1MARKET INTELLIGENCE . CONSULTING
2015 – 2025
Published: December 2020
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
Published: March 2021
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
Published: April 2021
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
Published: May 2021
MARKET INTELLIGENCE . CONSULTING
Published: June 2021
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
INDIA ELEVATORS MARKET- FORECAST
& OPPORTUNITIES
FY2017 – FY2027
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
INDIA FIBRE CEMENT BOARDS AND
SHEETS MARKET- FORECAST &
OPPORTUNITIES
FY2017 – FY2027F
2© TechSci Research
T a b l e o f C o n t e n t s
2
S. No. Contents
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on India Fibre Cement Boards and Sheets Market
5. Voice of Customer
5.1. Brand Awareness
5.2. Factors Influencing Purchase Decision
5.3. Customer Satisfaction
5.4. Challenges Faced Post Purchase of Fibre Cement Boards and Sheets
6. India Fibre Cement Boards and Sheets Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Raw Material (Asbestos and Non-Asbestos)
6.2.2. By Application (Roofing, Siding, Cladding, Moulding & Trimming & Others)
6.2.3. By End Use (Residential and Non-residential)
6.2.4. By Region (East, North, South, West)
6.2.5. By Company (2021)
6.3. Product Market Map
7. East India Fibre Cement Boards and Sheets Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Raw Material
7.2.2. By Application
7.2.3. By End Use
8. North India Fibre Cement Boards and Sheets Market Outlook
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T a b l e o f C o n t e n t s
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S. No. Contents
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Raw Material
8.2.2. By Application
8.2.3. By End Use
9. South India Fibre Cement Boards and Sheets Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Raw Material
9.2.2. By Application
9.2.3. By End Use
10. West India Fibre Cement Boards and Sheets Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Raw Material
10.2.2. By Application
10.2.3. By End Use
11. Pricing Analysis
12. Value Chain Analysis
13. Market Dynamics
13.1. Drivers
13.2. Challenges
14. Market Trends and Developments
15. Policy & Regulatory Landscape
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T a b l e o f C o n t e n t s
4
S. No. Contents
16. India Economic Profile
17. Competitive Landscape
17.1. Company Profiles
17.1.1. HIL Limited
17.1.2. Visaka Industries Ltd. (VIL)
17.1.3. Everest Industries Ltd.
17.1.4. Ramco Industries Ltd.
17.1.5. Sahyadri Industries Ltd.
17.1.6. Utkal Asbestos Ltd
17.1.7. UP Asbestos Ltd. (UPAL).
17.1.8. NCL Industries Limited
17.1.9. Mahaphant Fibre Cement Pvt. Ltd.
17.1.10. A Infrastructure Ltd.
18. Strategic Recommendations
19. Additional Customization
20. About Us & Disclaimer
5© TechSci Research
S. No. Contents
Figure 1: India Fibre Cement Boards & Sheets Market Size, By Value (USD Million), 2017-2027F
Figure 2: India Fibre Cement Boards & Sheets Market Share, By Raw Material, By Value, 2017-2027F
Figure 3: India Fibre Cement Boards & Sheets Market Share, By Application, By Value, 2017-2027F
Figure 4: India Fibre Cement Boards & Sheets Market Share, By End Use, By Value, 2017-2027F
Figure 5: India Fibre Cement Boards & Sheets Market Share, By Region, By Value, 2017-2027F
Figure 6: India Fibre Cement Boards & Sheets Market Share, By Company, By Value, 2021
Figure 7:India Fibre Cement Boards & Sheets Market Map, By Raw Material, Market Size (USD Million) & Growth Rate (%)
Figure 8:India Fibre Cement Boards & Sheets Market Map, By Application, Market Size (USD Million) & Growth Rate (%)
Figure 9: India Fibre Cement Boards & Sheets Market Map, By End Use, Market Size (USD Million) & Growth Rate (%)
Figure 10: India Fibre Cement Boards & Sheets Market Map, By Region, Market Size (USD Million) & Growth Rate (%)
Figure 11: East India Fibre Cement Boards & Sheets Market Size, By Value (USD Million), 2017-2027F
Figure 12: East India Fibre Cement Boards & Sheets Market Share, By Raw Material, By Value, 2017-2027F
