Global Fiber Cement Board Market Expected to Reach $15.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Global Fiber Cement Board Market," The global fiber cement board market size was valued at $9.7 billion in 2021, and is estimated to reach $15.3 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.

Fiber cement board is environment friendly construction material made up of Portland cement, sand, and cellulose fiber. The major application of finer cement board includes flooring and wall cladding & panels.

Majorly, wood and planks are used for flooring applications across the construction industry. Fiber cement boards made up of cement, pure silica and cellulose fiber are gaining importance and are widely being used as alternative over traditional flooring products is the key market trend. Fiber cement boards are capable of withstanding changing climatic conditions, offers moisture resistance, fire resistance, and rotting. All these factors have escalated the use of fiber cement board in interior and exterior flooring application drives the demand of the global market. In addition, asbestos free fiber cement are environment friendly products used for industrial flooring application is driving the demand of the global market. In addition, fiber cement boards can also be used with other flooring products such as timber, wood, steel & iron sections, and aluminum. This in turn increases the structural strength of the flooring.

In addition, growing use of high-density fiber cement boards for tunnel construction, subways, airport interior decorative application, and hospital wall façade drives the overall demand of the global market. Medium density fiber cement boards have high strength, water & fire resistance, high sound absorption properties making them widely used across suspended ceiling application, wall partition, billboards, and desktop boards. Fiber cement board is gaining importance over other predominantly used furniture products such as MDF, HDF, particle board, WPC, PVC foam boards, glass, and wood. The fiber cement board is used in furniture applications that includes kitchen furniture and interior & exterior furniture products.

However, side effects associated with use of fiber cement board is predicted to hamper the market growth. Installers installing fiber cement board need to be cautious while handling and cutting fiber cement boards. As fiber cement board tend to contain crystalline silica and inhalation of this crystalline silica lead to human carcinogen associated risk. In order to minimize the risk associated with inhalation of crystalline silica, installers tend to use protective equipment’s such as saw blades, ventilation, and respirators that in turn increases installation cost. All these factors are hampering the market growth.   

High density fiber cement boards are designed to be used for heavy duty flooring and wall cladding applications. This type of fiber cement boards have high load bearing capacity and strength making them best choice for pre-fabricated building. The common application of high density fiber cement boards include paneling, wet area wall cladding, eaves & soffit lining, tile underlay, and external decking drives the demand for the global market. High density fiber cement boards offer high acoustic insulation making the ideal product to be used for rooftile underlay application drives the demand of the global market. In addition, growth in use of high density fiber cement boards for tunnel construction, subways, airport interior decorative application, and hospital wall façade is anticipated to offer new growth opportunities.

The fiber cement board market analysis is done on the basis of product type, application, and region. By product type, the market is segregated into high density fiber cement board and medium density fiber cement board. The medium density fiber cement board segment dominated the global market in terms of revenue in 2021, with 35% of the total share. Medium density fiber cement boards have high strength, water & fire resistance, and high sound absorption properties making them widely used across suspended ceiling application, wall partition, billboards, and desktop boards. Medium density fiber cement boards are used widely for exterior wall applications such as decoration panels and integrated façade panels is the key market trend. In addition, low medium density fiber cement boards are the best choice for loft interlay application, outdoor furniture, and wall thermal insulation, which drives the demand of the global market. 

By application, the global fiber cement board market is segmented into furniture, flooring, wall cladding & panel, pre-fabricated shelters, and others. The flooring application is anticipated to grow at fastest CAGR and accounted for 20% of market share in 2021. . Fiber cement boards are used in flooring application across showrooms, multiplex, restaurants, and office owing to their durability and termite proof properties. In addition, dimensional stability, flexibility, and fire resistance properties make fiber cement board suitable for commercial and industrial flooring applications. Majorly, wood and planks are used for flooring applications across construction industry. Fiber cement boards made up of cement, pure silica and cellulose fiber are gaining importance and are widely being used as an alternative over traditional flooring products.

Region-wise, the fiber cement board market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific fiber cement board market is projected to grow at the highest CAGR during the forecast period. Rise in building & construction, commercial complexes, and other sectors, has enhanced the performance of the fiber cement boards in the Asia-Pacific region. Furthermore, the tourism sector in Thailand is witnessing a significant growth, which in turn has increased the renovation activities, wherein fiber cement board is widely used for flooring, cladding, and furniture applications. The use of fiber cement boards in sectors such as consumer, building and construction, pre-fabricated shelters, residential activities, hotels, offices, industrial, and others, is the major key market trend in the Asia-Pacific region.

Key players operating in the global fiber cement board market include Beijing Hocreboard Building Materials Co. Ltd., HIL Limited, Century Plyboards (India) Limited, Everest Industries Limited, Saint Gobain, Sahyadri Industries Limited (SIL), Toray Industries Inc., Visaka Industries, REXLER, and Sarex. In addition, The global fiber cement board industry report provides in-depth competitive analysis as well as profiles of these major players

Key findings of the study:

• By product type, high density fiber cement board segment holds highest growth rate, in terms of revenue, registering a CAGR of 5.1% from 2022 to 2031.
• By application, the furniture application segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 7.1% from 2022 to 2031.
• By region, Asia-Pacific garnered the highest share of 46% in 2021, in terms of revenue, growing at a CAGR of 7.8%.