|
Forecast
Period
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2025-2029
|
|
Market
Size (2023)
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USD
4.8 Billion
|
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CAGR
(2024-2029)
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8.2%
|
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Fastest
Growing Segment
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Medium
density
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Largest
Market
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North
India
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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
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By Type
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By
Applications
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By Region
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- High density fiber cement board
- Medium density fiber cement board
- Low density fiber cement board
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- Furniture
- Flooring
- Wall cladding and panels
- Prefabricated shelters
- Others
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- North India
- West India
- South India
- East India
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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]