Luton, Bedfordshire, United Kingdom, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Fiber Cement Market.
The global Fiber Cement Market Size is expected to grow at a 2.51% CAGR from 2023 to 2029. It is expected to reach above USD 21.5 billion by 2029 from USD 17.2 billion in 2022. The fiber cement market is a rapidly growing industry that produces a variety of building materials made from a mixture of cement, sand, and cellulose fibers. These materials are highly durable, weather-resistant, and fire-resistant, making them an ideal choice for building exteriors, roofing, and siding.
The market for fiber cement products has been driven by a growing demand for sustainable and low-maintenance building materials, as well as increased construction activity in developing economies. The use of fiber cement has also been fueled by the need for improved energy efficiency and the desire for more aesthetically pleasing building exteriors.
The fiber cement market is segmented by application, product type, end-use industry, and geography. The major product types in the market include boards, sheets, and panels, while the primary end-use industries are residential, commercial, and industrial construction. Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Fiber Cement Market Recent Developments
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Paradigm Shift Toward Green Building Drives the Market Growth
Fiber cement is more environmentally friendly as compared to asbestos. Thus, national governments have regulations in place to limit the use of asbestos and are trying to impose a ban on its use, resulting in increased usage of fiber cement as its ancillary. For instance, in 2005, the European Union banned the usage of asbestos in new products, as it is hazardous to health.
Moreover, countries are shifting toward green buildings and constructions, for which governments have offered several supportive creativities. For instance, the Government of Canada is encouraging the development of green and inclusive community facilities across the country through upgrades, retrofits, repairs, and new constructions. Furthermore, Mexico, like other developing countries, is also approval the green building trend. Mexico has joined the World Green Building Council and is trying to learn the best practices from Canada, Europe countries, and the U.S., in order to save money and gain the health advantages of green and sustainable buildings
Companies Covered in Fiber Cement Market Report:
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COVID-19 severely impacted the global economy with devastating effects on global trade, which simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. The spread of COVID-19 substantially dropped construction activities around the globe, impacting the overall fiber cement market volume in 2020. The building material sector witnessed a huge drop in terms of trade due to lockdown restrictions in different countries, which hindered manufacturing operations during the COVID-19 pandemic. Procurement of raw materials was challenging owing to the disruption in logistics. The COVID-19 spread in China had great impact on the global fiber cement market, as it is the major manufacturer of Portland cement.
Key Market Segments: Fiber Cement Market
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