LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global fiber cement market to grow at a CAGR of over 5% during the forecast period.
The application of fiber-reinforced concrete in designing road pavement is one of the major trends being witnessed in the global fiber cement market 2018-2022. Fiber cement or fiber-reinforced concrete contains a fibrous material, which enhances the structural integrity of concrete, thereby enhancing its overall strength. Fiber cement is expected to witness an increase in its application on roads and pavements in the future.
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According to Technavio analysts, one of the key factors contributing to the growth of the global fiber cement market is the increasing construction activities globally:
Global fiber cement market: Increasing construction activities globally
The economic activities in developing nations such as China, India, and South Africa have resulted in an increase in the per capita income of the people. This has permitted people to spend more on purchasing properties. Thus, there is an increase in the number of first-time property buyers in these countries.
According to a senior analyst at Technavio for research on construction, “The increase in disposable income has resulted in a change in the expenditure patterns of people. They have increased their spending on traveling and other leisure and recreational activities. This has led to an increase in the demand for commercial properties such as shopping complexes.”
Global fiber cement market: Segmentation analysis
The global fiber cement market research report provides market segmentation by application (siding and molding), end-user (residential and commercial), and region (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the siding segment held the largest market share in 2017, contributing to over 61% of the market. This application segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2017, accounting for over 35% share. It was followed by EMEA and APAC respectively. The market share of the Americas will decrease by over 1% by 2022. However, this region will dominate the global market throughout the forecast period.
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