FIBER CEMENT MARKET ANALYSIS

Regional Analysis

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North America has been dominating the global fiber cement market for years owing to a strong presence of key players in the region. The region is expected to account for 32.3% of the market share in 2024. The U.S. accounts for the largest share in the fiber cement market in North America. This can be attributed to the robust construction industry in the country and increasing remodeling & renovation activities. Moreover, the rising trend of sustainable and eco-friendly construction materials has significantly propelled the sales of fiber cement boards in both residential and non-residential applications. Manufacturers in the region also offer customized product solutions to cater project-specific requirements, thereby appealing to broader customer base. While exports are limited, North America fulfills majority of its fiber cement demand through strong domestic manufacturing capabilities and abundant availability of raw materials.

The Asia Pacific region has emerged as the fastest growing market for fiber cement globally in recent times. China represents the lion's share of fiber cement market in Asia Pacific attributed to low-cost manufacturing and availability of skilled labor. Additionally, the increasing government emphasis on infrastructure development to propel economic growth has strengthened the demand from non-residential vertical. India is also witnessing an uptick in fiber cement consumption owing to rapid urbanization, growing housing backlog, and strong momentum in the real estate sector. Southeast Asian countries like Vietnam, Indonesia, and Malaysia are expected to create significant opportunities for manufacturers due to their export-driven manufacturing capabilities. While imports play an important role in fulfilling the massive demand, local players in the Asia Pacific region have strengthened their fiber cement production over the years to effectively compete with global leaders.