Report : North America 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 5.9% CAGR, the North America Fiber Cement Board Market is speculated to be worth US$ 367.95 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America fiber cement board market was valued at US$ 246.28 million in 2021 and is expected to reach US$ 367.95 million by 2028, registering an annual growth rate of 5.9% from 2021 to 2028. Rising use of fiber cement boards in the residential sector and superiority of fiber cement boards are the critical factors attributed to the market expansion.
Fiber cement board installations are becoming the most popular and lucrative home improvement project. They are gaining popularity amongst homeowners due to these boards' various advantages, such as durability, versatility in style, heat and fire resistance, weather resistance, and low maintenance. In the residential sector, fiber cement boards are highly used for flooring, making furniture, wall cladding, etc. These fiber cement boards are considerably thermal resistant and are fire resistant making the board an ideal solution to be used in kitchens. Along with this, an increase in residential construction activities across the region is leading to an increased demand for fiber cement boards. Along with this, the increasing investment in residential construction is instigating the growth of residential construction leading to an increase in demand for fiber cement boards. According to the analysis by Insight Partners, the residential construction spending is higher than the non-residentials sector boosting the residential construction activities, in turn leading to an increased demand for fiber cement boards. Thus, the growing residential construction along with an increased application of fiber cement board in the residential construction sector is driving the growth of fiber cement board across the region.
On the contrary, high cost of installation hurdles the growth of North America fiber cement board market.
Based on type, the North America fiber cement board market is segmented into low density fiberboard, medium density fiberboard, and high-density fiberboard. The medium density fiberboard segment held 45.9% market share in 2021, amassing US$ 113.07 million. It is projected to garner US$ 170.30 million by 2028 to expand at 6.0% CAGR during 2021–2028.
Based on end user, the North America fiber cement board market is segmented into residential and non-residential. The residential segment held 54.4% market share in 2021, amassing US$ 127.95 million. It is projected to garner US$ 204.24 million by 2028 to expand at 6.2% CAGR during 2021–2028.
Based on country, the North America fiber cement board market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.1% market share in 2021. It was assessed at US$ 197.32 million in 2021 and is likely to hit US$ 300.91 million by 2028, exhibiting a CAGR of 6.2% during the forecast period.
Key players dominating the North America fiber cement board market are Beijing Hocreboard Building Materials Co. Ltd.; Dow Inc.; Hume Cemboard Industries Sdn Bhd; IKK Group; NICHIHA Co., Ltd; SAINT GOBAIN S.A.; SCG Building Materials Co., Ltd.; and Tepe Betopan A.Ş. among others.
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