Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 4.8 Billion

CAGR (2024-2029)

8.2%

Fastest Growing Segment

Medium density

Largest Market

North India


Market Overview

India Fiber Cement Boards and Sheets Market has valued at USD 4.8 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 8.2% through 2029. Fiber cement boards are environment friendly and do not contain toxic elements as compared with mortar and bricks used in re-fabricated shelter construction. Mainly, gypsum boards were used in pre-fabricated shelters. However, gypsum boards tend to shrink and swell owing to change in climatic and weather conditions. Fiber cement boards are moisture resistance and weather resistance making them best choice over gypsum board in pre-fabricated shelter construction drives the overall demand of the India market. Use of fiber cement boards for exterior wall cladding application owing to its structural strength and moisture resistance is the key market trend. In addition, fiber cement board can also be used for boundary wall cladding application across residential and non-residential construction projects drives the demand of the India market.

Fiber cement board cladding adds aesthetic look to the building and also help to protect exterior building skin structure and interior products against wind and other climatic conditions. In addition, insulation capability of fiber cement board makes it viable to be used for wall cladding application that in turn minimizes structural deterioration and improves energy efficiency. All these factors have escalated the demand for fiber cement board in wall cladding application thereby augmenting the demand of the India market. Key-players in fiber cement boards offer diverse portfolio of products for wall cladding application thereby allowing consumers to choose appropriate design for wall cladding. For instance, handcrafted brick design fiber cement boards, designer fiber cement boards, natural wood color fiber cement boards, and others are few types of products available in the market for wall cladding application..

Key Market Drivers

Growth of the Indian market

However, availability of substitute products such as vinyl sidings, wood sidings, and wood based composites is anticipated to hamper the market growth. In addition, fiber cement board siding have disadvantages such as periodic maintenance that in turn increases cost and fiber cement board siding tend to absorb moisture thereby increasing the risk of damage and rotting. All these factors are anticipated to hamper the market growth.

Fiber cement boards are widely used in construction industry during high-speed work and drywall construction application, which is the key market trend. Drywall construction is gaining importance as it minimizes construction time and curing time associated with use of brick & mortar. In addition, drywall construction are used mainly across non-load bearing wall structures. Fiber cement boards are viable choice over gypsum for construction of drywalls drives the demand of the India market.

Fiber cement is proven to offer thermal insulation and water resistance making it best choice for production of boards used in underlay application across fabricated roofing sector. In addition, fiber cement boards are compatible to be used with roof tiles and roofing shingles, thus making it viable choice to be used for roof tile underlay application. All these factors collectively drive the demand of the India market. In addition, fiber cement boards are crucial product across duct covering application. Use of fiber cement boards for duct covering application increases aesthetic look to the external facade of a building. These factors are anticipated to offer remunerative opportunities for the fiber cement board market during the forecast period. Fiber cement board is environment friendly construction material made up of Portland cement, sand, and cellulose fiber. The fiber cement board market growth is driven by rise in use of fiber cement board in flooring, wall cladding, and pre-fabricated shelter. Fiber cement boards find use across pre-fabricated shelters and homes such as walls, floors, roofs, shelves, and windows & door frames is the key market trend. Fiber cement boards can be easily transported and require minimal labor use; thus, minimizing construction cost, which drives the demand of the India market.


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Key Market Challenges

Challenges Facing the India Fiber Cement Boards and Sheets Market:

While the India Fiber Cement Boards and Sheets market shows great promise, it also encounters several challenges that need to be addressed to sustain and further boost its growth. These challenges include:

Competition from Traditional Materials: Traditional building materials like brick, wood, and steel continue to dominate the construction sector in India. Convincing builders, architects, and homeowners to switch to fiber cement products can be a challenge, especially in areas where traditional materials are readily available and familiar.

High Initial Cost: Although fiber cement products are cost-effective in the long run, their initial cost can be higher than some traditional alternatives. This initial investment can deter budget-conscious customers from adopting fiber cement, even though it offers long-term savings.

Supply Chain Issues: Ensuring a consistent supply of high-quality fiber cement products can be a challenge in India. Issues related to logistics, transportation, and procurement of raw materials can affect the availability of these products, which, in turn, impacts construction projects.

Installation Expertise: Proper installation of fiber cement boards and sheets is crucial for their performance and durability. However, a lack of skilled labor and expertise in handling these materials can result in suboptimal installations, leading to issues such as water seepage and cracks.

