The fiber cement is taken into account as a material which affixes to the outside of each residential and commercial spaces because of its characteristics as resistance to wear and tear to concrete along with benefiting the residential house by keeping it sustainable from harsh components of the atmosphere. The residential sector is that the primary user of fiber cement. The fiber cement market is primarily driven due to billowing construction sector that embody each residential and commercial spaces, escalating variety of sensible town projects, rising income of the people along with housing projects initiatives by the central governments.
According to the study, ‘Global Fiber Cement Market is valued approximately USD 15.80 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.2% over the forecast period 2019-2026’ categorical that there are some corporates that presently functioning any with success for dominant the foremost effective growth of the market and getting the productive competitive edge whereas acceptive the productive profitmaking that intervals throughout that and policies like joint ventures, mergers and acquisitions, partnership, merger and merchandise development includes Zykron Fibre Cement Solutions, Toray Industries Inc., Cembrit Holding, James Hardie Building Products Inc, Plycem, Etex Group NV, The Siam Fibre-Cement Company Ltd, Building Materials Corporation of America, Nichiha Corporation, CSR Limited. Moreover, the stormy construction sector that include each residential and industrial areas is acting as key issue towards the utility and adoption of fiber cement as fiber cement are majorly utilized in the outside applications of housing and buildings. For instance: In keeping with International Construction Market Survey, the growth rate of construction industry globally within the year 2017 was calculable to be around 3.5% and it has been calculated to achieve to 3.9% (approx.) in the year 2018. Additionally, as per the annual report of European Construction Industry Federation (FIEC) in 2017, it is stated that construction activity in entire Europe grew by around 2.2% in the year 2016 (reaching approximately 1,278 billion Euro) compared to the year 2015. Similarly, within the year 2017, a similar surge is forecasted (more than 2%) followed by increase of 3% in the year 2018 ensuring into absolutely positively influencing the development and growth of fiber cement market. However, high price of fiber cements as compared to traditional cements impedes the expansion of the market over the forecast period of 2020-2026.
However, the impact of COVID-19 has negatively compact the infrastructure development and construction activities in both developed and developing countries and would still do therefore because of shortage of labour and also the impact of this pandemic would result into the rise in prices of fiber cements ultimately leading to restraining the development and growth of fiber cement within the coming months.
The regional investigation of global Fiber Cement market is taken into the account for the key regions like Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is that the most country over the world in terms of market share due to the stormy construction sector which include eacb residential and commercial spaces along with increasing income of the peoples. Whereas, Asia-Pacific is additionally expected to exhibit highest rate of growth / CAGR over the forecast period 2020-2026. Factors like escalating number of smart city projects along with government initiatives like housing projects would produce profitable growth prospects for the Fiber Cement market across Asia-Pacific region.
Furthermore, increasing demand for fiber cement from construction professionals due to product features is predicted to spice up the world fiber cement market in future. Rapid industrialization and growing construction activities globally are different key factors chargeable for the expansion of the global market. Fiber cement is extremely demanded within the global market because of the high efficiency of fiber cement products and quick urbanization & industrialization in developing countries any influencing the expansion within the global fiber cement market. Further, ban on asbestos merchandise and booming industry foster the global market growth. Moreover, increasing investments in infrastructure development and funding from government agencies is expected to boost the overall fiber cement market growth.
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Ankur Gupta, Head Marketing & Communications