The Cement Board Market is estimated to be valued at US$ 1.86 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cement board is a rigid, grey panel made of cement and fibrous materials, such as wood fibers, paper pulp, or mesh fibers to reinforce cement. Cement boards are used for external wall cladding, shower lining, flooring, and ceilings. It is non-combustible, moisture resistant, durable, termite proof, cost-effective and easy to install. Cement boards have become an excellent alternative for wood siding.
Market Dynamics:
Growing construction activities along with new building standards regarding use of fire-resistant materials is driving the cement board market growth. According to International Organization for Standardization (ISO), non-combustible cement-based panels are required as cladding materials for external walls of buildings over specific heights. Cement boards meet this criterion and thus are increasingly being used for construction of residential as well as commercial buildings across the globe. Furthermore, increasing awareness about advantages of cement boards over other substitutes including strength, durability and cost-effectiveness is also fueling the market growth.
Segment Analysis
The Global Cement Board Market can be segmented into interior walls and exterior walls. The exterior walls segment currently dominates the market as cement boards are increasingly used in exterior cladding and siding applications due to their water and weather resistance properties along with durability. Cement boards provide an aesthetic and decorative look as an alternative to traditional wood or fiber cement sidings.
PEST Analysis
Political: Local government policies supporting investments in residential and non-residential construction projects are driving the cement board market growth.
Economic: Rising disposable income levels and growing construction spending on renovations and repairs are fueling the demand for cement boards.
Social: Increasing consumer preference for low maintenance and durable building materials is promoting the use of cement boards in home improvement projects.
Technological: Advanced cement board production technologies are helping manufacturers to develop innovative product variants with enhanced durability, impact and water resistance.
Key Takeaways
The global cement board market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing investments in residential & commercial construction projects across emerging economies.
Regional analysis: Asia Pacific region currently dominates the cement board market, accounting for more than 35% of the global demand in 2023. China represents the fastest growing regional market owing to robust infrastructure development and growth in residential housing sector. India and Southeast Asian countries also offer lucrative opportunities for cement board manufacturers.
Key players operating in the cement board market are Etex Group, Elementia Materials, Everest Industries Limited, James Hardie Industries PLC, Johns Manville, Knauf Gips KG, Saint-Gobain, BetonWood Srl, Cembrit Holding A/S, HIL Limited, GAF, and NICHIHA Co. Ltd. These players are focusing on expanding their production capacities and launching innovative products with enhanced mechanical properties to strengthen their position in the market.
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