The Global Fiber Cement Market is projected to register a CAGR of over 5% during the forecast period
The market was negatively impacted by COVID-19 in 2020. The construction industry was severely impacted owning to the lockdown situation, thus negatively impacting the demand of fiber cement. According to Euroconstruct, the construction growth in Europe reached the highest level in 2017, and it is expected to grow up to 2022. The growth rate in 2020 before the COVID-19 outbreak was expected to be 1.1%, compared to 2.3% in 2019. With the outbreak of the pandemic and with almost zero economic activity, the construction growth rate is expected to be negative and is likely to impact the market studied on a short-term basis.
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– Over the short term, the major factor driving the market studied is the increasing demand for energy-efficient buildings. However, the threat of substitutes, like vinyl and wood siding, is expected to hinder the growth of the market studied.
– The sliding segment dominated the market. It is expected to grow during the forecast period.
– Increasing awareness in emerging economies is likely to act as an opportunity in the future.
– Europe dominated the global market, with the largest consumption recorded from the countries, such as Germany and the United Kingdom.
Key Market Trends
Increasing Demand from Residential Sector
– Fiber cement siding is a product that affixes to the exterior of a house or other structures, owing to its characteristics, such as wear and tear resistance to concrete, it and can help in keeping the house sustainable to some of the harshest elements of the local environments.
– The residential industry is the major end-user industry for fiber cement. The rising middle-class population, coupled with increasing disposable incomes, has facilitated an expansion in the middle-class housing segment. Thus, there is expected to be an increase in the use of fiber cement, within the segment, during the forecast period.
– Globally, Asia-Pacific has the largest construction market, which is led by India, China, and various Southeast Asian countries. In India, the government initiated the project, ‘Housing for All by 2022’, which is expected to immensely drive the low-cost residential construction segment in the country, throughout the forecast period. Furthermore, under the Pradhanmantri Awas Yojana, the Indian government has taken a decision to provide interest subvention of 3% and 4% for loans of up to USD 18,000 and USD 13,500, respectively, for the lower strata of the society, with respect to buying and building homes.
Europe Region to Dominate the Market
– Europe accounted for the largest market for fiber cement, owing to the growth of energy-efficient buildings in the region.
– Germany is the largest economy in Europe, and the fifth largest, globally. Germany has been one of the worst-hit countries in the world by the COVID-19 virus outbreak. However, the German government has exempted infrastructure, residential, and utility construction from the lockdown measures with construction allowed to continue through the COVID-19 crisis.
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– According to the World Economic Forum’s Global Competitiveness Report in 2019, the country ranked 8th in terms of infrastructure index in the period, 2018-2019, gaining two places from 10th in 2017-18.
– The construction industry in the country has been growing at a slow pace, which is majorly driven by the increasing new residential construction activities. According to the industry experts, the completion of construction of new houses was estimated to be around 315,000 units in 2019, which is higher, when compared to total completions in 2018, which was 300,000 units
– The German Ministry of Transport and Digital Infrastructure is planning to invest EUR 300 million in future technologies, such as electric mobility or automated and networked driving for electric vehicle charging infrastructure, which, is expected to positively impact the market.
Competitive Landscape
The global fiber cement market is fragmented in nature. Some of the major players in the market include TORAY INDUSTRIES, INC., Zykron, James Hardie Building Products Inc., Plycem, and Etex Group.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Energy-efficient Buildings
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Threat of Substitutes, like Vinyl and Wood Siding
4.2.2 Impact of COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Raw Material Analysis
4.5.1 Portland Cement
4.5.2 Silica
4.5.3 Cellulosic Fiber
4.5.4 Others
5 MARKET SEGMENTATION
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