Market Size of fiber cement Industry
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Study Period | 2018 - 2030 |
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Market Volume (2024) | 35.59 Million Tons |
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Market Volume (2030) | 51.18 Million Tons |
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Largest Share by End Use Sector | Residential |
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CAGR (2024 - 2030) | 6.24 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Fiber Cement Market Analysis
The Fiber Cement Market size is estimated at 35.59 million Tons in 2024, and is expected to reach 51.18 million Tons by 2030, growing at a CAGR of 6.24% during the forecast period (2024-2030).
35.59 Million
Market Size in 2024 (Tons)
51.18 Million
Market Size in 2030 (Tons)
1.16 %
CAGR (2018-2023)
6.24 %
CAGR (2024-2030)
Largest Market by Application
43.08 %
volume share, Siding, 2023
With the increasing consumption of fiber cement in residential, commercial, and industrial for siding applications, the segment dominated the market.
Largest Market by End Use Sector
47.13 %
volume share, Residential, 2023
Due to the growing usage of fiber cement in major repairing applications such as siding, roofing, cladding, etc., from apartments, bungalows, and cooperate housing, the residential sector has become the largest consumer.
Largest Market by Region
64.69 %
volume share, Asia-Pacific, 2023
Due to the growing construction industrial activity in the region, coupled with the increasing demand for fiber cement in countries like China, India, Japan, and South Korea, the region has dominated the market.
Fastest Market by Region
6.93 %
Projected CAGR, Middle East and Africa, 2024-2030
Due to growing investments in infrastructure projects, government initiatives, urbanization, and industrialization, the Middle East and Africa region is expected to witness the fastest growth.
Leading Company
38.15 %
market share, James Hardie Building Products Inc., 2022
The company is the largest global manufacturer of fiber cement products, has an extensive product portfolio has in place robust distribution channels, and thus dominates the market.
Global infrastructure construction sector supported by government investments and renewed interest in PPPs, predicted to bolster fiber cement demand
- Fiber cement is widely used in industrial, agricultural, domestic, and residential buildings, mainly in roofing and cladding applications for new constructions and refurbishment projects. In 2022, the global fiber cement market witnessed a decline of 4.75% in volume compared to 2021. A severe coal shortage gripped the world in 2022 and raised the production costs and average selling prices for cement manufacturers, negatively impacting demand. However, in 2023, the market was expected to take a positive upturn and grow by 1.08% in volume compared to 2022 due to various global government propositions aimed at developing the construction sector in different regions.
- Residential construction significantly dominated the global fiber cement market in 2022 and accounted for the largest market share of 15.52 million tons. Moreover, in 2023, affordable housing schemes and the rapidly growing population with higher disposable incomes and significant purchasing power increased the demand for new residential units. The new floor area for residential construction was expected to increase by 903 million square feet in 2023 compared to 2022, and the fiber cement market for residential construction is anticipated to grow by 1.53% in volume during the same period.
- The global fiber cement market for infrastructure construction is estimated to register the fastest CAGR of 7.25% in volume during the forecast period. Owing to the emerging trend of sustainable construction and the increasing focus on enhancing connectivity through roads, airports, railways, etc., through private-public partnerships (PPPs), global infrastructure spending is predicted to increase by USD 423.12 billion in 2030 compared to 2022. Thereby, raising fiber cement demand for numerous infrastructure projects globally.
Fast-paced construction activities in the Middle East & Africa and Asia-Pacific countries predicted to bolster the demand for fiber cement
- Fiber cement plays a pivotal role in various building sectors, finding extensive use in industrial, agricultural, domestic, and residential structures, particularly for roofing and cladding applications. In 2022, the global fiber cement market witnessed a 4.75% decline in volume over the previous year. This dip was attributed to surging inflation, soaring raw material costs, and an impending economic downturn. These challenges led to a pullback in construction investments and project delays, dampening the demand for fiber cement. However, a rebound is anticipated in 2023, with the European fiber cement market poised to lead the global market, projecting a robust 7.49% growth in volume over 2022.
- Asia-Pacific held a commanding position in the global fiber cement market in 2022, capturing a significant 66% share of the volume. Notably, countries like China, Japan, and India exerted substantial influence on fiber cement demand. China's investment in transport infrastructure surged to USD 165.6 billion in 2022, up from USD 157.6 billion in 2021. Japan witnessed a surge in manufacturing facility constructions, while India focused on bolstering its connectivity through road, rail, and highway projects, all bolstering the construction sector.
- The Middle East & Africa is set to witness the highest growth in the global fiber cement market, with a projected CAGR of 7.05% in volume. Following closely is the Asia-Pacific, which is expected to record a CAGR of 6.78% in volume during the forecast period. Robust government funding and foreign direct investments are fueling high-investment projects, which, in turn, are expected to drive residential, infrastructure, and commercial construction activities, thereby bolstering the demand for fiber cement over the coming years.
Fiber Cement Industry Segmentation
Commercial, Industrial and Institutional, Infrastructure, Residential are covered as segments by End Use Sector. Cladding, Molding and Trimming, Roofing, Siding are covered as segments by Application. Asia-Pacific, Europe, Middle East and Africa, North America, South America are covered as segments by Region.
