Cement board, also known as fiber cement siding, is a composite material made of sand, cement, and cellulose fiber that is used for exterior siding and trim applications in commercial and residential construction. Some key advantages of cement board include durability, fire resistance, moisture resistance, termite resistance, and low maintenance. The growing construction industry, both commercial and residential, is driving the demand for exterior siding and trim materials like cement board.
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 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising construction activities, especially in developing economies, are one of the major factors driving the cement board market. Rapid urbanization and growth of the real estate sector have increased the number of construction projects globally. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Almost US$ 8 trillion of this growth is expected to come from China, India, and the US alone. This rising construction activities worldwide has propelled the demand for cement board as an exterior siding and trim material. The market is expected to gain significant traction over the forecast period due to increasing commercial and residential construction projects across the globe.
SWOT Analysis
Strength: Cement board is a durable construction material that is resistant to moisture damage. It can withstand weathering better than gypsum drywall.
Weakness: Cement board is heavier and more brittle than gypsum drywall. It requires special cement board screws or fasteners for installation.
Opportunity: Rising applications of cement board in exterior sidings, roof decks, countertops and wet areas is fueling market growth. Population growth and urbanization is driving the demand for new construction.
Threats: Availability of substitute materials like fiber cement siding and drywall poses competition. Fluctuations in raw material prices can increase the cost of cement board.
Key Takeaways
The Global Cement Board Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to rise at a CAGR of 5.4% during this period.
Regional analysis: Asia Pacific currently dominates the global market with a share of over 35% in 2023. Rapid urbanization and growth in construction activities in China, India and other developing Asian countries is driving the demand for cement board in the region. North America is another major market supported by growth in remodeling and renovation projects.
Key players: 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 companies are focusing on new product development and geographic expansion to strengthen their position in the market. For instance, Saint Gobain launched ISOBOARD, a new exterior cement board with moisture and impact resistance for siding applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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