Aug 14, 2023
Double digit growth forecast for fibre cement market
The global fibre cement board market size is expected to reach US$27.18 billion by 2030, says a report by Grand View Research, Inc. The market is expected to expand at a compound annual growth rate (CAGR) of 13.3% from 2023 to 2030. Fibre cement boards are often considered a cost-effective option in various construction applications such as cladding and flooring as these are known for their durability and longevity. They are resistant to rot, pests, fire, and adverse weather conditions, which helps minimize repair and replacement costs over time. Additionally, the boards require minimal maintenance, eliminating the need for costly upkeep and refinishing.
High-density fibre cement board (HDFCB) was the largest market segment and accounted for 60.9% of the revenue share in 2022.
In 2022, wall cladding and panels were the largest segment with a 64.3% revenue share. As fibre cement board has various advantages for wall cladding applications, it is frequently utilized in both residential and commercial developments. Fibre cement board is extremely durable and weather resistant, and can withstand moisture, UV radiation, and temperature variations. These characteristics make it suitable for exterior wall cladding, which is propelling the market growth.
Fibre cement boards are procured in a variety of textures, finishes, and colours, allowing for a wide range of design options. As they are constructed from biodegradable and recyclable materials, fibre cement boards are considered an environmentally friendly alternative. This is due to the growing consumer preference for sustainable furniture solutions. These factors are expected to increase the market demand for furniture applications.
Cement and cellulose are the major components utilized for manufacturing fibre cement boards. Therefore, the manufacturing and expense of the product might be impacted by the availability and fluctuations in raw material prices. Any break in the supply chain could lead to higher expenses and probable production delays.
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