by The cement board market is estimated to be valued at US$ 1.86 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Cement board is a building material made of sand, cement and cellulose fibers that are pressed and dried to form flat panels with a smooth surface. It is durable and moisture resistant. Cement board has a wide range of applications in interior and exterior construction as backer for tile in wet areas like kitchens, bathrooms and pools. It also finds use as floor underlayment and exterior sidings for commercial and residential buildings.
Market Dynamics
The growth of the cement board market is majorly driven by increasing construction activities across the globe. Rapid urbanization and infrastructure development in emerging economies has boosted the demand for cement boards in both commercial and residential construction. According to World Bank, the global construction market is projected to reach US$ 15.2 trillion by 2030 from US$ 8 trillion in 2020, growing at a CAGR of 5%. Another factor driving market growth is wide acceptance of cement boards as alternative to wood products for flooring, ceiling and wall applications. Cement boards offers many advantages over wood such as moisture resistance, flame retardant property and termite resistance which has increased its preference in construction industry. In addition, cement board producers are constantly focusing on new product innovations by incorporating ground granulated blast furnace slag and fly ash to improve properties like flexibility and sag resistance expanding application scope and attracting more consumers.
SWOT Analysis
Strength: Cement board has high structural integrity and durability which makes it suitable for various interior and exterior applications. It is resistant to moisture, fire and insects. Also, cement board is affordable and easy to install and repair making it a cost-effective choice.
Weakness: Cement board is very heavy and requires proper handling during installation. Its brittleness also makes it prone to cracking and breaking if not handled with care. Transportation of cement boards over long distances increases the overall project costs.
Opportunity: Rising commercial and residential construction activities especially in Asia Pacific region is driving the demand for cement board. Also, growing preference for moisture resistant and fireproof construction materials offers potential growth opportunities.
Threats: Availability of substitute products like drywalls poses competitive threat. Moreover, fluctuations in raw material prices can increase the manufacturing cost of cement boards negatively impacting the profits.
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 demand from the construction industry. Rapid urbanization and growing infrastructure development projects are majorly fueling the market growth.
Regional analysis: Asia Pacific dominates the global cement board market and is expected to maintain its lead position during the forecast period. The Asia Pacific cement board market accounts for over 35% of the global market share due to high construction activities in China, India and other developing APAC countries.
Key players related content: 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. Major players are focusing on new product launches and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
