Cement Board Market is estimated to be valued at USD 2.07 Bn in 2025 and is expected to reach USD 2.99 Bn in 2032, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2025 to 2032.
Key Takeaways:
Market Overview
The Cement Board Market is undergoing a significant transformation and growth driven by technological advancements, sustainability imperatives, and evolving construction practices. Increasing investment in the construction sector is expected to drive the cement board market growth. According to the US Census Bureau, in November 2021, construction spending in the U.S. was estimated at a seasonally adjusted annual rate of US$ 1,625.9 billion, 0.4% more than the revised October estimate of US$ 1,618.8 billion. Additionally, the November 2021 estimation was 9.3% more than the November 2020 estimate of US$ 1,487.2 billion. Moreover, from January to November 2021, construction spending amounted to US$ 1,463.2 billion, 7.9% above US$ 1,355.6 billion for the same period in 2020. Additionally, the rise in single-family homes in developed countries is again fostering market growth.
Current Events and Their Impact on the Cement Board Market
Current Events |
Description and its impact |
Technological Innovations in Construction Material Manufacturing |
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Global Push for Sustainability and Green Building Initiatives |
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End-use Application for Cement Board Market
End-user Feedback and Unmet Needs in the Cement Board Market
End-user Feedback
Unmet Needs
Cement Board Market Insights, by End-User: The Residential segment dominates the market due to Advancement in Product Technology.
Based on end-users, the market is segmented into residential, commercial, industrial, and institutional. Out of which, the residential segment is expected to dominate the global market with a share of 40% in 2025 due to increasing demand for cement board for roofing to furniture applications. The rising residential sector is another key factor driving segment growth. The commercial segment is also expected to witness significant growth in the near future, owing to growing demand for office spaces across emerging countries such as India and China. Rising technology, e-commerce companies, and banking-financial services require office space, and this leads to the construction of new offices.
The company Everest Industries offers a range of fiber cement board products for residential, commercial, and industrial infrastructure, including claddings, ceilings, and wall partitions.
Cement Board Market Insights, by Product Type: The Wood Wool Cement Board (WWCB) segment dominates the market due to Versatility and Aesthetic Appeal.
Based on product type, the market is segmented into Fiber Cement Board (FCB), Wood Wool Cement Board (WWCB), Wood Strand Cement Board (WSCB), and Cement Bonded Particle Board (CBPB). Out of which, Wood Wool Cement Board (WWCB) is expected to dominate the global cement board market over the forecast period due to its versatility in various applications and its durability in different climatic conditions. Moreover, WWCBs are not vulnerable to attack by termites or vermin. Also, these are not subjected to any biological decay. Furthermore, these are classified under both standard B-s1,d0 class, as well as the higher A2-s1,d0 class (non-combustible), as per EN 13168 and EN 13964 (acoustic ceiling panels). For instance, a Japanese architect Keiji Ashizawa used rough materials to create cozy restaurant interiors where Wood-wool cement board walls and concrete tabletops were used for the restaurant's interior and aesthetics.
Besides this, the Wood Strand Cement Board (WSCB) segment is also expected to witness significant growth in the near future due to its excellent durability, resistance to fire, structural strength, and high resistance to rot properties. Moreover, these are not subjected to fungal decay and attack by termites and other vermin. Furthermore, these exhibit excellent screw-holding capacity, are easy to use, and also can be easily painted.
Insights, by Application: The Flooring segment dominates the market due to the rise in demand for Tile Backing Solutions.
Based on application, the market is segmented into flooring, exterior and partition walls, roofing, columns and beams, facades, weatherboard, and cladding, acoustic and thermal insulation, and other applications. Out of which, the flooring segment is expected to dominate the global cement board market over the forecast period due to its versatility properties. Fiber cement boards are the ideal substitute for wood, as these offer a greater level of versatility and durability, with superior features for flooring applications. Moreover, these are also available in various sizes to offer more flexibility to the design capabilities. For instance, SHERA introduced fiber cement floor boards suitable for elevated flooring applications in commercial spaces like hotels and public buildings. These boards offer benefits such as wider spans requiring less steel and reduced delamination risks. The SHERA’s ‘Deco Floor Board’ provides a decorative wood-like finish, ideal for balconies and elevated floors. This is further expected to proliferate the cement board market growth.
The roofing segment is also expected to witness significant growth in the near future because the roof is an important element of a house, and is projected to last for decades. Moreover, a roof is also the first thing people notice from afar. Hence, these should be aesthetically pleasing. All these factors are contributing to the segment growth.
