Fiber Cement Board Market (By Type: High-density, Medium-density, Low-density; By Application: Furniture, Flooring, Wall Cladding & Panels) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

The global fiber cement board market was valued at USD 10.07 billion in 2022 and it is predicted to surpass around USD 35.26 billion by 2032 with a CAGR of 13.35% from 2023 to 2032. The fiber cement board market in the United States was accounted for USD 2.6 billion in 2022.

Key Pointers

• Asia Pacific emerged as the leading regional market and accounted for nearly 37% of the overall revenue share in 2022. 
• Middle East & Africa is expected to be the fastest-growing region with a CAGR of 14.13% in 2022.  
• The high-density fiber cement board segment dominated the market and accounted for over 61% of the revenue share in 2022.
• The wall cladding and panels segment emerged as the largest application segment with over 65% of the market revenue in 2022.
• The pre-fabricated shelters is the fastest growing segment with a CAGR of 14.45% in terms of revenue for the year 2022.

Report Scope of the Fiber Cement Board Market

Population expansion in emerging countries, infrastructure upgrades in developed countries, and a tendency toward increased residential and commercial construction are all factors influencing growth. With the growing construction industry, the demand for the 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.

Several factors, such as durability, cost-effectiveness, and fire retardancy are driving the product demand in furniture applications. Fiber cement boards 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.

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

The value chain of the fiber cement board market comprises raw material suppliers, fiber cement board manufacturers/producers, distributors/suppliers, and industrial end users. The raw materials used in the manufacturing of fiber cement boards include cement, acrylic fiber, and other additives, which are derived from crude oil. The global fiber cement board industry comprises numerous raw material suppliers involved in large-scale production of the aforementioned materials.

Most fiber cement board companies have forward and backward integrated into the value chain, enabling them to optimize their operations to manage their operational expenses and establish their market dominance. Votorantim Cimentos, Ciment Quebec Inc., Indorama Corporation, and China National Petroleum Corporation (CNPC) have integrated their operations across the following stages of the value chain, i.e., beginning from raw material supply, product manufacturing, to product distribution/supply to end users.

The manufacturers in the market cater to the needs of the end-users in various ways. A majority of the players in the market distribute their products through distributors, sales offices, and sales representatives spread across different regions. Company-authorized distributors and specialized stores engaged in the sales and distribution of building supplies are major offline channels for fiber cement boards.

Type Insights

The high-density fiber cement board segment dominated the market and accounted for over 61% of the revenue share in 2022 and the segment is expected to continue its dominance over the forecast period. It is a cement-based composite made with cellulose fibers and other components. HDFCB HDFCB (high-density fiber cement board) has various advantages over traditional building materials like wood or gypsum boards; some of them are its superior strength, durability, and resilience to fire, water, and termite damage.

Medium density accounted for USD 2,502.1 Million for the year 2022 owing to its fire resistance, strength, and moisture resistance properties. Medium-density fiber cement board (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 is a form of fiber cement board characterized by its light weight. 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. As a consequence, they are suitable for both internal and external applications, such as flooring, roofing, wall cladding, and decorative displays.

The growing demand for lightweight construction materials is a major driver for LDFC boards. As compared to typical building materials, their low density and light 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

The wall cladding and panels segment emerged as the largest application segment with over 65% of the market revenue in 2022 owing to its protection against UV radiation and temperature variations. The use of fiber cement boards in wall cladding and panels has been growing owing to increasing urbanization, infrastructural development, and remodeling projects. The application segment can be segmented into furniture, flooring, wall cladding and panels, pre-fabricated shelters, and other applications.

The pre-fabricated shelters is the fastest growing segment with a CAGR of 14.45% in terms of revenue for the year 2022. 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, pre-fabricated 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 growing in acceptance in furniture design and manufacturing. The 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. Additionally, 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 being driven by market demand for such flooring solutions.

Regional Insights

Asia Pacific emerged as the leading regional market and accounted for nearly 37% of the overall revenue share in 2022. The governments in the region are taking 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 drive the demand for the product in the region.

The North America fiber cement board industry is predicted to grow significantly over the coming years owing to rising demand for environmentally friendly and energy-efficient building materials. Increasing urbanization, renovation and remodeling operations and an emphasis on green building approaches have all contributed to the growth of the market.

Middle East & Africa is expected to be the fastest-growing region with a CAGR of 14.13% in 2022. The construction sector in the Middle East & Africa (MEA) is rapidly growing and is likely to expand in the future, which, in turn, is expected to drive the consumption of fiber cement boards. Along with the construction industry, the region is also expected to grow in terms of furniture which will drive the consumption of fiber cement board in bedding & furniture applications.

The 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 the demand for fiber cement boards in the region over the forecast period.

Fiber Cement Board Market Segmentations:

By Type 

• High-density
• Medium-density
• Low-density

By Application 

• Furniture
• Flooring
• Wall Cladding & Panels
• Pre-fabricated Shelters
• Other Applications

By Regional 

• 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