Europe Fiber Cement Market to hit at USD4.5 Billion by 2023
Europe Fiber Cement Market Outlook 2013-2023:
Europe Fiber Cement Market major players are Evonik Industries AG, GIP GmbH, MASTERTEC GmbH & Co. KG, Briarwood Products Ltd., RILCO UK, VIVALDA Limited, BRICQ SAS, PLAKA Group France SAS, Compagnie de Saint-Gobain S.A., Amiantec 3000, S.L., Grupo LOHE F.S., S.A., Tubex SA, Bernardelli Group, and LANDINI S.p.A. di Landini Cav. Mirco.
A recent report published by Allied Market Research, titled, Europe Fiber Cement Market-Opportunity Analysis and Industry Forecasts, 2013-2023, projects that the Europe fiber cement market is estimated to reach $4,411 million, registering a CAGR of 4.6% from 2018 to 2023. Moreover, the Western European region is expected to dominate the European market by 2023, registering a CAGR of 4.9% from 2018 to 2023.
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Increase in the growth of the construction industry, ban on asbestos cement products, high efficiency of fiber cement products, and rapid urbanization & industrialization in developing countries drive the growth of the Europe fiber cement market. In addition, increase in infrastructure investments act as an opportunity for the Europe market. However, dearth of skilled labor in the developing countries of Europe is expected to hamper the fiber cement market growth.
Fiber cement products have gained popularity in the region in recent years. Homeowners prefer fiber cement siding over vinyl siding, owing to its durability, resistance to termites and water, fire retardant property, and low maintenance. Growth in interest of consumers towards fiber cement boards, sheets, slates, and other products has created lucrative opportunities for fiber cement manufacturers to offer various products in darker tones and natural hues.
The end users of the fiber cement industry are residential and commercial sectors. The commercial sector segment generated the highest revenue in 2016, owing to large-scale installation of fiber cement products in industrial infrastructure projects. However, the residential sector is expected to experience quick growth during the forecast period, owing to rapid urbanization in the developing regions of Europe.
Western Europe was the highest revenue contributor to the fiber cement market in 2016 and is expected to maintain its position throughout the forecast period. Rapid renovation projects in countries such as Germany, the UK, Sweden, and France have led to high adoption of fiber cement products in the region, and is anticipated to boost the fiber cement market.
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Key Findings of the Europe Fiber Cement Market:
- Western Europe is projected to be the fastest growing region, in terms of revenue, registering a CAGR of 4.9% during the forecast period.
- The trim segment is anticipated to witness highest growth rate during the forecast period.
- Germany dominated Western Europe in 2016 and is estimated to continue its dominance throughout the forecast period.
- Czech Republic is projected to register highest growth during the period 2018-2023.
- The commercial segment was the highest revenue contributor to the Europe fiber cement market in 2016, accounting for 61.4% share and is expected to maintain its dominance throughout the forecast period.