Awareness and Education: Many stakeholders in the construction industry, including architects, builders, and end-users, may not be fully aware of the benefits and applications of fiber cement. Increasing awareness and providing education about these materials are essential for their wider adoption.

Quality Control and Standards: Ensuring consistent quality and adherence to industry standards is vital for the success of fiber cement products. Manufacturers must invest in quality control measures to maintain a positive reputation and encourage trust among customers.

Key Market Trends

Growth Drivers of the India Fiber Cement Boards and Sheets Market:

Sustainability: One of the primary factors contributing to the growth of the fiber cement market in India is the increasing emphasis on sustainability. Fiber cement is an eco-friendly material that minimizes deforestation and reduces the environmental impact associated with traditional construction materials. It also helps in achieving green building certifications.

Durability: Fiber cement boards and sheets are known for their longevity and resistance to termites, rot, and fire. These attributes make them a preferred choice for both residential and commercial construction projects in India.

Versatility: Fiber cement products offer versatility in design, as they can be molded into various shapes, sizes, and textures. This allows architects and builders to create aesthetically pleasing and functional structures, thereby increasing their popularity in the market.

Cost-Efficiency: Fiber cement is often considered cost-effective in the long run, as it requires minimal maintenance and has a longer lifespan than many other building materials. This cost-efficiency is particularly attractive to budget-conscious builders and homeowners.

Regulatory Support: The Indian government has been actively promoting the use of eco-friendly construction materials and sustainable building practices. Various policies and initiatives, such as incentives for green building projects, have further fueled the adoption of fiber cement boards and sheets.

Urbanization and Infrastructure Development: India's ongoing urbanization and infrastructure development projects, including housing, commercial spaces, and industrial facilities, have significantly increased the demand for building materials like fiber cement products.

Segmental Insights

Type Insights

the medium density fiber cement board was the largest revenue generator, and is anticipated to grow at a CAGR of 4.4% during the forecast period. Medium density fiber cement boards have high strength, water & fire resistance, high sound absorption properties making them widely used across suspended ceiling application, wall partition, billboards, and desktop boards. Medium density fiber cement boards are used widely for exterior wall applications such as decoration panels and integrated façade panels is the key market trend. In addition, low medium density fiber cement boards are best choice for loft interlay application, outdoor furniture, and wall thermal insulation, which drives their demand for the India market.


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Region Insights

The India reflective tape market size is projected to grow at the highest CAGR of 5.3% during the forecast period and accounted for 25% of fiber cement board market share. Rise in building & construction, commercial complexes, and other sectors, has enhanced the performance of the fiber cement boards in the India region. Furthermore, the tourism sector in Thailand is witnessing a significant growth, which in turn has increased the renovation activities, wherein fiber cement board is widely used for flooring, cladding, and furniture applications. The use of fiber cement boards in sectors such as consumer, building and construction, pre-fabricated shelters, residential activities, hotels, offices, industrial, and others, is the major key market trend in the India region.

Recent Developments

  • Ramco Industries has been consistently investing in its fiber cement business. In 2021, they revealed plans to invest INR 300 crores (approximately USD 40 million) to expand their fiber cement sheet manufacturing facility in Tamil Nadu. This investment aims to increase their production capacity and meet the growing demand for fiber cement products.
  • Birla Corporation, a significant player in the Indian construction materials industry, has been diversifying into the fiber cement segment. They invested INR 425 crores (approximately USD57 million) in setting up a greenfield fiber cement plant in West Bengal. This investment is part of their strategy to expand their presence in the fiber cement market.
  • Hyderabad Industries Limited, which operates under the brand name "Charminar," has also been making investments to bolster its position in the fiber cement market. They have introduced new product lines and invested in marketing initiatives to promote their fiber cement roofing solutions.
  • HIL Limited, a part of the CK Birla Group, has been actively investing in expanding its product range and production capacity. They have introduced advanced fiber cement products, such as Smart AeroTherm, a thermal insulation solution. These investments demonstrate a commitment to innovation and sustainability within the industry.
  • Thailand-based SCG (Siam Cement Group) has been a significant investor in the Indian fiber cement market. They introduced their premium fiber cement boards, SCG Smartboard, and established a manufacturing facility in India to produce these boards. This investment is a testament to the international interest in India's growing fiber cement market.
  • Everest Industries is one of the prominent players in the fiber cement industry in India. They have made substantial investments to enhance their manufacturing capabilities and expand their product offerings. In 2021, the company announced an investment of approximately INR 60 crores (around USD 8 million) to set up a new manufacturing unit in Kandla, Gujarat. This investment is aimed at increasing their production capacity for fiber cement roofing sheets.
  • In 2021, Eternit India invested INR 200 crore to expand its fiber cement board manufacturing capacity in Gujarat.
  • In 2020, ACC Limited invested INR 100 crore to set up a new fiber cement board manufacturing plant in Andhra Pradesh.
  • In 2019, Everest Industries invested INR 150 crore to expand its fiber cement sheet manufacturing capacity in Tamil Nadu.
  • These investments are expected to boost the production of fiber cement boards and sheets in India and cater to the growing demand from the construction industry.

