Market Size of fiber cement Industry
| Icons | Lable | Value |
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Study Period | 2018 - 2030 |
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Market Volume (2024) | 35.59 Million Tons |
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Market Volume (2030) | 51.18 Million Tons |
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Largest Share by End Use Sector | Residential |
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CAGR (2024 - 2030) | 6.24 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Fiber Cement Market Analysis
The Fiber Cement Market size is estimated at 35.59 million Tons in 2024, and is expected to reach 51.18 million Tons by 2030, growing at a CAGR of 6.24% during the forecast period (2024-2030).
35.59 Million
Market Size in 2024 (Tons)
51.18 Million
Market Size in 2030 (Tons)
1.16 %
CAGR (2018-2023)
6.24 %
CAGR (2024-2030)
Largest Market by Application
43.08 %
volume share, Siding, 2023
With the increasing consumption of fiber cement in residential, commercial, and industrial for siding applications, the segment dominated the market.
Largest Market by End Use Sector
47.13 %
volume share, Residential, 2023
Due to the growing usage of fiber cement in major repairing applications such as siding, roofing, cladding, etc., from apartments, bungalows, and cooperate housing, the residential sector has become the largest consumer.
Largest Market by Region
64.69 %
volume share, Asia-Pacific, 2023
Due to the growing construction industrial activity in the region, coupled with the increasing demand for fiber cement in countries like China, India, Japan, and South Korea, the region has dominated the market.
Fastest Market by Region
6.93 %
Projected CAGR, Middle East and Africa, 2024-2030
Due to growing investments in infrastructure projects, government initiatives, urbanization, and industrialization, the Middle East and Africa region is expected to witness the fastest growth.
Leading Company
38.15 %
market share, James Hardie Building Products Inc., 2022
The company is the largest global manufacturer of fiber cement products, has an extensive product portfolio has in place robust distribution channels, and thus dominates the market.
Global infrastructure construction sector supported by government investments and renewed interest in PPPs, predicted to bolster fiber cement demand
- Fiber cement is widely used in industrial, agricultural, domestic, and residential buildings, mainly in roofing and cladding applications for new constructions and refurbishment projects. In 2022, the global fiber cement market witnessed a decline of 4.75% in volume compared to 2021. A severe coal shortage gripped the world in 2022 and raised the production costs and average selling prices for cement manufacturers, negatively impacting demand. However, in 2023, the market was expected to take a positive upturn and grow by 1.08% in volume compared to 2022 due to various global government propositions aimed at developing the construction sector in different regions.
- Residential construction significantly dominated the global fiber cement market in 2022 and accounted for the largest market share of 15.52 million tons. Moreover, in 2023, affordable housing schemes and the rapidly growing population with higher disposable incomes and significant purchasing power increased the demand for new residential units. The new floor area for residential construction was expected to increase by 903 million square feet in 2023 compared to 2022, and the fiber cement market for residential construction is anticipated to grow by 1.53% in volume during the same period.
- The global fiber cement market for infrastructure construction is estimated to register the fastest CAGR of 7.25% in volume during the forecast period. Owing to the emerging trend of sustainable construction and the increasing focus on enhancing connectivity through roads, airports, railways, etc., through private-public partnerships (PPPs), global infrastructure spending is predicted to increase by USD 423.12 billion in 2030 compared to 2022. Thereby, raising fiber cement demand for numerous infrastructure projects globally.
Understand The Key Trends Shaping This Market
Fast-paced construction activities in the Middle East & Africa and Asia-Pacific countries predicted to bolster the demand for fiber cement
- Fiber cement plays a pivotal role in various building sectors, finding extensive use in industrial, agricultural, domestic, and residential structures, particularly for roofing and cladding applications. In 2022, the global fiber cement market witnessed a 4.75% decline in volume over the previous year. This dip was attributed to surging inflation, soaring raw material costs, and an impending economic downturn. These challenges led to a pullback in construction investments and project delays, dampening the demand for fiber cement. However, a rebound is anticipated in 2023, with the European fiber cement market poised to lead the global market, projecting a robust 7.49% growth in volume over 2022.
- Asia-Pacific held a commanding position in the global fiber cement market in 2022, capturing a significant 66% share of the volume. Notably, countries like China, Japan, and India exerted substantial influence on fiber cement demand. China's investment in transport infrastructure surged to USD 165.6 billion in 2022, up from USD 157.6 billion in 2021. Japan witnessed a surge in manufacturing facility constructions, while India focused on bolstering its connectivity through road, rail, and highway projects, all bolstering the construction sector.
- The Middle East & Africa is set to witness the highest growth in the global fiber cement market, with a projected CAGR of 7.05% in volume. Following closely is the Asia-Pacific, which is expected to record a CAGR of 6.78% in volume during the forecast period. Robust government funding and foreign direct investments are fueling high-investment projects, which, in turn, are expected to drive residential, infrastructure, and commercial construction activities, thereby bolstering the demand for fiber cement over the coming years.
