Asia Pacific Fiber Cement Market Forecast to 2028 -Regional Analysis

The Asia Pacific fiber cement market is expected to grow from US$ 6,840.46 million in 2022 to US$ 10,290.64 million by 2028. It is estimated to grow at a CAGR of 7.0% from 2022 to 2028.

Rising Urbanization in Emerging Economies Asia Pacific Fiber Cement Market

According to the World Bank, across the world, a large proportion of the population lives in cities. In 2011, 52.0% lived in urban areas. Over the last ten years, owing to urbanization in developing economies in Asia and Oceania, the urban rate increased from 43.3% in 2011 to 50.0% in 2021. In FY 2022-23, the Indian government has planned to build 8 million homes under Pradhan Mantri Awas Yojana (PMAY). Thus, to propel the construction and completion of affordable houses in rural and urban areas, the Government of India declared the allotment of US$ 6,107.0 crore to expedite the work on various stalled projects. Also, the budget focused on identifying 60,000 more beneficiaries for the scheme. In February 2023, China launched an inbound investment program called the Qualified Foreign Limited Partnership (QFLP), which involved at least 30 million yuan (US$4.37 million) of fundraising in its first round. The scheme will invest in residential and commercial housing and infrastructure projects. The increasing residential and nonresidential construction activities in emerging economies due to rising government plans for supporting construction activities are expected to provide opportunities for the Asia Pacific fiber cement market during the forecast period.

Asia Pacific Fiber Cement Market Overview

Australia, China, India, Japan, and South Korea are some of the key contributors to the fiber cement market in Asia Pacific. This region has been noticed as one of the prominent markets for the utilization of fiber cement boards owing to the surge in construction activities. Moreover, government initiatives and policies such as Make-in-India encourage the setup of different manufacturing plants in India. Rising foreign direct investments also lead to economic growth in the region.

The growing number of fiber cement board uses in numerous residential and non-residential sectors is anticipated to increase the fiber cement board demand in the Asia Pacific region. The building and construction industry is a strong contributor to the market's growth. For instance, in India, the construction industry is the second largest industry after agriculture, accounting for about 11% of the country's GDP.

Asia Pacific Fiber Cement Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Fiber Cement Market Segmentation

The Asia Pacific fiber cement market is segmented into type, application, end-use, and country.

Based on type, the Asia Pacific fiber cement market is segmented into air-cured and autoclaved. The autoclaved segment held a larger share of the Asia Pacific fiber cement market in 2022.

Based on application, the Asia Pacific fiber cement market is segmented into roofing, outside siding or façade, and others. The outside siding or façade segment held the largest share of the Asia Pacific fiber cement market in 2022.

Based on end- use, the Asia Pacific fiber cement market is segmented into residential and non-residential. The residential segment held a larger share of the Asia Pacific fiber cement market in 2022.

Based on country, the Asia Pacific fiber cement market is segmented into the Australia, China, India, Japan, South Korea, the Rest of Asia Pacific. China dominated the share of the Asia Pacific fiber cement market in 2022.

Century Plyboards Ltd; Compagnie de Saint Gobain SA; CSR Ltd; Etex NV; Everest Industries Ltd; Isam Khairi Kabbani Group; James Hardie Industries plc; NICHIHA Corp; and Swisspearl Group AG are the leading companies operating in the Asia Pacific fiber cement market.