted to exhibit a growth rate of 2.7% CAGR over the forecast period.
• Germany and the United Kingdom are predicted to register CAGRs of 1.8% and 2%, respectively.
• The United States market is projected to record a CAGR of 2.3% through 2033.
  

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Developments Taking Place in the Fiber Cement Board Market

Key players in the market are offering innovative products to raise the bar higher for their competitors. For instance, Buildrite Construction Chemicals, a prominent construction chemical player in the Philippines, introduced eight new and inventive products at WorldBex 2023. Among these products is Tofil 807 and 808, which is a drywall finishing system that is equipped with anti-crack technology. This product is suggested for gypsum boards and fiber cement boards to eliminate the issue of cracking joints.

Active market participants are offering innovative fiber cement boards, consisting of a range of exterior and interior systems like throughwall systems, partitions, and ceilings. With such elaborate offerings, players are focusing their efforts on providing premium quality solutions offering long-lasting beauty and trusted protection.

Report Scope of Fiber Cement Board Market

Report Attribute	Details
Growth Rate	CAGR of 4.4% from 2023 to 2033
Base Year of Estimation	2022
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	Revenue in US$ million, and CAGR from 2023 to 2033
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	Raw material Application End Use Region
Regions Covered	North America Latin America Western Europe Eastern Europe Asia Pacific Excluding Japan Japan Middle East and Africa
Key Countries Profiled	The United States Canada Brazil Argentina Germany The United Kingdom France Spain Italy	Nordics BENELUX Australia & New Zealand China India ASIAN GCC Countries South Africa
Key Companies Profiled	James Hardie Industries PLC Etex Group NV Cembrit Mahaphant Fibre Cement Co., Ltd. Elementia S.A.B de C.V. Everest Industries Saint-Gobain Hume Cemboard Industries Nichiha Corporation Soben board Everest

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Key Segmentation

By Raw Material:

• Portland cement
• Silica

By Application:

• Commercial Buildings
• Residential Buildings

By End Use:

• Residential
• Commercial
• Industrial
  

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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