Fiber Cement Board Market worth $ US$ 2,339.16 million by 2028

Posted by mahesh on October 7th, 2022

According to our new research study on “Fiber Cement Board Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Low-Density Fiber Cement Board, Medium Density Fiber Cement Board, and High-Density Fiber Cement Board), End User (Residential and Commercial), and Geography,” the fiber cement board market is expected to grow from US$ 1,682.42 million in 2021 to US$ 2,339.16 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The rising demand in the building and construction industry are the major factors driving the market growth. However, high installation and maintenance costs restrict the growth of the fiber cement board market.

 In 2021, Asia Pacific dominated the global fiber cement board market. The region is expected to continue its dominance during the forecast period. In the region, the fiber cement board market trends are influenced by the presence of well-established industries such as building & construction and transportation. Along with this, the presence of major fiber cement board manufacturing companies in Asia Pacific is providing growth opportunities for the market. For instance, in 2021, Saint-Gobain inaugurated the Gyproc gypsum board factory in Hai Phong, Vietnam, with an investment of more than US$ 42 million. In 2021, Europe was the second-largest region for the global fiber cement board market. The increased demand for fiber cement boards from the construction industry in Europe is driving the growth of the market in the region. 

Rising Demand for Fiber Cement Boards

Fiber cement boards are increasingly used in the residential and commercial building and construction industries.  Fiber cement board is a composite material made of cement reinforced with cellulose fibers that are used for both commercial and residential applications such as ceilings, partitions, flooring, cladding, etc. It can withstand weather conditions ranging from strong sun to heavy rain and can be used for exterior applications. Fiber cement boards are employed because, as compared to gypsum boards, they are more resistant to moisture and leakage. Cement boards have excellent moisture absorption and drying qualities, making them weather durable. Advanced technical specifications and functionalities, and favorable regulations implemented by governments across the globe trigger the adoption of fiber cement boards. Rising demand for environmentally friendly and sustainable building goods, and increased government control on the use of asbestos are major factors driving the fiber cement board market growth. These boards combine cement with different organic or mineral fibers in certain proportions. The use of fiber in cement provides benefits such as low weight, crack resistance, and better flexibility. Furthermore, the incorporation of such products guarantees high-quality, long-lasting furniture that is resistant to water, fire, and termites.

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 Fiber Cement Board Market Size: Segment Overview

 Based on type, the fiber cement board market is segmented into low-density fiber cement board, medium density fiber cement board, and high-density fiber cement board. The medium-density fiber cement board segment dominated the market in 2020. These boards are often used in low-grade building ceiling partition walls. Further, medium-density fiber cement boards are used in middle-grade building partition ceilings, and high-density types are used in high-grade building steel structure outer walls, steel structure floors, etc. Owing to its inadequacies, high-density fiberboard can be easily deformed, whereas medium and low-density products have a little lower deformability coefficient.

Based on end user, the fiber cement board market is segmented into residential and commercial. The market for the residential segment is expected to grow at a higher CAGR during the forecast period. The fiber cement boards are waterproof and fire-resistant, which propels their demand in the building and construction industry.

Impact of COVID-19 Pandemic on Fiber Cement Board Market

The chemicals & materials industry faced unprecedented challenges during the initial months of the COVID-19 pandemic. The shutdown of manufacturing units adversely affected the production and supply of fiber cement boards. Moreover, lockdown and other social restrictions hampered the logistics and transportation sectors, thereby disrupting the supply chains. The discontinuation of operations in industries such as building & construction led to decreased demand for fiber cement boards. However, the ease of lockdown restrictions provided revival opportunities for the chemicals & materials industry due to the resumption of transportation and trade, which is likely to drive the fiber cement board market growth in the coming years. 

Fiber Cement Board Market: Competitive Landscape and Key Developments

Nichiha Co., Ltd; Cembrit Holding A/S; Dow Inc.; Beijing Hocreboard Building Materials Co. Ltd.; SCG Building Materials Co., Ltd.; Saint Gobain S.A.; Tepe Betopan A.Ş.; IKK Group; Hume Cemboard Industries Sdn Bhd; and ACFA Building Solution are a few key players operating in the fiber cement board market. Leading market players adopt new product launches and mergers & acquisitions as key business strategies to expand their geographic presence and consumer base across the world. For instance, in 2020, Cembrit Holding A/S introduced a new 3D effect facade board. 

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