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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Cement boards are used in a wide variety of construction applications as an alternative to conventional construction materials like wood and plasterboard. Increasing demand for low maintenance and durable construction solutions from end-use industries like infrastructure and building & construction is a major factor driving the growth of the cement board market.
Cement board is a building material made from sand, cement and cellulose fiber. It provides more durability, moisture resistance and fire protection as compared to other construction boards like plywood and gypsum board. Cement boards are non-combustible, water resistant and withstand impacts, making them an ideal material for outdoor construction applications like roofing, siding and fencing.
Market key trends:
Increasing construction activities: The rapid growth of the global construction industry especially in Asia pacific regions such as India and China is a key growth driver for the cement board market. According to estimates, the global construction output is expected to grow by over 85% by 2030. This rising construction spend is increasing demand for durable and maintenance-free construction materials like cement boards.
Growing renovation and remodeling industry: Along with new construction, growth in home renovation and remodeling activities is also fueling sales of cement boards. Cement boards are increasingly being used to replace aging wood siding and roofs as they require less maintenance and last longer. The global home renovation market is expected to reach nearly $740 billion by 2024.
Rising commercial infrastructure development: Construction of malls, warehouses, industrial buildings and factories is on the rise globally. Cement boards are widely used in commercial construction for their fire resistance, durability and low maintenance properties. Growing industrialization and infrastructure development is thus driving consumption of cement boards.
Threat of new entrants: Low capital requirement and established distribution channels lower the threat of new entrants. However, established brands and need for building goodwill increases barrier.
Bargaining power of buyers: Large buyers can negotiate lower prices. However, differentiated products based on quality and durability increase switching costs.
Bargaining power of suppliers: Major suppliers have established positions. However, availability of substitutes keeps supplier power in check.
Threat of new substitutes: Wood, gypsum and other construction materials pose threats. However, cement board’s fire, moisture and termite resistance attract consumers.
Competitive rivalry: Intense competition among major manufacturers. Strategic collaborations and focus on new applications and regions characterize competition.
Strengths: Fire resistant; moisture resistance; termite resistance; durability.
Weaknesses: Heavy and difficult to cut; requires skilled labor for applications.
Opportunities: Growing construction industry in developing nations; innovations in production technology; new applications in infrastructure, industrial and commercial projects.
Threats: Substitute materials; volatile raw material prices; stringent environmental regulations.
The Global Cement Board Market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing infrastructure development and construction spending worldwide. Asia Pacific dominates the market and is expected to grow at fastest pace due to rapidly growing economies like India and China.
Regionally, the Asia Pacific cement board market accounted for largest revenue share in 2023 and is estimated to maintain its dominance over the forecast period. Expanding construction industry due to rapid urbanization and increasing spending on infrastructure development is driving the regional market.
Key players operating in the cement board market include 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 focused on new product launches, acquisitions and strategic collaborations to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it