Global fiber cement Market generated revenue of $12,336 million in 2014, and is expected to garner $18,888 million by 2022, registering a CAGR of 5.8% from 2016 to 2022.
The global fiber cement market is driven by factors such as rapid urbanization and industrialization in developing countries, booming construction industry, high efficiency of fiber cement products, and ban on asbestos cement products. In addition, increased investment in infrastructure sector offers opportunities to the market players. However, lack of skilled labor in developing countries hamper the growth of the global fiber cement industry.
The use of asbestos cement is associated with severe health hazards such as ovarian cancer, lung cancer, and other diseases. Therefore, the ban on asbestos cement products by government agencies have fueled the demand for fiber cement products such as planks, sheets, panels, boards, and others. The fiber cement siding segment generated the highest revenue in 2014, and is expected to remain dominant throughout the analysis period. This is attributed to the remarkable properties of fiber cement siding such as non-combustible and eco-friendly.
Selected from: https://www.alliedmarketresearch.com/fiber-cement-market