Expansion of the Residential Sector Boosts Fiber Cement Industry

In 2021, the fiber cement industry generates $17,500.0 million, and it is projected to contribute $27,743.8 million in the near future, growing at a rate of 5.3% from 2021 to 2030. It is ascribed to a surging increase in fiber cement use for both internal and external residential applications. In addition, the consistent rise in the residential sector is expected to encourage industry growth. Moreover, fiber cement’s superior product characteristics such as fire-resistant, durability, stability, high-strength, stability, and water-resistant boost its demand worldwide.

Fiber cement is more eco-friendly as compared to asbestos. Therefore, the national governments are making efforts to ban asbestos use or limit it by implementing the regulations, resulting in high fiber cement usage as a substitute.

In addition, countries are massively focusing on green buildings and constructions with the supportive initiatives of the governments. For example, the Canadian government promotes green and inclusive community facilities development through upgrades, repairs, retrofits, and new constructions across the country.

APAC holds a significant share of the fiber cement market and it is projected to experience the fastest growth in the coming years. The region constitutes rapidly developing countries in the world, along with the rising focus of each jurisdiction on creating numerous opportunities for infrastructural development and growth. In addition, the rise in disposable income, increasing construction activities in emerging economies such as India and China, rising foreign investments, and surging knowledge of the consequences of asbestos use are expected to boost the fiber cement demand in the region.

The presence of the major companies in the fiber cement industry with their rising involvement in new product launches and acquisitions of other companies over the years are projected to boost the industry. For instance, a cement roofing sheets supplier company, Briarwood Products acquired Tubex SA, a Spain based producer of fiber cement molded accessories and sheets.

Therefore, the rising focus of countries on green buildings, along with the expansion of the residential sector is projected to boost the industry growth.

Read more: https://www.psmarketresearch.com/market-analysis/fiber-cement-market