Press Release

India Fibre Cement Boards and Sheets Market is expected to grow at a CAGR of 8.98% Through 2030

Growing economy, increased government investment in construction sector and rising urbanization is expected to drive the growth of India Fibre Cement Boards and Sheets Market  through the forecast period.


According to TechSci Research report, “India Fibre Cement Boards and Sheets - By Region, Competition, Forecast & Opportunities 2020-2030F”, India Fibre Cement Boards and Sheets market was valued at USD 5.1 billion in 2024 and is expected to reach USD 8.62 billion by 2030 with a CAGR of 8.98% during the forecast period. The rapidly growing construction industry in India is a major driver for the fibre cement boards and sheets market. As urbanization accelerates and the demand for both residential and commercial buildings rises, there is an increasing need for construction materials that offer durability, cost-effectiveness, and sustainability. Fibre cement boards and sheets, known for their versatility, strength, and resistance to environmental factors, have become a preferred choice in building facades, roofing, and interior applications. 

Urbanization in India has spurred extensive development in both metropolitan cities and smaller towns, leading to a surge in demand for durable building materials. With a growing middle class and rising disposable incomes, there is an increasing preference for modern and aesthetically pleasing construction solutions. Fibre cement boards and sheets offer an attractive combination of quality, performance, and cost-effectiveness, making them ideal for this fast-expanding construction market. Government initiatives such as "Housing for All" and the "Smart Cities Mission" are further fueling the demand for innovative and sustainable building materials. These initiatives encourage the construction of affordable housing and modern infrastructure, where fibre cement products are highly favored due to their resistance to termites, fire, and weathering. They are also eco-friendly, with lower carbon emissions during manufacturing compared to traditional building materials like clay bricks or concrete. 

The residential sector is the largest consumer of fibre cement boards, driven by the need for exterior cladding, roofing materials, and partition walls. Similarly, the commercial construction segment, including schools, hospitals, and office buildings, is increasingly adopting fibre cement boards due to their lightweight properties and easy installation, which significantly reduce construction time. As the construction industry continues to expand, the demand for fibre cement boards and sheets is expected to grow, supported by the need for modern, affordable, and durable materials. Their ability to withstand harsh weather conditions, ease of maintenance, and fire-resistant properties make them an attractive solution for the evolving construction sector in India.


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Based on raw materials, the Non-Asbestos segment held the largest market share in 2024, This shift is primarily driven by increasing regulatory restrictions and health concerns associated with asbestos-based products, prompting a widespread adoption of safer alternatives. Non-asbestos fibre cement boards and sheets are composed of a mixture of cement, cellulose fibres (usually from wood or recycled paper), sand, and other additives. These materials offer similar benefits to asbestos-based products, such as fire resistance, durability, and versatility, without the associated health risks. Asbestos, once widely used for its fire-retardant properties, has been progressively phased out due to its carcinogenic nature and stringent regulatory controls banning its use in many countries, including India.

The dominance of the Non-Asbestos segment is further supported by technological advancements in manufacturing processes. Innovations have enabled manufacturers to enhance the performance and aesthetic appeal of non-asbestos fibre cement products. Improved formulations and production techniques result in boards and sheets that are lighter, stronger, and more flexible, catering to diverse construction needs. These advancements have also contributed to the expansion of product applications beyond traditional uses, such as roofing and cladding, to include interior partitions, flooring, and decorative elements. Market demand for non-asbestos fibre cement products is bolstered by their environmental benefits. They are considered eco-friendly because they do not contain hazardous materials like asbestos and can be recycled or disposed of safely at the end of their lifespan. This sustainability factor resonates well with consumers and builders increasingly conscious of environmental impact, aligning with global trends towards green building practices.

The Non-Asbestos segment benefits from the versatility and customization options offered by modern fibre cement technology. Manufacturers can produce boards and sheets in a variety of sizes, textures, and finishes to meet specific project requirements and architectural designs. This flexibility appeals to architects, designers, and builders seeking innovative and aesthetically pleasing building materials. The economic advantages of non-asbestos fibre cement products contribute to their market dominance. While initial costs may be higher than traditional materials, such as wood or metal, non-asbestos fibre cement boards and sheets offer long-term savings through reduced maintenance, extended durability, and resistance to pests and weathering. These cost-efficiency benefits make them a preferred choice for both residential and commercial construction projects across India.

The Non-Asbestos segment of the India Fibre Cement Boards and Sheets Market has eclipsed asbestos-based products due to regulatory pressures, technological advancements, environmental considerations, versatility in applications, and long-term economic benefits. As the construction industry continues to prioritize safety, sustainability, and innovation, non-asbestos fibre cement products are poised to maintain their dominant position and drive further market growth in India.

Based on region, North India holds the fastest-growing region in the India fibre cement boards and sheets market due to a combination of economic growth, infrastructure development, and regional factors that drive the demand for construction materials. 

North India, especially in states like Uttar Pradesh, Haryana, Punjab, and Delhi, has experienced significant urbanization in recent years. The rapid growth of urban centers has led to increased demand for both residential and commercial buildings, which, in turn, boosts the need for durable and cost-effective building materials like fibre cement boards and sheets. The government’s focus on urban infrastructure projects, including smart cities and affordable housing under initiatives like the Pradhan Mantri Awas Yojana (PMAY), has further accelerated the demand for these materials. With large-scale construction projects across urban and semi-urban areas, fibre cement products have become essential for roofing, cladding, and partitioning due to their durability, cost-effectiveness, and ability to withstand extreme weather conditions.

The Indian government’s push for infrastructure development in North India has created a favorable environment for the growth of the fibre cement boards and sheets market. Programs aimed at building affordable housing, improving transportation networks, and boosting industrial infrastructure have increased the demand for construction materials. As fibre cement boards are ideal for low-cost housing due to their affordability and strength, their use has become widespread across the region. Additionally, policies favoring green and sustainable construction practices further encourage the adoption of fibre cement products, as they are considered an eco-friendly alternative to traditional materials.

The diverse climate conditions in North India, ranging from extreme heat to cold winters, further boost the demand for fibre cement products. Fibre cement boards provide excellent thermal insulation and are resistant to moisture, mold, and pests, making them ideal for the region’s varied weather conditions. These qualities make them especially appealing in both residential and commercial construction projects. 


Key market players in the India Fibre Cement Boards and Sheets Market are:-

  • HIL Limited
  • Visaka Industries Ltd. (VIL)
  • Everest Industries Ltd.
  • Ramco Industries Ltd.
  • Sahyadri Industries Pvt. Ltd.
  • Utkal Asbestos Ltd
  • UP Asbestos Ltd. (UPAL)
  • NCL Industries Limited

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“The Indian fibre cement boards and sheets market presents significant growth opportunities driven by the country’s expanding construction industry, particularly in residential, commercial, and infrastructure projects. Increasing demand for durable, cost-effective, and eco-friendly building materials aligns with sustainability trends and government initiatives such as affordable housing and smart city developments. Additionally, rising urbanization, infrastructural growth, and the preference for low-maintenance materials further stimulate market growth. The adoption of fibre cement boards in both traditional and modern architectural designs offers substantial potential for innovation. With a growing focus on green building practices, the market is poised for substantial long-term expansion." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

"India Fibre Cement Boards and Sheets Market By Raw Material (Asbestos, Non-Asbestos), By Application (Roofing, Siding, Cladding, Moulding & Trimming, Others), By End Use (Residential, Non-residential), By Region, Competition, Forecast & Opportunities 2020-2030F has evaluated the future growth potential of India Fibre Cement Boards and Sheets Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India fibre cement boards and sheets market.

 

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