- Fiber cement is widely used in industrial, agricultural, domestic, and residential buildings, mainly in roofing and cladding applications for new constructions and refurbishment projects. In 2022, the global fiber cement market witnessed a decline of 4.75% in volume compared to 2021. A severe coal shortage gripped the world in 2022 and raised the production costs and average selling prices for cement manufacturers, negatively impacting demand. However, in 2023, the market was expected to take a positive upturn and grow by 1.08% in volume compared to 2022 due to various global government propositions aimed at developing the construction sector in different regions.
- Residential construction significantly dominated the global fiber cement market in 2022 and accounted for the largest market share of 15.52 million tons. Moreover, in 2023, affordable housing schemes and the rapidly growing population with higher disposable incomes and significant purchasing power increased the demand for new residential units. The new floor area for residential construction was expected to increase by 903 million square feet in 2023 compared to 2022, and the fiber cement market for residential construction is anticipated to grow by 1.53% in volume during the same period.
- The global fiber cement market for infrastructure construction is estimated to register the fastest CAGR of 7.25% in volume during the forecast period. Owing to the emerging trend of sustainable construction and the increasing focus on enhancing connectivity through roads, airports, railways, etc., through private-public partnerships (PPPs), global infrastructure spending is predicted to increase by USD 423.12 billion in 2030 compared to 2022. Thereby, raising fiber cement demand for numerous infrastructure projects globally.
| End Use Sector | |
| Commercial | |
| Industrial and Institutional | |
| Infrastructure | |
| Residential |
| Application | |
| Cladding | |
| Molding and Trimming | |
| Roofing | |
| Siding | |
| Other Applications |
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Fiber Cement Market Size Summary
The fiber cement market is experiencing a dynamic phase, driven by its extensive application in industrial, agricultural, domestic, and residential sectors, particularly for roofing and cladding purposes. Despite a decline in 2022 due to factors like inflation and high raw material costs, the market is poised for recovery, with positive growth anticipated in 2023. The residential construction segment has been a significant contributor to the market, fueled by affordable housing schemes and increasing demand for new residential units. The infrastructure sector is also expected to witness robust growth, supported by sustainable construction trends and increased global infrastructure spending. Regions such as Asia-Pacific and the Middle East & Africa are leading the market, with substantial investments in transport infrastructure and connectivity projects.
The market landscape is fairly consolidated, with major players like ELEMENTIA MATERIALES, SAB DE CV, Etex Group, James Hardie Building Products Inc., NICHIHA Co., Ltd, and SCG dominating the scene. Strategic partnerships and acquisitions, such as James Hardie Building Products Inc.'s collaboration with D.R. Horton, Inc. and Saint-Gobain's acquisition of Hume Cemboard Industries Sdn Bhd, are enhancing the competitive edge and expanding product offerings in the market. These developments, alongside government initiatives and foreign direct investments, are expected to drive the demand for fiber cement in residential, infrastructure, and commercial construction activities over the coming years.
Fiber Cement Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size, forecasts up to 2030 and analysis of growth prospects.)
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1.1 End Use Sector
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1.1.1 Commercial
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1.1.2 Industrial and Institutional
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1.1.3 Infrastructure
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1.1.4 Residential
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1.2 Application
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1.2.1 Cladding
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1.2.2 Molding and Trimming
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1.2.3 Roofing
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1.2.4 Siding
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1.2.5 Other Applications
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1.3 Region
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1.3.1 Asia-Pacific
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1.3.1.1 By Country
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1.3.1.1.1 Australia
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1.3.1.1.2 China
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1.3.1.1.3 India
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1.3.1.1.4 Indonesia
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1.3.1.1.5 Japan
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1.3.1.1.6 Malaysia
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1.3.1.1.7 South Korea
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1.3.1.1.8 Thailand
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1.3.1.1.9 Vietnam
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1.3.1.1.10 Rest of Asia-Pacific
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1.3.2 Europe
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1.3.2.1 By Country
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1.3.2.1.1 France
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1.3.2.1.2 Germany
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1.3.2.1.3 Italy
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1.3.2.1.4 Russia
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1.3.2.1.5 Spain
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1.3.2.1.6 United Kingdom
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1.3.2.1.7 Rest of Europe
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1.3.3 Middle East and Africa
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1.3.3.1 By Country
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1.3.3.1.1 Saudi Arabia
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1.3.3.1.2 United Arab Emirates
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1.3.3.1.3 Rest of Middle East and Africa
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1.3.4 North America
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1.3.4.1 By Country
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1.3.4.1.1 Canada
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1.3.4.1.2 Mexico
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1.3.4.1.3 United States
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1.3.5 South America
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1.3.5.1 By Country
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1.3.5.1.1 Argentina
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1.3.5.1.2 Brazil
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1.3.5.1.3 Rest of South America
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Fiber Cement Market Size FAQs
What is the current Global Fiber Cement Market size?
The Global Fiber Cement Market is projected to register a CAGR of 6.24% during the forecast period (2024-2030).
Who are the key players in Global Fiber Cement Market?
ELEMENTIA MATERIALES, SAB DE CV, Etex Group, James Hardie Building Products Inc., NICHIHA Co.,Ltd and SCG are the major companies operating in the Global Fiber Cement Market.