Figure 13: East India Fibre Cement Boards & Sheets Market Share, By Application, By Value, 2017-2027F
Figure 14: East India Fibre Cement Boards & Sheets Market Share, By End Use, By Value, 2017-2027F
Figure 15: North India Fibre Cement Boards & Sheets Market Size, By Value (USD Million), 2017-2027F
Figure 16: North India Fibre Cement Boards & Sheets Market Share, By Raw Material, By Value, 2017-2027F
Figure 17: North India Fibre Cement Boards & Sheets Market Share, By Application, By Value, 2017-2027F
Figure 18: North India Fibre Cement Boards & Sheets Market Share, By End Use, By Value, 2017-2027F
List of Figures
5
6© TechSci Research
S. No. Contents
Figure 19: South India Fibre Cement Boards & Sheets Market Size, By Value (USD Million), 2017-2027F
Figure 20: South India Fibre Cement Boards & Sheets Market Share, By Raw Material, By Value, 2017-2027F
Figure 21: South India Fibre Cement Boards & Sheets Market Share, By Application, By Value, 2017-2027F
Figure 22: South India Fibre Cement Boards & Sheets Market Share, By End Use, By Value, 2017-2027F
Figure 23: West India Fibre Cement Boards & Sheets Market Size, By Value (USD Million), 2017-2027F
Figure 24: West India Fibre Cement Boards & Sheets Market Share, By Raw Material, By Value, 2017-2027F
Figure 25: West India Fibre Cement Boards & Sheets Market Share, By Application, By Value, 2017-2027F
Figure 26: West India Fibre Cement Boards & Sheets Market Share, By End Use, By Value, 2017-2027F
List of Figures
6
7© TechSci Research
S. No. Contents
Table 1: Number of Proposed Smart Cities in East India, By State (As of 2020)
Table 2: Number of Proposed Smart Cities in North India, By State (As of 2020)
Table 3: Number of Proposed Smart Cities in South India, By State (As of 2020)
Table 4: Number of Proposed Smart Cities in West India, By State (As of 2020)
List of Tables
7
Product Overview
9© TechSci Research
Product OverviewScope of Report: Fibre Cement Boards and Sheets
Review Period
FY2017 – FY2020
Base Year
FY2021
Estimated Year
FY2022
Forecast Period
FY2023 – FY2027
Year RangeINDIA FIBRE CEMENT BOARDS AND SHEETS MARKET
BY RAW MATERIAL
• Asbestos
• Non-Asbestos
BY END-USE
• Residential
• Non-Residential
BY REGION
• East
• North
• South
• West
Fibre cement is a durable and low-maintenance material that is commonly used to cover the exteriorof houses and, in some cases, commercial buildings. It is manufactured with cellulose fibres, alongwith cement and sand, making it long-lasting and durable. Fibre cement boards and sheets are popularmodification to the regular cement boards and sheets and are more versatile and stronger than thebase version. It is a highly durable material manufactured from a homogeneous mixture of cement,pozzolana, a superior grade of cellulose fibre and binders of a siliceous base. Fibre cement boards andsheets are increasingly being preferred for providing roofing, cladding and siding solutions.
Market SegmentationBY APPLICATION
• Roofing
• Siding
• Cladding
• Moulding & Trimming
• Others
9
Research Methodology
11© TechSci Research
Research Methodology
✓ Identifying Key Opinion
Leaders
✓ Questionnaire Design
✓ In-depth Interviews
Data Collection
Developing List of Respondents
Formulating Questionnaire
Market Profiling
Data Validation
Data Analysis
In-depth secondary research was conducted to
determine top players, overall market size and
segmental market size in India fibre cement boards
and sheets market.
In order to conduct industry experts’
interviews, TechSciformulated a detailed
discussion guide.
List of industry players and industry
specialists was developed.
TechSci conducted interviews with
industry experts and industry players for data collection and
verification.
Data obtained as a result of primary and secondary research was
validated through rigorous
triangulation.
The data was scrutinized using MS-Excel, statistical
tools and internal proprietary database to obtain qualitative and
quantitative insights about India fibre cement boards
and sheets market.
