A Comprehensive Guide to Analyzing Fiber Cement Market Trends in 2024
RELEASE DATE: Oct 2024 Author: Spherical Insights Request Free Sample
What Is Fiber Cement?
A composite substance consisting of cement, sand, and cellulose fibers is called fiber cement. It is utilized in constructing as a siding material for both commercial and residential structures. Fiber cement is renowned for its resilience to extreme weather, as well as its resistance to fire, water, and insects. Fiber cement is becoming more and more popular since it requires less upkeep and is resistant to weather, moisture, and pest damage. Because it is recyclable and composed of natural materials, it is also environmentally beneficial.
Growth Prospects and Emerging Opportunities in the Fiber Cement Industry
1. Increased use of the product in ultra-high-performance concrete is promoting market expansion
The enormous demand for both residential and non-residential construction projects is driving the construction industry's rapid expansion. As a consequence, during the past few years, there has been an increase in competitiveness in the building sector. In order to meet the demand and the growing competition, architects and engineers are developing novel structural solutions including unitized curtain walls, floating stairs, and cantilever balconies. Because fiber cement is a component of ultra-high-performance concrete, building can be completed more quickly and robustly.
2. Increasing requirement for innovative construction materials
The building industry's growing need for fiber cement as an innovative material has led to a recent surge in demand for it. Young people have been influenced to migrate to major cities in search of a better living and means of subsistence over the years by urbanization and industrialization in emerging nations. Residential development projects have expanded as a result, driving up demand for the commodity. The product is an essential component of the fiber cement siding, cladding, and residential pavement tiles used to build the external anti-moisture protection walls. Therefore, it is projected that the increase in demand for construction will spur market expansion throughout the projection period.
Key Challenges Facing the Fiber Cement Sector
1. Challenges and hurdles in the fiber cement sector
However, fiber cement's growth is severely hampered by the larger initial investment needed, especially in countries where costs are crucial. Fiber cement's composition and labor-intensive manufacturing method make it generally more expensive than more conventional materials like vinyl or wood siding. Advanced production procedures are needed to combine cement, cellulose fibers, sand, and water, which raises the final cost. Furthermore, the weight of fiber cement boards increases the cost of transportation, and additional costs are associated with specific installation techniques. These all impede the expansion of the fiber cement market.
2. Health issues regarding fiber cement could restrict market growth
The principal ingredients of fiber cement are ash, lime, and fibrous silicate minerals. Overuse of these fibrous silicate minerals can be harmful to human health because it can lead to ovarian and lung cancers as well as other respiratory problems. Therefore, by restricting the amount of fibrous silicate minerals in the product, governments and organizations from various countries have put severe controls on them. For instance, the US EPA provides guidelines for the safe use and exposure to fibrous silicate minerals during the production process.
Trends in Fiber Cement Technology
1. Increasing demand for external wall structures
One new trend in the construction industry is the need for outside wall systems. Its qualities as an anti-moisture building material are linked to the trend's emergence. The product's fibrous composition and vented cavity give the external walls exceptional strength while also providing excellent resistance against moisture in these applications. The quantity of sustainable buildings has also expanded as a result of the use of green building materials. Consequently, there will be a spike in product demand when the fiber external wall system is used as an advanced green construction material to facilitate energy conservation. The use of energy-efficient and environmentally friendly materials, such as exterior wall systems, low-carbon cement, and concrete, is governed by a number of regulations that the government has released.
2. Increased adoption of green building and sustainability practices
The growing emphasis on sustainable construction methods and eco-friendly building materials has led to a surge in the use of fiber concrete in the construction industry. It could aid in raising a building's energy efficiency. Fiber concrete has a lower carbon footprint than other materials because it is made of recyclable and renewable elements. Consequently, the market value is being increased by the growing use of green construction principles. Cement, sand, cellulose fibers, and additives are the main components of fiber cement. Both recycled and renewable resources can be used to create these materials. Utilizing renewable and recycled resources lessens reliance on non-renewable resources and encourages the preservation of natural resources.
3. A rising number of residential and non-residential projects are utilizing cutting-edge solutions like ultra-high-performance concrete.
New inventions are emerging as a result of the construction boom. Due to the intense rivalry in the field, engineers and architects are producing innovative designs using materials with exceptional performance. Concrete with ultra-high performance is rising to the occasion. With a strength of approximately 150 MPa, this fiber-reinforced material allows for speedier construction. The main factor driving UHPC's popularity is its ability to facilitate the construction of imaginative constructions like cantilever balconies and floating staircases. UHPC usage is growing, which is a significant driver of this market.
4. Growing need for residential and commercial building
Demand for fiber cement is surging as more and more people in the residential and commercial sectors choose long-lasting, easy to maintain building materials. Products made of fiber cement, like siding, roofing, and trim, are widely used because of their affordability, toughness, and resistance to fire, moisture, and pests. The market for fiber cement is further driven by the increased emphasis on sustainable construction methods in both industries, since the material's composition which frequently contains recycled materials aligns well with sustainability objectives. In general, fiber cement is a well-liked option for building both homes and businesses.
5. Growing use as an alternative to asbestos
The well-known health and safety concern of asbestos products has led to roughly 55 countries globally imposing a partial ban on them, according to the International Ban Asbestos Secretariat. Because asbestos and fiber cement are almost identical, manufacturers have shifted their focus to the fiber cement industry as an alternative due to limits on the use of asbestos goods. Fiber cement performs better than asbestos in terms of environmental friendliness. Fiber cement has becoming more popular primarily for this reason. Fiber cement employs recycled materials and less resources than regular cement, which uses a lot of water.
Regional Insights into the Global Fiber Cement Market
- Asia-Pacific, which includes nations like China, India, Japan, South Korea, Australia, and the rest of the region, accounts for the majority of the fiber cement industry. Building construction is on the rise in several Asia-Pacific regions. The past few years have seen a surge in real estate sales in emerging nations due to population growth and rising disposable income. Major nations with significant growth in the region's construction output include Australia, Thailand, the Philippines, Indonesia, Vietnam, and others. China's economy is mostly driven by the country's abundant residential and commercial building developments.
Global Expansion of the Fiber Cement Market
The global fiber cement market size was valued at USD 17.85 billion in 2022 and is projected to USD 28.51 billion by 2032, exhibiting a CAGR of 4.8% during the forecast period 2022-2032. The top companies in the global fiber cement market include James Hardie Industries plc, Cembrit Holding A/S, Nichiha Corporation, Toray Industries, Inc., CSR Limited, Elementia, Etex Group, GAF Materials LLC, Louisiana-Pacific Corporation, and Beijing Hocreboard Building Materials Co. Ltd
Conclusion
The market for fiber cement is changing quickly due to rising demand for eco-friendly building supplies and creative construction methods. Fibre cement is becoming a more popular material for both residential and commercial buildings due to its eco-friendliness, durability, and versatility as urbanization and green building practices increase. Its higher prices and possible health hazards, however, continue to hinder market expansion. However, fiber cement is starting to take center stage in contemporary building, providing a viable substitute for conventional materials like asbestos. Leading global figures like James Hardie and Nichiha are driving this growth and laying the groundwork for upcoming breakthroughs.
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