The expansion of the construction and real estate industry is predicted to indirectly fuel the sales of fiber cement boards.
The global fiber cement board market value is likely to jump from US$ 10,980.6 million in 2023 to US$ 16,890 million by 2033. This estimated growth is expected to be driven by a steady CAGR of 4.4% in the global fiber cement board market over the next decade.
Increasing demand for high-performing fiber cement board building solutions in the construction industry is fueling the market growth. Their adoption is also driven by their ability to reduce construction costs, as they are easy to transport and require minimal effort by labor.
Sales of fiber cement boards are predicted to flourish in developing economies as investment in the construction of housing projects surges. Emerging new projects including single- and multi-family housing are enhancing the scope of construction materials.
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In India, the residential construction sector is expected to be supported by the Pradhan Mantri Awas Yojana-Urban (PMAY-U) “Housing for All” Mission that is predicted to continue till 31st December 2024.
The increasing concern of the Indian government to complete big infrastructure projects prior to the 2024 elections is also a key motivator of infrastructure construction in the country. Thus, creating significant opportunities for fiber cement board producers.
Development of the commercial sector that incorporates hospitality buildings, outdoor leisure facilities, retail buildings, office buildings, and other commercial buildings is another factor that is increasing prospects for the product. Apart from offices and other projects, the expansion of the tourism business is also expected to bring new avenues for construction.
“Soaring investments in housing and infrastructural projects, especially in developing countries, are creating multiple opportunities for the producers of construction materials like fiber cement board. With these emerging opportunities, key players are focusing on enhancing their product portfolio by taking into account the valuable insights from their customers. This strategy is predicted to give them leverage over their competitors,” says an FMI analyst.
Key Takeaways from the Fiber Cement Board Market Report:
Developments Taking Place in the Fiber Cement Board Market
Key players in the market are offering innovative products to raise the bar higher for their competitors. For instance, Buildrite Construction Chemicals, a prominent construction chemical player in the Philippines, introduced eight new and inventive products at WorldBex 2023. Among these products is Tofil 807 and 808, which is a drywall finishing system that is equipped with anti-crack technology. This product is suggested for gypsum boards and fiber cement boards to eliminate the issue of cracking joints.
Active market participants are offering innovative fiber cement boards, consisting of a range of exterior and interior systems like throughwall systems, partitions, and ceilings. With such elaborate offerings, players are focusing their efforts on providing premium quality solutions offering long-lasting beauty and trusted protection.
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Key Players in the Fiber Cement Board Market
Key Segments
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 08, 2024
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