Increasing use of fiber cement boards in harsh environment conditions, the requirement of non-flammable fiber boards, and ease of transportation are some of the propelling factors poised to influence the global fiber cement market, according to a business intelligence report published by IndustryARC. As per the findings of the report, the fiber cement market is evaluated to expand at a standard compound annual growth rate (CAGR) of 4.86% through to 2023. In the year 2023, the market will attain a burgeoning revenue of $18,943 million.
The report is titled ‘Fiber Cement Market: By Type (Asbestos, Polypropylene, PVA, Others); By Production Process (Hatschek, Extrusion, Perlite); By Product (Flat Sheet, Laminated Skirt, Others); By Application (Agriculture, Residential, Others); By Geography - Forecast (2018-2023).’ This report contains a comprehensive analysis of factors that influence the market including growth drivers, disruptive trends, challenges, opportunities and competitive landscape.
Global fiber Cement Market: Regional Analysis
Since the continent of Asia houses two of the world’s most populated countries- China and India, the construction industry experiences a perennially high demand from a population of all kinds. According to the International Monetary Funds, economic growth in APAC region will be approximately 5.5%-6% through to 2021. China being the top destination for foreign direct investment has also experienced a high demand for fiber cement as it is required in construction without fail. Another factor that has helped APAC in leading the charge is pushing of exchange rate through extensive quantitative easing (QE.) Collectively, these factors helped APAC in attaining a demand share of $5,713 million in the year 2018.
fiber Cement Market - Growth Drivers and Disruptive Trends
An innate problem that the world consistently encounters is a need for a sustainable and secure shelter. Population growing at a colossal pace does not help this cause, instead elevating it in return. Construction industry has experienced an unprecedented upsurge in the last decade which has incited innovation in return. One such innovation is fiber reinforcement of cement in order to increase the tenacity. An increase in natural and man-made disasters is an esteemed growth driver of the market and will provide it with necessary impetus to grow.
fiber cement boards are now being extensively used in harsh environmental conditions, especially as a replacement for aluminum and wood installations. This helps in fields such as marine exploration where the saltiness of the water leads to the eventual degradation of wood installations. fiber cement can also be altered visually and can be made to look like natural planks. This has appealed to the customers perpetually and acted as a growth driver for the market.
Global fiber Cement Market: Competitive Landscape
Key market players operating in the fiber cement market and holding majority shares are James Hardie Building Products Inc., Visaka Industries, Cembrit Holding A/S, Mahaphant fiber Cement Public Company Limited, Elementia, S.A.B. DE C.V., Everest Industries Limited, Saint Gobain SA, HIL, and Hekim Construction Inc.
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