Fiber Cement Cladding Panels Market: Introduction
- Fiber cement cladding panels are low-cost forms of cladding sheet. Fiber cement is a combination of compressed sand, cement, and cellular fiber. Fiber cement cladding panel is a popular form of cladding, as it is easy to install and maintain.
- Fiber cement cladding panels are widely used in the construction industry. They are also employed in domestic housing needs as well as commercial building construction, owing to their physical properties such as decay and fire resistance, and dimensional stability; as well as good mechanical properties.
Key Drivers of Global Fiber Cement Cladding Panels Market
- The global fiber cement cladding panels market is expanding at a rapid pace, due to its utilization as siding in bathrooms and kitchens in houses; and its durable, water resistant, and waterproof nature. Furthermore, rise in construction expenditure, specifically in new housing, is anticipated to boost the demand for fiber cement cladding panels in the near future. Rapid growth of the housing sector is another factor estimated to boost the market during the forecast period.
- In terms of volume, the global construction sector is expected to reach US$ 15.5 Trn by 2030. Currently, China, the U.S., and India account for 57% share of the global construction sector. The construction sector in the U.S. is estimated to expand at a rapid pace than that in China in the next 15 years. Construction activities are projected to rise significantly in southern states of the U.S.
- China’s share of the global construction sector is projected to increase marginally by 2030. The construction sector in Brazil is likely to expand at a moderate pace during the forecast period, leading to stagnation in demand for construction in the long term. Thus, rise in construction activities is expected to propel the residential and non-residential sectors in the near future. This, in turn, is anticipated to augment the demand for fiber cement cladding panels during the forecast period.
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Residential Segment to Offer Lucrative Opportunities
- In terms of application, the residential segment accounted for major share of the global fiber cement cladding panels market in 2018. In the residential sector, cladding panels are used as coverings on the exterior of buildings to enhance the appearance. These panels help protect buildings from external damage.
- Cladding panels are construction materials that form a coating over a building wall to protect it from harmful weather and atmospheric heat. Apart from providing protection to building walls, these panels increase the outer attractiveness of a building.
Asia Pacific to Hold Major Share of Global Fiber Cement Cladding Panels Market
- Asia Pacific constituted significant share of the global fiber cement cladding panels market in 2018. The region is projected to remain highly lucrative during the forecast period, due to rapid industrialization and rise in demand for cladding panels in the building & construction sector in the region.
- The construction sector in India is anticipated to expand almost twice as fast as that in China. The urban population in the country is expected to increase to 165 million by 2030, with the population of New Delhi rising by 10.4 million. This is also estimated to drive the fiber cement cladding panels market in India during the forecast period.
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Key Players in Global Market
Various players operate in the global fiber cement cladding panels market. However, there is an increasing shift in dynamics toward market consolidation. This can be ascribed to new product development by major companies operating in the U.S. and Europe in order to capitalize on the untapped growth potential in Asia Pacific and Africa. Key players operating in the global fiber cement cladding panels market include:
- JAMES HARDIE INDUSTRIES PLC
- ETEX GROUP NV
- MAHAPHANT FIBRE CEMENT CO., LTD.
- ELEMENTIA, S.A.B DE C.V.
- Everest Industries
- Hume Cemboard Industries
- Nichiha Corporation
- Soben Board
Global Fiber Cement Cladding Panels Market: Research Scope
Global Fiber Cement Cladding Panels Market, by Application
Global Fiber Cement Cladding Panels Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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