DUBLIN–(BUSINESS WIRE)–The “Fiber Cement Board Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type and End User” report has been added to ResearchAndMarkets.com’s offering.
The fiber cement board market is expected to grow from US$ 1,682.42 million in 2021 to US$ 2,339.16 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2021 to 2028.
Fiber cement board is a versatile building material that may be used in exterior siding, interior walls, false ceilings, and various other areas. It is made of sand, cellulose fibers, and cement and can endure high temperatures, which makes it perfect for construction projects in different climatic conditions.
It consists of boards, panels, and siding and is widely utilized in the construction of residential and commercial structures because to its fire and impact resistance. They may also be used for external wall cladding, partition walls, ceilings, and aesthetic purposes.
Fiber cement ornamental cladding is typically utilized for rainscreen applications, but fiber cement boards are commonly seen in corridors, tunnels, hotel lobbies, shopping malls, and residential structures, among other places. It is a low-cost composite material that is also resistant to fungus, mould, and bacteria, extending its longevity.
Based on type, the fiber cement board market is segmented into low-density fiber cement board, medium density fiber cement board, and high-density fiber cement board. The medium density fiber cement board segment led the market in 2021, and it is expected to register the highest CAGR during the forecast period.
In 2021, Asia Pacific dominated the market. The growth of various end-use industries in Asia Pacific is driving the growth of the fiber cement board market in this region. The building & construction industry strongly contributes to the market growth in Asia Pacific. In India, construction is the second-largest industry, after agriculture, accounting for ~11% of the country’s GDP.
A healthy distribution of residential and industrial building projects contributes to the stability of the fiber cement board market in Asia Pacific. Increased urbanization, government and private sector investments, and consumer spending are the factors that collectively impact the growth of Asia Pacific economies, which are also likely to trigger infrastructure developments in the region, thereby contributing to the related markets.
In recent years, product acceptance has expanded in key end-use industries such as residential and commercial. Rapid residential expansion is a primary driver for the worldwide fiber cement board market, and favorable government policies and rising environmental consciousness are likely to boost market revenue growth throughout the forecast period.
They are also very thermally strong and do not easily catch fire. Because these boards are asbestos-free, they are far less hazardous to work with and preferred in hospital situations where high functionality materials are necessary to fulfill tight laws and industry requirements.
Key Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Future Trends
Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/bzy22b
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