The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Fiber Cement Market.
It was estimated prior to this unanticipated outbreak that the Fiber Cement Market was likely to witness an impressive CAGR of 4.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Market Share Analysis
Fiber Cement Market Share: By Application Type
Based on the application type, the fiber cement market is segmented as molding & trim, siding, roofing, and others. The siding segment is expected to register the largest market share, during the forecast period, driven by its advantages such as low maintenance and ability of being impervious to degradation.
Fiber Cement Market Share: By Material Type
Based on the material type, the market is segmented as portland, sand, fiber, and others. The portland segment is expected to occupy the largest share of the market, during the forecast period, as it is the widely used type of cement for making concrete and mortar.
Fiber Cement Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest fiber cement market during the forecast period. Increasing population and improving macroeconomic factors in the emerging economies such as India, Indonesia, and other countries are generating huge demand for construction materials in the region, which in turn, is driving the growth of the region’s market.
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