Growing economy, increased government investment in construction sector and rising urbanization to drive the growth of India Fibre Cement Boards and Sheets Market until FY2027
According to TechSci Research report, “India Fibre Cement Boards and Sheets Market By Raw Material (Asbestos and Non-Asbestos), By Application (Roofing, Siding, Cladding, Moulding & Trimming & Others), By End Use (Residential and Non-residential), By Region, By Competition, Forecast & Opportunities, FY2017-FY2027F”, India Fibre Cement Boards and Sheets Market was valued at USD660.91 million in FY2020 and is projected to grow at CAGR of over 5% during the forecast period, predominantly due to increasing construction activities and growing urbanization.
India Fibre Cement Boards and Sheets Market segmented is based on raw material, application, end use and region. Based on application, the market can be categorized into Siding, Roofing, Cladding, Moulding & Trimming & Others. Among them, the roofing segment dominated the market with share of 52.01% in FY2020 and is expected to continue to do so during the forecast period as well. This growth can be attributed to increased demand of the product and favorable government policies.
The conventional development rehearses in India are moving to ‘dry construction’ techniques. Such strategies guarantee that the development is lighter, quicker, and far more superior, especially as far as warmth and sound insulation are considered. This strategy is utilized for constructing walls, flooring, ceiling, and panelling using fibre boards and sheets. Fibre cement boards and sheets have some inherent advantages over other dry construction products, for example they are water safe, termite safe and have acoustic protection properties and can likewise be utilized both inside and outside. This is driving its rising infiltration into the private portion (especially wet regions) lodgings and clinics.
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Based on raw material, Asbestos Cement Sheets (ACS) segment dominated the market with share of 75.93% in 2020. Asbestos Cement Sheets have been in use for more than 80 years and are used in both rural and semi-urban areas. Almost half of the country’s population lives in kutcha or semi-pucca homes wherein Asbestos Cement Sheets are majorly used. Among the pucca houses, less than half uses RCC slabs and the rest utilize ready-to-use house fibre cement roofing products. Fibre cement roof costs one-fifth of a RCC ceiling slab. Asbestos concrete sheets are chiefly utilized as roofing materials in rural/semi urban housing by industries.
The growing concern regarding the use of eco-friendly products in construction activities is expected to drive the demand for fibre cement boards and sheets across the country. Companies are launching an exhaustive range of innovative and eco-friendly roofing solutions, ranging from fibre cement sheets to color coated sheets and NextGen eco-friendly sheets to expand their market. Fibre cement sheets are comparatively cheaper than other roofing solutions, and are easy to install, strong and durable and have weather-proof and corrosion-resistant characteristics, which are ideal for warehouses, factories, low-cost housing and any roofing application. Moreover, as asbestos is banned in India, the companies have introduced non-asbestos fibre cement sheets to mitigate the risks associated with asbestos. These non-asbestos fibre cement sheets and boards have major ingredients such as cellulose fibres, modified mineral fibres, synthetic fibres as reinforcement, cement, and fly ash as binders to lessen the harm to the environment.
And growth in the real-estate sector is also providing growth opportunities to the India Fibre Cement Boards and Sheets Market. The growth and increased investment in this sector are well complemented by the increasing corporate environment and the demand for office space as well as urban and semi-urban accommodations. Sectors such as IT, retail, consulting, and e-commerce have registered high demand for office spaces in recent times. In addition to this, the rise in electronic retailing and industrial growth are driving the growth of India’s warehousing sector and are anticipated to strengthen the demand for fibre cement boards and sheets across the country.
HIL Limited, Visaka Industries Ltd. (VIL), Everest Industries Ltd., Ramco Industries Ltd., Sahyadri Industries Ltd., Utkal Asbestos, UP Asbestos Ltd. (UPAL), NCL Industries Limited, Mahaphant Fibre Cement Pvt. Ltd., A Infrastructure Ltd. and others operating in India Fibre Cement Boards and Sheets Market. These market players are focusing more on strategic partnerships to expand their reach and maintain their competitive position in the market.
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“The method of housing construction, its affordability and durability, inherent advantages over other dry construction for constructing walls, flooring, ceiling and paneling, etc. in urban as well as rural areas are driving the demand for fibre boards and sheets in the country. The growing disposable income in the rural areas driven by factors like minimum Support Price (MSP), fair wage rate payment and good monsoon and the Government’s ‘Housing for All’ initiative aims to provide affordable houses in rural and urban areas by 2022. Above mentioned factors are positively influencing the India construction market and driving the India fibre cement boards & sheets market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Fibre Cement Boards and Sheets Market By Raw Material (Asbestos and Non-Asbestos), By Application (Roofing, Siding, Cladding, Moulding & Trimming & Others), By End Use (Residential and Non-residential), By Region, By Competition, Forecast & Opportunities, FY2017-FY2027F” has evaluated the future growth potential of India Fibre Cement Boards and Sheets Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India fibre cement boards and sheets market.
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