Data Collection
Data Filter& Analysis
Research &Intelligence
ActionableInsights
BusinessSolution
Primary Research Desk Research Company Analysis
✓ Recent Developments
✓ Market Changing
Aspects/Dynamics
✓ Government Policies
✓ Conclusion
✓ Market Participants
✓ Key Strengths
✓ LinkedIn✓ TechSci Internal
Database
✓ Factiva✓ Hoovers
Paid Sources
✓ Company Websites✓ Company Annual
Reports✓ White Paper Study✓ Financial Reports✓ Investor Presentations✓ Regulatory Body
Secondary ResearchPrimary Research
11
12© TechSci Research
Research Methodology
12
Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of the India fibre cement boards and sheets
market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors
and speculated a robust growth during the forecast period. The study includes market forecasting, which would enable our clients
to take better decisions while planning their strategy to achieve sustainability in the India fibre cement boards and sheets market.
Methodology Followed for Calculation of Market Size:
Market Size by Value: Market size, in terms of value, for the year FY2021 was calculated based on information collected
through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry
experts.
The team interviewed more than 20 companies, 50 industry experts and other value chain stakeholders in the India fibre
cement boards and sheets market to obtain the overall market size during FY2017-FY2021, which was validated by the Delphi
technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for
FY2017-FY2021.
13© TechSci Research
Research Methodology
13
Respondents were asked about the current and future market growth rates, as well as market shares by raw material, by end-
use, by application, by region, and by company. Removing the outlier responses, the geometric mean of growth estimates and
provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares.
Revenue shares generated across various segments were further triangulated from other stakeholders depending upon the
component.
Methodology Followed for Calculation of Market Shares:
Market shares by raw material, by end-use, by application, by region, and by company were calculated based on the responses
received through primary surveys with industry experts, in which the respondents were asked about the market shares of the
leading players in the India fibre cement boards and sheets market. The final shares were calculated by taking the geometric
mean of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked
about the leading companies operating in the India fibre cement boards and sheets market.
Methodology Followed for Forecasting:
TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the
survey results in SPSS/Tableau Software.
14© TechSci Research
Research Methodology
14
Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast
the India fibre cement boards and sheets market, TechSci Research used various forecast techniques such as:
o Moving Average
o Time Series Analysis
o Regression Analysis
o Econometric and Judgmental Analysis
TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions.
TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market
demand scenario.
Partial List of Companies Interviewed
HIL Limited, Visaka Industries Ltd. (VIL), Everest Industries Ltd., Ramco industries Ltd,
Sahyadri Industries Ltd., Utkal Asbestos Ltd., UP Asbestos Ltd. (UPAL)., NCL Industries Ltd.,
Mahaphant Fibre Cement Pvt. Ltd., A Infrastructure Ltd. among others
Partial List of Secondary Sources
Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company
Websites, TechSci Research Proprietary Database & Knowledge Repository, etc.
*Note: (a) The data given for any year represents the market during the period i.e. 1st April of the previous year to 31st
March of that year. eg: For 2022E, the data represents the period, 1st April 2021 to 31st March 2022.
(b) Sum of some shares may not be 100% due to round off till two decimal places.
15© TechSci Research 15
Industry Brief
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.
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.
“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.
16© TechSci Research 16
Sample Data - Snapshot
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Value (USD Million)
India Fibre Cement Boards & Sheets Market Size, By Value (USD Million), 2017-2027F
CAGR 2017-2021By Value: xx%
CAGR 2022E-2027FBy Value: xx%
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Asbestos 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00%
Non-Asbestos 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
India Fibre Cement Boards & Sheets Market Share, By Raw Material, By Value, 2017-2027F
North India Fibre Cement Boards & Sheets Market Share, By Application, By Value, 2017-2027F
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Roofing 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Siding 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Cladding 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Moulding & Trimming 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Others 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
17© TechSci Research 17
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Report Name: INDIA FIBRE CEMENT BOARDS AND SHEETS MARKET
FORECAST & OPPORTUNITIES
FY2017 – FY2027F
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About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in
number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The
proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’
model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich
evaluation of the opportunities available in the market.
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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely,accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considersreliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors oromissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of thisreport. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative marketsize and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.
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