The global cement board market is projected to be valued at USD 12.6 billion in 2023, with expectations to grow at a CAGR of 5.7%, reaching USD 21.9 billion by 2033. The increasing sales of cement boards worldwide can be attributed to their numerous benefits, including excellent flexibility and crack resistance.
Cement boards are manufactured from a combination of cement and cellulose fibers. Compared to paper-covered gypsum, these boards offer superior water resistance, making them ideal for use as tile backing in areas prone to moisture. This makes them highly suitable for kitchens and bathrooms, where they help prevent mildew, mold, and deterioration from continuous water exposure.
Beyond tile backing, cement boards are used in a variety of applications, including flooring, siding, roofing materials, ceilings, trims, and soffits. They also play a crucial role in creating high-quality, long-lasting furniture that is resistant to fire, termites, and water.
Due to their durability and water resistance, cement boards are widely used for both interior and exterior siding applications. They can be easily attached to both steel and wood studs in residential, commercial, and industrial settings, providing a versatile and reliable solution for various construction needs.
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Market Dynamics
- Construction Activity Growth: The increased rate of construction activities, both residential and commercial, has been a key driver for the cement board market. With a stagnant growth rate of 4.9% over the historical period of 2018 to 2022, the market has witnessed steady demand due to its widespread usage in construction projects.
- Properties and Versatility: Cement boards are preferred for various applications due to their ease of installation, handling, and a wide array of beneficial properties. These include fire resistance, impact resistance, and moisture resistance, making them suitable for floors, roofs, ceilings, exterior and partition walls, and fire-resistant furniture.
- Diverse Applications: Cement boards find applications across industrial, agricultural, domestic, and residential structures, particularly in roofing and cladding applications. They are extensively used in both new construction and remodeling projects, indicating their versatility and adaptability to different construction needs.
- Durability and Water Resistance: Cement boards, such as fibre cement boards, offer durability and water resistance, making them suitable for applications like flooring and tiling. Their ability to withstand pressure and moisture makes them ideal for areas with high foot traffic or exposure to water.
- Market Growth Drivers: Factors such as increasing residential and commercial construction activities, growing consumer disposable income, and rising trends for aesthetic improvements in buildings are projected to drive significant growth in the cement board industry. Additionally, the demand for durable building products and concerns regarding weather conditions and insulation further contribute to the industry’s growth.
- Regulatory Environment: Implementation of regulatory norms regarding the reduction of hazardous chemicals also plays a role in proliferating the industry growth. Compliance with such regulations encourages the adoption of cement boards as environmentally friendly and sustainable construction materials.
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Top Key Players
- James Hardie Building Products Inc.;
- Etex Group;
- Cembrit Holding A/S;
- Johns Manville;
- Everest Industries Limited;
- SHERA;
- SCG CBM;
- Soben International Ltd.;
- Hume Cemboard Industries Sdn Bhd.;
- SANLE Group;
- Ramco Industries Limited;
Key Segmentations
By Type
- Fiber Cement Boards
- Cement Bonded Particle Boards
- Wood Wool Cement Boards
- Wood Strand Cement Boards
By Application
- Fire Resistant Construction
- Flooring Applications
- External Siding
- Permanent Shuttering
- Thermal Insulation
- Partition Walls
- Others
By Construction
- Commercial Buildings
- Residential Buildings
- Industrial and Institutional
By Region
- North America
- Latin America
- East Asia
- South Asia and the Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia and Belarus
- Balkan and Baltic Countries
- The Middle East and Africa
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