Key Market Players

  • Ultratech Cement
  •  Ambuja Cement
  • ACC Limited
  • Shree Cement Limited
  • Dalmia Bharat
  • Birla Corporation Limited
  • India Cement Limited

By Type

By Applications

By Region

  • High density fiber cement board
  • Medium density fiber cement board
  • Low density fiber cement board
  • Furniture
  • Flooring
  • Wall cladding and panels
  • Prefabricated shelters
  • Others
  • North India
  • West India
  • South India
  • East India

 

Report Scope:

In this report, the India Fiber Cement Boards and Sheets Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • India Fiber Cement Boards and Sheets Market, By Type:

o   High density fiber cement board

o   Medium density fiber cement board

o   Low density fiber cement board

  • India Fiber Cement Boards and Sheets Market, By Applications:

o   Furniture

o   Flooring

o   Wall cladding and panels

o   Prefabricated shelters

o   Others

  • India Fiber Cement Boards and Sheets Market, By Region:

o   North India

o   West India

o   South India

o   East India

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Fiber Cement Boards and Sheets Market.

Available Customizations:

India Fiber Cement Boards and Sheets market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

India Fiber Cement Boards and Sheets Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected] 

Table of content

1.            Product Overview

1.1.        Market Definition

1.2.        Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.            Research Methodology

2.1.        Objective of the Study

2.2.        Baseline Methodology

2.3.        Formulation of the Scope

2.4.        Assumptions and Limitations

2.5.        Sources of Research

2.5.1.    Secondary Research

2.5.2.    Primary Research

2.6.        Approach for the Market Study

2.6.1.    The Bottom-Up Approach

2.6.2.    The Top-Down Approach

2.7.        Methodology Followed for Calculation of Market Size & Market Shares

2.8.        Forecasting Methodology

2.8.1.    Data Triangulation & Validation

3.            Executive Summary

4.            Voice of Customers

5.            India Fiber Cement Boards and Sheets Market Outlook

5.1.        Market Size & Forecast

5.1.1.    By Value

5.2.        Market Share & Forecast

5.2.1.    By Type (High density fiber cement board, Medium density fiber cement board, Low density fiber cement board)

5.2.2.    By Application (Furniture, Flooring, Wall cladding and panels, pre-fabricated shelters, Others)

5.2.3.    By Region

5.3.        By Company (2023)

5.4.        Market Map

6.            West India Fiber Cement Boards and Sheets Market Outlook

6.1.        Market Size & Forecast

6.1.1.    By Value 

6.2.        Market Share & Forecast

6.2.1.    By Type

6.2.2.    By Application

7.            South India Fiber Cement Boards and Sheets Market Outlook

7.1.        Market Size & Forecast

7.1.1.    By Value 

7.2.        Market Share & Forecast

7.2.1.    By Type

7.2.2.    By Application

8.            North India Fiber Cement Boards and Sheets Market Outlook

8.1.        Market Size & Forecast

8.1.1.    By Value 

8.2.        Market Share & Forecast

8.2.1.    By Type

8.2.2.    By Application

9.            East India Fiber Cement Boards and Sheets Market Outlook

9.1.        Market Size & Forecast

9.1.1.    By Value 

9.2.        Market Share & Forecast

9.2.1.    By Type

9.2.2.    By Application

10.         Market Dynamics

10.1.     Drivers

10.2.     Challenge

11.         Market Trends & Developments

12.         Company Profiles

12.1.            Ultratech Cement.

12.1.1. Business Overview

12.1.2. Key Revenue and Financials

12.1.3. Recent Developments

12.1.4. Key Personnel

12.1.5. Key Product/Services

12.2.            Ambuja Cement .

12.2.1. Business Overview