Fiber Cement Market size is set to cross USD 13 billion by 2027, according to a new research report by Global Market Insights Inc.
The increasing replacement of asbestos in the construction industry is set to propel the fiber fiber cement industry growth. This is mainly due to health risks associated with the former product, which has been also banned in several countries for its usage in the construction industry. Asbestos sheets are still very popular in developing nations; however, exposure to this product can lead to diseases including lung cancer, asbestosis, mesothelioma, and many more.
Although the product is gaining attention from homeowners and building contractors worldwide, the challenges associated with high installation cost will slowdown industry development. The products are very expensive than conventional vinyl siding, which is responsible for their lower penetration in the emerging countries. Further, fiber cement siding also needs regular maintenance including caulking & repainting to protect the surface. Moreover, the growing need for eco-friendly products in the building & construction sector may drive the product penetration.
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Browse key industry insights spread across 160 pages with 226 market data tables & 25 figures & charts from the report, “Fiber Cement Market Size By Application (Siding, Roofing), By Sector (Residential, Non-Residential [Commercial, Institutional, Industrial]), By End-User (New Construction, Improvements & Repair), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The roofing application segment is poised to witness over 2.5% in fiber cement industry volume through 2027. High popularity of asphalt in the roofing sector coupled with its higher lifespan is majorly responsible for lower product penetration. Further, many other materials, including metal roofing, plastic roofs, etc., have gained tremendous attention from residential users, limiting the growth potential.
Commercial segment to bank upon increasing non-residential buildings globally
In 2020, the commercial end use segment held around 40% of the fiber cement market share. The product is utilized in protecting healthcare facilities, education centers, office spaces, etc. Fiber cement panels are also utilized in architectural walls as they come in a range of thicknesses, colors, styles, textures, etc. The trending importance of exterior wall cladding’s aesthetics in the U.S. will propel the market demand.
The improvements & repair segment will be holding significant portion of the global market from 2021 to 2027. The growing concerns toward ageing infrastructure in the U.S. and European countries along with rising renovation activities globally will spur the demand in remodeling & repair works.
Europe fiber cement market size is set to witness more than 4.5% CAGR through 2027. Major countries like France, Germany, UK, Italy, Spain, etc., have well established infrastructure for building & construction, augmenting the regional market revenue. The growing number of coronavirus cases in UK, Italy, Spain, etc., is estimated to slowdown the annual growth rate of the industry.