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Fiber Cement Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

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    Report

  • 150 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4520230
UP TO OFF until Sep 30th 2022
The fiber cement market was valued at 33,346.93 kilotons in 2021 and is projected to register a CAGR of 4.23% during the forecast period 2022-2027.

The market was negatively impacted by the COVID-19 pandemic in 2020. Due to the lockdown situation, the construction sector was severely impacted, which negatively impacted the demand for fiber cement. The residential sector majorly witnessed a negative decline during that specific period. For instance, according to JLL India, in India, unit housing sales in the top seven cities in the country decreased from 143,923 in 2019 to 74,451 in 2020, thus negatively affecting the market studied. However, the industry post 2020 started recovering and is expected to register steady growth through the forecast period.
  • Over the short term, the major factor driving the market studied is rising residential construction worldwide, coupled with the various advantages offered by fiber cement. However, the presence of alternatives is expected to hinder the market’s growth.
  • The sliding segment dominated the market in 2021. However, the molding and trimming segment is expected to generate the fastest growth through the forecast period.
  • Fiber cement penetration in the timber frame segment in Europe and replacement of low-end plywood segment with fiber cement in India are likely to act as opportunities in the future.

Key Market Trends


Increasing Demand from the Residential Segment

  • Fiber cement products are used in the residential segment for both external and internal applications. They are used for internal claddings, including partition walls, windowsills, ceilings and floors, and tile backer boards.
  • They are used for external claddings, including flat sheets as bases, flat sheets for windshields, wall copings, soffits, corrugated sheets, slates, and planks. They are also used for roofing as slates and corrugated sheets.
  • Residential construction in regions such as North America, Asia-Pacific, and Europe, has been witnessing steady growth in recent times. In Asia-Pacific, residential construction is increasing in countries, including India, China, Indonesia, Singapore, and Vietnam, among others. North America and Europe are witnessing growth in residential construction, widely driven by a high demand for residential houses.
  • The construction sector in the Asia-Pacific region is the largest globally and is growing at a healthy rate, owing to the rising population, increase in middle-class income, and urbanization.​
  • China is majorly driven by ample developments in residential and commercial construction, supported by the growing economy. In China, the housing authorities of Hong Kong launched several measures to push-start the construction of low-cost housing. The officials aim to provide 301,000 public housing units by 2030.
  • Furthermore, India is likely to witness investments of around USD 1.3 trillion in housing over the next seven years, during which it is likely to witness the construction of 60 million new homes. The rate of availability of affordable housing is expected to rise by around 70% in 2024 in the country. The Indian government's ‘Housing for All by 2022’ is also a major game-changer for the industry. This initiative aims to build more than 20 million affordable homes for the urban poor by the end of 2022. This will provide a significant boost to housing construction. This is expected to provide various opportunities for the growth of the fiber cement market in the country over the coming years.
  • Germany has the largest construction sector in Europe. The construction sector in the country has been growing at a slow pace, majorly driven by increasing residential construction activities. According to the Federal Statistical Office (Destatis), the construction of 32,384 new dwellings was permitted in Germany in May 2021, which was an increase of 8.7% compared to April 2021.
  • In the UK, the new orders for construction grew by 12.2%, amounting to around GBP 1,227 million in Q1 2021 compared to the fourth quarter of the previous year.
  • In the US, the national numbers show an undeniable boom in the new residential constructions. Over the past two years, permits issued increased 36% nationally for all-sized residential projects. For single-family homes, the increase was by 30%. For large buildings containing five or more units, the increase was 21%. Also, during this period, the average value of a newly constructed single-family home increased by 7%.
  • In South America, according to the Brazilian Chamber of Construction Industry (CBIC), the Brazilian new-build market experienced a very busy first half of 2021. In the first half of 2021, new apartment sales rose by 46.1% in annual terms. Furthermore, the launch of new developments also grew sharply. In the second quarter of 2021, they increased by 51.3% compared to the first quarter of 2021.
  • All such growth factors in the residential construction sector are likely to drive the demand for fiber cement during the forecast period.

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific accounted for the largest share of the global fiber cement market owing to rapid developments in the construction sector across China, India, and ASEAN countries.
  • In China, according to the National Bureau of Statistics, the construction output value in the country increased from CNY 9.6 trillion in 2010 to CNY 26.39 trillion in 2020.​ The country has been majorly driven by ample developments in the residential and commercial construction sectors, supported by the growing economy. In China, the housing authorities of Hong Kong launched several measures to push-start the construction of low-cost housing. The officials aim to provide 301,000 public housing units by 2030.
  • In India, various policies implemented by the Indian government, such as the Smart City project, Housing for All by 2022, etc., are expected to bring a much-needed impetus to the slowing construction industry. Moreover, recent policy reforms, such as the Real Estate Act, GST, REITs, etc., are expected to reduce approval delays and strengthen the construction sector over the next few years.
  • Indonesia is drafting ambitious plans for investing more than USD 400 billion in building projects, from constructing 25 airports to new power plants in the forecast period.​ In September 2020, Mitsubishi Corp and Temasek Holdings announced plans to build a smart city 25 km southwest of Jakarta. The smart city will include homes, shopping centers, and medical facilities, with the goal of housing 40,000 to 60,000 permanent residents.​
  • These factors are estimated to boost the demand for fiber cement in the Asia-Pacific region during the forecast period.

Competitive Landscape


The global fiber cement market is partially fragmented in nature. Some of the major players in the market include James Hardie Building Products Inc., Etex Group, NICHIHA Corporation, SCG, and Elementia Materiales, among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Residential Construction across the World
4.1.2 Advantages offered by Fiber Cement
4.2 Restraints
4.2.1 Presence of Alternatives
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Raw Material Analysis
5 MARKET SEGMENTATION
5.1 Application
5.1.1 Siding
5.1.2 Roofing
5.1.3 Cladding
5.1.4 Molding and Trimming
5.1.5 Other Applications
5.2 End-user Industry
5.2.1 Residential
5.2.2 Non-residential
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 US
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 UK
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)** Analysis/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 American Fiber Cement Corporation
6.4.2 Cembrit Holding AS
6.4.3 CenturyPly
6.4.4 CSR Limited
6.4.5 Elementia Materials
6.4.6 Etex Group
6.4.7 Everest Industries Limited
6.4.8 James Hardie Industries PLC
6.4.9 NICHIHA Corporation
6.4.10 Saint-Gobain
6.4.11 SCG
6.4.12 Toray Industries Inc.
6.4.13 TPI Polene Public Company Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

A selection of companies mentioned in this report includes:

  • American Fiber Cement Corporation
  • Cembrit Holding AS
  • CenturyPly
  • CSR Limited
  • Elementia Materials
  • Etex Group
  • Everest Industries Limited
  • James Hardie Industries PLC
  • NICHIHA Corporation
  • Saint-Gobain
  • SCG
  • Toray Industries Inc.
  • TPI Polene Public Company Limited

Methodology

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