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(Construction.IndustryNews247.Com, October 29, 2019 ) Market Overview
Fiber concrete is a composite building and construction material, utilized basically in material, roofing, and exterior items as a result of its quality, strength, and toughness. Fiber cement is a prevalent structure material that gives the best advantages in the siding business life span. It is a composite of sand, portland concrete, and cellulose filaments are one of the sustainable materials. These withstand at the unforgiving climate contrasted with different materials.
High manufacturing and maintenance cost and dearth in skilled workers are the key restraints that hindering the market growth.
The Portland Cement segment in fiber cement market is estimated to reach a market value of US$ XX million by 2026 from an initial market value of US$ 9526.4 million in 2018.
The Asia Pacific market value in 2018 is about US$ 5171.5 million. Asia-Pacific region is the largest segment by market share owing to rapid construction activities in the area.
The global fiber cement market is fragmented with a larger number of local and international players. James Hardie, Elementia and Etex group are the major players in the fiber cement market globally.
Market Dynamics
Growing construction industry, increasing demand due to extreme environmental conditions, considered a safer alternative than other conventional materials, availability of large variety of fiber cement products, anti-microbial properties of fiber cement products are indispensable in certain applications, lightweight fiber cement products facilitate transportation and helps in cost saving are the major factors driving the growth of the market globally. Fiber Cement products can be considered as a safer alternative than other conventional materials. More than 90% of the materials used in boards and sidings are fire resistant. This is a major USP of fiber cement products as homeowners are particularly wary of a fire in their house. A documented case showed that a fire destroyed some fire trucks which were 100 feet away from the fire, but a nearby house constructed with fiber cement was completely protected.
The Fiber Cement Market is growing due to rising demand from the construction industry. The growth in the fiber cement market is a result of a boom in the construction industry, a ban on asbestos cement products, the high efficiency of fiber cement products, and rapid urbanization and industrialization in developing countries. In addition, the increase in infrastructure investments has created an opportunity for the global fiber cement market. New residential construction spending was projected to be approximately 672 billion (current) U.S. dollars by 2022. Rising investment in construction, particularly in new housing is driving the growth of the market. For instance, construction investments in Western Europe reached USD 1.4 trillion in 2015 and are expected to grow by 2.2% in 2018.
High manufacturing and maintenance cost and dearth of skilled workers are the key restraints hindering the market growth. Fiber cement manufacturers face unprecedented challenges due to the high cost of the product. The manufacturing process for fiber cement is such that it adds up to the cost of the final product. Generally, they cost up to 3 to 4 times more than conventional materials. Fiber cement boards need to be repainted every 15 to 20 years. Thus maintenance cost is also high. Installation of fiber cement fixtures requires more manpower who are skilled in handling the fiber cement boards, as they are susceptible to damage when not handled properly.
Market Segmentation
Based on material, the global market for fiber cement is broadly segmented as portland cement, sand, cellulosic material, and others. The Portland Cement segment in fiber cement market is estimated to reach a market value of US$ XX million by 2026 from an initial market value of US$ 9526.4 million in 2018. The market is estimated to grow at a CAGR of 5.02% in the forecast period 2018 to 2026. Portland cement is the most widely used manufactured material possessing good tensile strength. Portland cement is of various types based on different properties such as Type 1, 2, 3, 4, 5, 1A, 2A and 3A exhibiting high durability and strength. The rising demand for making concrete, stucco, mortar, and grout is contributing to the demand of Portland cement during the forecast period. Also, low cost and ease of availability of the materials required for manufacturing Portland cement including limestone, naturally occurring materials, and shale are expected to boost the growth of the market.
On the basis of fiber type, the global market for fiber cement is classified into polypropylene, PVA, lignocellulose, carbon, and others. The Polypropylene fiber type segment is estimated to reach a market value of US$ XX million by 2026 from an initial market value of US$ 5171.5 million in 2018. The Polypropylene fiber type segment accounted for the largest market share of about 38% in 2018 because of its high toughness strength, high-temperature resistance, and affordable price. The capability of resisting weathering action, chemical attack and other degradation processes with minimal maintenance is an important factor with respect to the construction industry. Development of polypropylene fiber-reinforced concrete (PFRC) has benefited the construction industry by providing a technical basis for improving deficiencies in the earlier used concrete materials. The major role of this fiber in the concrete composite is to control cracks, increase the tensile strength, toughness as well as to improve the deformation characteristics of the concrete.
Depending on production process, the global market for fiber cement is categorized into hatschek process, perlite, extrusion, and others. Based on application, the global market for fiber cement is divided into residential, non-residential, commercial and others.
Geographical Analysis
The global Fiber Cement Market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Asia Pacific fiber cement market is estimated to reach a market value of US$ XX million by 2026 from an initial market value of US$ 5171.5 million in 2018. Asia-Pacific region is the largest segment by market share owing to rapid construction activities in the area. China, India, and Japan are the main contributors to the market growth with public and private investment and rising regional demand being the significant factors. The demand for fiber cement products will sustain at a stagnant growth rate, aided by a large local production base and stringent implementation of environmental regulations by various government institutions. The region of China is a preferred destination for FDI, with stable investments in the construction sector indicating that the market is growing due to increased industrial restructuring and urbanization. The fiber cement market in India is expected to witness remarkable growth during the forecast period owing to increased foreign investments in the construction sector. The presence of favorable regulatory policies has also supported the growth of the market, with an increased focus on residential and infrastructural construction.
The North America Fiber Cement market is segmented by countries into the USA, Canada, and Mexico. The structural reforms across North America have attracted significant investments in infrastructure and manufacturing sectors, further expanding the application of fiber cement. Federal policy stimulus in the U.S. and Canada, coupled with growth in commercial construction activities continue to fuel the market growth in the region. The USA is a significant contributor to the overall market growth in the region owing to improved economic growth and focus on the renovation of existing building structures to provide better safety and security measures. The market in the US is also expected to witness fastest growth rate during the forecast period driven by technically superior properties of end-products.
Competitive Analysis
Some of the key companies are James Hardie Building Products Inc, Visaka Industries, Cembrit Holding A/S, Mahaphant Fiber Cement Public Company Ltd., Elementia, Nichiha Co. Ltd., Everest Industries Ltd., Saint Gobain SA, HIL, and Etex Group.
The global fiber cement market is fragmented with a larger number of local and international players. James Hardie, Elementia and Etex group are the major players in the fiber cement market globally.
These three players hold approximately 30% of the global fiber cement market. James Hardie claimed a prominent share of the fiber cement market. It is the dominant key player in terms of individual share amongst the top three players. The companys product portfolio includes a wide range of sidings, panels, and boards.
Etex Group occupied second position pertaining to fiber cement market. Other companies apart from the above mentioned three players aggregately held more than 65% share in the overall fiber cement market.
Nichiha Corporation also held a significant share of approximately 5% in this market in 2017. The companys fiber cement products are used in interior and exterior, commercial, and residential applications. In 2018, the company plans to invest $120 million in a project to expand its manufacturing facility in Macon-Bibb County, the United States.
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