Regional Insights
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North America Cement Board Market Trends
North America is expected to dominate the global cement board market with a share of 40% in 2025 and this is attributed to the rapid growth in the residential sector in the region. According to the U.S. Census Bureau, the annual value of residential construction in the U.S. was valued at USD 6, 38,088 million in 2020, registering a growth rate of about 13% compared to USD 5,53,442 million in 2019. Moreover, the annual value of non-residential construction in the country was valued at USD 8,31,065 million in 2020, compared to USD 837,597 million in 2019. For instance, the company Euroform has enhanced its range of Versapanel® cement particle boards with a new A2 certification for fire resistance which helps in high-density, durable exterior coating of minimal combustibility when exposed to fire conditions. This is further contributing to the cement board market share.
Asia Pacific Cement Board Market Trends
Asia Pacific is also estimated to witness the fastest growth over the forecast period due to the growing construction sector in developing countries, such as China and India. According to the Coherent Market Insights analysis, in the Asia Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the disturbance caused due to its trade war with the U.S. Moreover, the Indian government’s ‘Housing for All by 2022’ is likely to support the construction industry's growth. This initiative aims to build more than 20 million affordable homes for the urban poor by the end of 2022. This will favor the regional market growth over the forecast period. For instance, the company Vedanta Aliuminium’s BALCO partnered with Shree Cement Limited to supply 90,000 metric tonnes of fly ash for low-carbon cement production, promoting circular economy practices in India. Such initiatives are propelling the adoption of cement board.
United States Cement Board Market
The United States cement board market is experiencing significant growth and innovation especially in fiber cement production, driven by sustainability goals, technological advancements, and evolving construction practices, manufacturing has introduced new products and solutions to meet market demands. For instance, company Dow launched a range of fiber cement roofing materials that incorporate advanced technology for improved energy efficiency. This product helps in enhancing the durability of roofing systems but also provides better insulation, contributing to more energy-efficient buildings.
India Cement Board Market
The Indian cement board market is experiencing significant growth and expansion driven by innovations like sustainability goals, digital transformation, and product diversification. Growing innovations in cement adhesives is acting as one of the major growth-inducing factor. For instance, the company Nuvoco Vistas Corp.Ltd. launched the Zero M Tile Adhesive T5 which is a two-component epoxy-based polyurethane adhesive designed for versatile tile and stone application across various substrates, including cement sheets and metal surfaces. Hence, the cement board market is rising due to rapid urbanization growing demand for sustainable and fast construction solutions, and increased government infrastructure initiatives.
Market Report Scope
Cement Board Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2024 | Market Size in 2025: | USD 2.07 Bn |
Historical Data for: | 2020 To 2024 | Forecast Period: | 2025 To 2032 |
Forecast Period 2025 to 2032 CAGR: | 5.4% | 2032 Value Projection: | USD 2.99 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
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. |
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Growth Drivers: |
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Restraints & Challenges: |
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Global Cement Board Market- Drivers
Global Cement Board Market- Opportunities
Global Cement Board Market- Trends
Global Cement Board Market: Key Developments
Analyst Opinion (Expert Opinion)
Gypsum is functionally obsolete in wet and exterior assemblies specifying it today borders on negligence. A cement board isn’t a better alternative; it’s the only material meeting durability, moisture, and code compliance demands in high-performance construction. For instance in Japan over 68% of new mid-rise residential projects in Tokyo’s urban prefecture used cement board-based cladding systems in 2023.
Where Low-end imports are destabilizing the market’s bottom tier, but this only reinforces the long-term moat of system-based offerings from players like Etex and James Hardie. Contactors aren’t buying boards they are buying predictable outcomes, warranties, and code clearance. For instance, Etex's multi-system warranty offering is becoming standard in government-led projects, mainly in the UAE and Saudi Arabia.
The one critical risk that is largely ignored by the market is the embedding carbon footprint of cement board production. The cement board producers are still heavily reliant on OPC (Ordinary Portland Cement) with no serious movement towards decarbonization. The ESG blind spot will translate into compliance costs and margin compression sooner than the market expects.
Market Segmentation:
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*Definition: Cement boards are widely used in the residential sector for both external and internal applications. In internal cladding, these are used for windowsills, partition walls, ceilings and floors, and tile backer boards. In external claddings, they are used in flat sheets as a base, flat sheets for wall copings, windshields, corrugated sheets, soffits, slates, and planks. Additionally, they are also used in roofing.
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About Author
Vidyesh Swar is a seasoned Consultant with a diverse background in market research and business consulting. With over 6 years of experience, Vidyesh has established a strong reputation for his proficiency in market estimations, supplier landscape analysis, and market share assessments for tailored research solution. Using his deep industry knowledge and analytical skills, he provides valuable insights and strategic recommendations, enabling clients to make informed decisions and navigate complex business landscapes.
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