Fiber cement is used in various construction applications such as siding, roofing, molding & trim, backer boards, and countertops. MarketsandMarkets projects the global fiber cement market to grow from USD 13.75 Billion in 2016 to USD 17.38 Billion by 2021, at a CAGR of 4.80%. The growing construction industry and stringent regulations against the use of asbestos cement have propelled the growth of the fiber cement market, globally.
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The growth of fiber cement was largely influenced by expansions of global players in the past five years. The year 2014 experienced a large number of investment strategies being used by top players in this market. Agreements, contracts, and partnerships also formed an essential part of their strategies, which led to the flow of considerable income within the company. Most players in the market hold long-term contracts with their clients to expand their fiber cement business. New product and technology developments were one of the key strategies adopted by companies in the past 3 years to gain considerable market share and focus on core operations of the business. Considerable investments were made in technology upgradations and servicing facilities across developed and emerging markets.
Expansions & divestitures and new product developments were the major strategies adopted by most of the players in the fiber cement market. Companies such as Etex Group NV (Belgium), James Hardie Industries PLC (Ireland), Evonik Industries AG (Germany), Compagnie de Saint Gobain SA (France), Toray Industries Inc (Japan), CSR Limited (Australia), The Siam Cement Public Company Limited (Thailand), Nichiha Fiber Cement (Japan), Plycem USA, Inc. (U.S.), and Cembrit Holding A/S (Denmark) were the key players who adopted these strategies to increase the reach of their offerings, improve their product portfolio, and establish focus on core operations.
Etex Group NV (Belgium) held the leading position in the global fiber cement market. The company has maintained its leadership position through its strong distribution network across Europe, Americas, and emerging markets. The company is among the leading manufacturers of products for many of the markets it serves. The year 2014 saw a lot of expansions and investments by key players to increase their geographic presence and expand their product portfolio to untapped markets. Etex Group NV expanded its fiber cement business in Indonesia by inaugurating a new factory in Karawang. The company strengthened its position in the emerging Asia-Pacific region with this expansion, which cost the company more than USD 70 Million.
James Hardie Industries PLC, an Ireland-based manufacturer of fiber cement products expanded its fiber cement siding and trim business in the U.S. by increasing distribution at Dixie Plywood & Lumber Company (U.S.) and Weyerhaeuser (U.S.) locations in the Texas market. This expansion increased the company’s reach on the American continent.