by Cement boards are rigid building materials formed by mixing cement with reinforcing fibers. It is used as an alternative to gypsum wallboards and fiber cement siding. Cement boards offer advantages like water resistance, fire resistance, durability and longevity. They are used in the construction of wall linings, ceilings, floor underlay, facade cladding and tile backing. With growing awareness about green construction and sustainable building materials, cement boards are increasingly being utilized in residential and commercial construction projects due to their environment-friendly nature.
The global cement board market is estimated to be valued at US$ 2.15 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising demand for green construction is expected to boost the cement board market growth over the forecast period. As mentioned in the heading, growing awareness about using eco-friendly building materials is driving the adoption of cement boards. Their moisture resistant and fire-proof properties make them suitable for tile backing, interior walls and exterior siding applications. The growing construction industry worldwide due to rapid urbanization is also fueling the cement boards market. Additionally, cement boards cause less damage to the environment as compared to wood and are termite and rot proof which is increasing their popularity among homeowners and builders. These factors are expected to propel the global cement board market expansion during the forecast period.
Segment Analysis
The global cement board market is dominated by the non-structural segment which holds around 80% share of the overall market. Within the non-structural segment, cement-fiber board and wood-fiber cement board are most commonly used types. Cement-fiber board provides better flexibility and workability in comparison to conventional concrete or clay boards. Its moisture resistance property makes it suitable for various interior and exterior applications such as flooring, walling, and roofing.
PEST Analysis
Political: Currently, there are no stringent regulations concerning cement board. However, emission norms related to cement production are getting stringent over time which can affect the raw material cost.
Economic: Growth in the construction industry especially in Asia Pacific drives the demand for cement board. Recovery of construction activities in North America and Europe post COVID-19 pandemic is further augmenting the market growth.
Social: Changing lifestyle and rising income levels are pushing the trend of nuclear families. This increases the demand for new residential construction and home improvement projects utilizing cement board.
Technological: Key players are developing enhanced formulation of cement boards with better flexural strength, impact and water resistance without compromising workability. Some boards combine cement with other materials like wood, paper and fiber to widen the application scope.
Key Takeaways
The Global Cement Board Market Share is expected to witness high growth over the forecast period of 2024 to 2031 on account of rapid urbanization and growth in residential and commercial construction worldwide.
Regional analysis: The Asia Pacific region dominates the global cement board market with around 45% share owing to strong growth in construction activities in China, India, Indonesia and other developing countries. China, being the world’s largest cement producer, also has the biggest cement board market. North America and Europe are other major markets driven by renovation and replacement demand.
Key players operating in the cement board market are Veritas Technologies Llc., Actifio Inc., Veeam Softwares, Commvault Systems Inc., Symantec Corporation, Ca Technologies, Microsoft Corporation, Dell Technologies Inc., Ibm Corporation, and Hewlett Packard Enterprise. Veritas Technologies LLC leads the market with its portfolio of enterprise backup solutions for physical, virtual and cloud environments.
