The report highlights several factors driving and restraining the growth of the global fiber cement market.
WILMINGTON, DELAWARE, UNITED STATES, February 22, 2024 /EINPresswire.com/ — Allied Market Research recently published a comprehensive report titled “Fiber Cement Market by Raw Material (Portland Cement, Silica, Cellulosic Fibers, and Others), Construction Type (Siding, Roofing, Molding & Trimming, and Others), and End Use (Residential and Non-Residential): Global Opportunity Analysis and Industry Forecast, 2021–2030″. This report forecasts that the global fiber cement market will reach $24.4 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.11% during the period from 2021 to 2030.
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Key Drivers, Restraints, and Opportunities
The report highlights several factors driving and restraining the growth of the global fiber cement market. These include the increasing global consensus on the need to reduce carbon emissions from the building and construction sector, which is expected to expand the market’s scope. However, the dearth of skilled labor in developing economies may hinder market growth. Nevertheless, the rise of urbanization and industrialization, along with the high efficiency of fiber cement products, is expected to create numerous growth opportunities in the market.
Portland Cement Segment to Dominate
The Portland cement segment held the highest share of the market’s total revenue in 2020, accounting for around half of the total revenue. The widespread use of Portland cement as a primary raw material for concrete, mortar, and stucco is expected to drive the segment’s growth. Conversely, the cellulosic fiber segment is projected to achieve the highest CAGR of 5.09% during the period from 2021 to 2030.
Siding Segment to Witness Rapid Growth
The siding segment had the largest market share in 2020, representing around half of the total share. The increasing number of residential and non-residential projects globally is expected to bolster the segment’s position. Conversely, the molding and trim segment is anticipated to exhibit the highest CAGR of 4.91% during the forecast period.
Asia-Pacific to Lead Growth by 2030
In terms of regional markets, Asia-Pacific, followed by Europe and North America, held the largest market share in 2020, accounting for around half of the total revenue. The market in the Asia-Pacific region is expected to experience the fastest growth with a CAGR of 4.81% during the analysis period. The rising demand for residential construction in this region is expected to be a major factor driving market growth.
Leading Companies in the Market
The report highlights several leading companies in the fiber cement market, including James Hardie PLC, Cembrit Holding A/S, Evonik Industries AG, Nichiha Corporation, Saint Gobain SA, Toray Industries Inc., Plycem Corporation, The Siam Cement Public Co. Ltd., CSR Ltd., and Etex Group NV.
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