by Cement board, also known as fiber cement siding, is a building material used in construction that simulates wood in appearance. It is a composite material made of sand, cement and cellulose fibers. Cement boards are non-combustible and contain no organic materials that can decay or attract insects. They are resistant to impacts, moisture, rot and fire. Cement boards are used to provide siding and external cladding on houses, as well as floors, walls and other construction elements that require durability and moisture resistance. They do not require painting or staining and are available in various styles like lap siding, panels and shingles. The global construction industry has seen steady growth in recent years fuelled by rising residential and commercial construction activities worldwide. This is expected to drive the demand for durable and low-maintenance building materials like cement boards.
The global Cement Board Market is estimated to be valued at Us$ 1.86 Bn in 2024 and is expected to exhibit a CAGR Of 24.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing construction activities is expected to drive the global cement board market during the forecast period. Rapid urbanization and population growth have led to increasing demand for residential and commercial construction worldwide. This in turn is driving the cement board market as these materials are preferred for their moisture resistance and durability in exterior construction applications. Another key driver fueling the cement board market growth is the increasing remodeling and renovation activities of existing buildings. Cement boards are ideal for renovating and repairing surfaces in wet areas like bathrooms, kitchens and basements due to their waterproof nature. Furthermore, fiber cement siding requires low maintenance and has an aesthetic appeal similar to wood. This is encouraging both residential and non-residential construction to adopt cement boards for wall claddings and paneling. However, cement boards have higher upfront costs compared to traditional building materials like wood which can hamper market growth. Ongoing research and development of advanced cement board production technologies are focussed on cost reduction to address this challenge.
Segment Analysis
The cement board market is dominated by the fiber cement segment. Fiber cement is durable and water-resistant making it a preferred choice for exterior uses like siding and soffits. It is manufactured by pressing wood fibers, portland cement, and other additives together under high pressure and heat to form panels that resemble wood or masonry siding.
PEST Analysis
Political: There are no significant political risks in the cement board market currently.
Economic: The cement board market is expected to grow significantly due to rising residential and commercial construction activities across regions.
Social: There is increased awareness about moisture resistance, fire resistance, and durability of cement boards which are driving their adoption.
Technological: Companies are focusing on developing lightweight and sustainable cement boards made from recycled materials using advanced manufacturing processes.
Key Takeaways
The Global Cement Board Market Demand was valued at US$ 1.86 Bn in 2024 and is projected to reach US$ 4.47 Bn by 2030, expanding at a CAGR of 24% during the forecast period. Asia Pacific dominated the market with over 35% share in 2024 owing to high construction activities in China, India. The region is expected to continue its dominance with China and India being the major markets.
Regional analysis:
North America is also expected to witness high growth led by the US. Strict building codes and growing remodeling and renovation activities are supporting market growth in the region. Key players: The cement board market is competitive with Veritas Technologies Llc., Actifio Inc., Veeam Softwares, Commvault Systems Inc. being the key players.
Key players:
Veritas Technologies Llc., Actifio Inc., Veeam Softwares, Commvault Systems Inc. are estimated to collectively hold over 35% share of the global cement board market by 2030. Rising construction of commercial buildings and expansion of existing infrastructure will drive the adoption of cement boards.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
