Fiber Cement Board Market Size, Share & Trends Analysis Report By Type (High-density, Low-density, Medium-density), By Application (Furniture, Flooring, Wall Cladding & Panels), By Region, And Segment Forecasts, 2024 - 2030

Fiber Cement Board Market Size & Trends

The global fiber cement board market size was estimated at USD 12.09 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 12.5% from 2024 to 2030.Population expansion in emerging countries, infrastructure upgrades in developed countries, increased residential and commercial construction are all factors influencing industry growth. With the growing construction industry, the demand for paints and coatings segment is also growing. Synthetic fibers are gaining traction and are expected to continue growing due to the increasing use of fiber cement in the production of boards.

Market Dynamics

Several factors, such as durability, cost-effectiveness, and fire retardancy, are propelling product demand in furniture applications. These have unique features and advantages that make them appealing for furniture use cases. Fiber cement boards can be sculpted and molded into various shapes, and therefore are ideal for furniture production. They are suitable for use as tabletops, shelves, cabinets, and other furniture components. The value chain of this market comprises raw material suppliers, product manufacturers/producers, distributors/suppliers, and industrial end-users. Raw materials used in the product manufacturing include cement, acrylic fiber, and other additives, which are derived from crude oil. The global industry comprises numerous raw material suppliers, who are involved in large-scale production of raw materials.

Most companies have forward and backward integrated into the value chain to optimize their operations to manage operational expenses and establish market dominance. Votorantim Cimentos, Ciment Quebec Inc., Indorama Corp., and China National Petroleum Corporation (CNPC) have integrated their operations across the value chain, i.e., beginning from raw material supply, and product manufacturing, to product distribution/supply to end-users. Manufacturers cater to the needs of end-users through various ways. Most players distribute their products through distributors, sales offices, and sales representatives spread across different regions. Company-authorized distributors & specialized stores engaged in sales & distribution of building supplies are major offline channels for fiber cement boards.

In the U.S., fiber cement boards are commonly utilized in various building applications, such as siding, roofing, flooring, and interior wall cladding. Market in the country is likely to grow gradually owing to rising emphasis on sustainable and energy-efficient construction practices, which is expected to boost demand for these products in the U.S. construction industry. These boards are considered eco-friendly materials, resulting in their high demand on account of advantageous properties, such as durability, fire resistance, and low maintenance.

Type Insights

High-density fiber cement board (HDFCB) segment dominated the market and accounted for over 60.8% of revenue share in 2023 and is expected to continue its dominance over the forecast period. It is a cement-based composite made with cellulose fibers and other components. Over traditional building materials, like wood or gypsum boards, HDFCB has various advantages, such as superior strength, durability, and resilience to fire, water, & termite damage. Medium-density fiber cement (MDFC) board segment accounted for a significant revenue share in 2023 owing to its strength and moisture & fire resistance properties. MDFC is a type of construction substrate that combines the strength of cement with the flexibility of wood fibers.It is often used in both interior and exterior applications. It is also resistant to warping, rotting, and termite attack, which provides it with a longer lifespan than traditional wood items.

Low-density fiber cement (LDFC) board segment is forecasted to grow at the highest CAGR of 13.3% from 2024 to 2030. It is a flexible building material that blends cement, cellulose fibers, and additives to produce a long-lasting and lightweight product. In terms of handling, installation, and performance, LDFC boards have various advantages.They are resistant to impact, weathering, decay, and insect infestation. Consequently, they are suitable for both internal and external applications, such as flooring, roofing, wall cladding, and decorative displays. High demand for lightweight construction materials is a major driver for LDFC boards segment growth. Compared to typical building materials, their low density and low weight make them easier to transport, handle, and install. LDFC boards appeal to builders and architects due to their moisture resistance and longevity.

Application Insights

On the basis of applications, the market is further segment into furniture, flooring, wall cladding & panels, prefabricated shelters, and other applications. Wall cladding and panels segment emerged as the largest application segment in 2023 with a revenue share of over 64.0% owing to high product demand as it provides protection against UV radiation and temperature variations. The application of fiber cement boards in wall cladding and panels has been growing owing to increasing urbanization, infrastructural development, and remodeling projects. Prefabricated shelters segment is projected to register the fastest CAGR of 13.6%, in terms of revenue, from 2024 to 2030.

Fiber cement board panels can be easily made and assembled in a factory setting, enabling faster completion than traditional on-site construction. Due to their ease of construction, prefabricated shelters are appealing for a variety of purposes, including crisis aid, temporary housing, and detached construction plants. Due to their durability, fire resistance, and sustainability, fiber cement boards are witnessing high demand in furniture design and manufacturing. However, fiber cement board in furniture applications is still in its early stages, with only a few producers specializing in this material.

This provides a chance for futuristic furniture designers and producers to establish themselves in this specialized market. Fiber cement board is a persistent and adaptable material with many advantages for flooring applications. In addition, it is gaining popularity due to its resilience and resistance to moisture, pests, and fire, as consumers seek long-lasting and low-maintenance flooring solutions. The rise of fiber cement boards in flooring applications is also being driven by market demand for such flooring solutions.

Regional Insights

Asia Pacific led the global market and accounted for a revenue share of nearly 36.4% in 2023. Government bodies in the region are making efforts to develop infrastructure, such as building hospitals, education hubs, commercial centers, and residential complexes. These factors, coupled with the increasing population, are expected to further boost the product demand for fiber cement boards in the region. The market in North America is predicted to grow significantly over the coming years owing to the rising demand for environmentally friendly and energy-efficient building materials. Rapid urbanization, renovation & remodeling operations and an emphasis on green building approaches have all contributed to regional market growth.

Middle East & Africa is expected to register fastest CAGR of 13.6% from 2024 to 2030. The construction sector in this region is rapidly growing, which, in turn, is expected to propel the product consumption. The product usage in bedding & furniture applications is also expected to increase. Central & South America market is expected to grow substantially over the forecast period. Changing consumer preferences, low production costs, rapid industrialization, and increasing disposable incomes are anticipated to drive the economic growth of the region over the next few years. These factors are projected to fuel product demand in Central & South America.

Key Companies & Market Share Insights

The market is highly fragmented due to the presence of several major global well as regional players, such as HIL Ltd., CenturyPly, and SAINT-GOBAIN. Factors, such as product penetration in major application areas, such as furniture, wall cladding & panels, and flooring, coupled with presence of well-established manufacturers, and intensity of rivalry govern the competitive nature of the industry. Mergers, acquisitions, and collaborations are a few strategies adopted by industry players to expand their product portfolio along with global presence. For instance, in June 2022, Swisspearl Group announced the acquisition of Denmark's Cembrit, situated in Aalborg, Denmark. This was aimed at expanding its international market presence and production sites.

Fiber Cement Board Market Report Scope

Global Fiber Cement Board Market Report Segmentation

This report forecasts volume & revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the fiber cement boardmarket report based on type, application, and region:

• Type Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2018 - 2030)

  • High-density

  • Medium-density

  • Low-density

• Application Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2018 - 2030)

  • Furniture

  • Flooring

  • Wall Cladding & Panels

  • Prefabricated Shelters

  • Other Applications

• Regional Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

    • UAE