Cement board, also known as fiber cement siding, is a building material used in exterior sidings of buildings as an alternative to traditional wood or metal sidings. Cement board siding offers inherent fire resistance, moisture resistance, rot-resistance and termite-resistance. It does not corrode, crack or decay over time.
The global cement board market is estimated to be valued at US$ 1.86 Bn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The cement board market size is propelled by rising demand from reconstruction and infrastructure projects. There has been a significant rise in infrastructure construction projects such as roads, highways, bridges etc. in both developed and developing economies. This is driving the demand for cement board which is used in interior and exterior construction applications due to properties like fire resistance, durability and moisture resistance. The easy availability and lower maintenance costs compared to traditional siding materials is further fueling the uptake of cement board in infrastructure projects. The growth of the infrastructure sector is expected to continue during the forecast period, thereby driving the cement board market.
SWOT Analysis
Strength: Cement board is fire resistant, moisture resistant and termite proof. It provides durability and strength as a construction material.
Weakness: Cutting cement board requires special power tools which increases initial setup cost for contractors. Cement board is also heavy and requires more labor to install compared to other materials.
Opportunity: Increasing residential and commercial construction activities across developing countries in Asia Pacific and Latin America is driving the demand for cement board. Rapid urbanization is another major growth driver.
Threats: Fluctuations in raw material prices especially cement can impact the profit margins of cement board manufacturers. Alternative green building materials may gain traction and replace cement board in the future.
Key Takeaways
The global cement board market is expected to witness high growth over the forecast period of 2023 to 2030. The regional analysis indicates that Asia Pacific dominates the market currently and is expected to maintain its lead through 2030. China, India, Indonesia, Vietnam and other Southeast Asian countries are major contributors to the regional cement board consumption driven primarily by infrastructure and real estate development projects.
Key players operating in the cement board market are Novartis AG, Merck & Co. Inc., F-Hoffmann La Roche, Eli Lilly and Company, Bayer AG, AstraZeneca, Astellas Pharma Inc., Amgen Inc., OSE Immunotherapeutics SA, and Bristol- Myers Squibb Company, among others. Cement board manufacturers are investing in expanding manufacturing facilities and setting up distribution networks across developing countries to tap into new growth opportunities. Strategic partnerships and mergers and acquisitions remain key competitive strategies adopted by the major players.
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