Report : Asia-Pacific Fiber Cement Board Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Low-Density Fiberboard, Medium-Density Fiberboard, and High-Density Fiberboard) and End User (Residential and Non-Residential)
At 6.4% CAGR, the APAC Fiber Cement Board Market is speculated to be worth US$ 1,123.03 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC fiber cement board market was valued at US$ 727.29 million in 2021 and is expected to reach US$ 1,123.03 million by 2028, registering an annual growth rate of 6.4% from 2021 to 2028. Various government plans supporting construction activities and adopting eco-friendly construction materials are the critical factors attributed to the market expansion.
There has been an increased focus from governments of various countries to support and increase construction activities across the region. The increase in residential and non-residential construction activities across the region is providing growth opportunities for the fiber cement board market. In India, the government-supported housing sector at the national level through the allocation of sizeable funding for housing with the national 2021 Budget. The funding included US$ 6553.97 million (Rs 50,000 crore) allocated to the Ministry of Housing and Urban Development (MoHUA) as well as the creation of US$ 3.5 billion (about Rs 25,300 crore) fund to support the completion of stalled housing projects. Thus, an increase in the government plans for supporting construction activities is providing growth opportunities for the fiber cement board market across the region.
On the contrary, high cost of installation hurdles the growth of APAC fiber cement board market.
Based on type, the APAC fiber cement board market is segmented into low density fiberboard, medium density fiberboard, and high-density fiberboard. The medium density fiberboard segment held 74.4% market share in 2021, amassing US$ 541.17 million. It is projected to garner US$ 851.97 million by 2028 to expand at 6.7% CAGR during 2021–2028.
Based on end user, the APAC fiber cement board market is segmented into residential and non-residential. The residential segment held 63.5% market share in 2021, amassing US$ 461.95 million. It is projected to garner US$ 718.58 million by 2028 to expand at 6.5% CAGR during 2021–2028.
Based on country, the APAC fiber cement board market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC . Our regional analysis states that the China captured 52.6% market share in 2021. It was assessed at US$ 382.63 million in 2021 and is likely to hit US$ 603.29 million by 2028, exhibiting a CAGR of 6.7% during the forecast period.
Key players dominating the APAC fiber cement board market are Beijing Hocreboard Building Materials Co. Ltd.; Dow Inc.; Hume Cemboard Industries Sdn Bhd; NICHIHA Co., Ltd; SAINT GOBAIN S.A.; SCG Building Materials Co., Ltd.; and Tepe Betopan A.Ş. among others.
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