The global Cement Board market size was valued at USD 1,682.4 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.6% from 2022 to 2030. Increasing investment in construction sector is expected to contribute to growth of the cement board market. According to the US Census Bureau, during November 2021, the construction spending in the US was estimated at a seasonally adjusted annual rate of USD 1,625.9 billion, 0.4% more than the revised October estimate of USD 1,618.8 billion. Additionally, the November 2021 estimation was 9.3% more than the November 2020 estimate of USD 1,487.2 billion. Moreover, from January to November 2021, construction spending amounted to USD 1,463.2 billion, 7.9% above USD 1,355.6 billion for the same period in 2020. Additionally, rise in single-family homes in developed countries is again fostering market growth.
Global Cement Board Market: Regional Insights
Based on geography, the global Cement Board market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East &Africa. North America is expected to dominate the global cement board market over the forecast period and this is attributed to the rapid growth in residential sector in the region. According to the US Census Bureau, the annual value of residential construction in the United States 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 8, 37,597 million in 2019.
At the same time, Asia Pacific is also estimated to witness fastest growth over the forecast period and this is attributed 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 United States. 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.
Figure 1. Global Cement Board Market Value Share (%), By Region, 2021
Global Cement Board Market Drivers:
Strong growth in residential sector across the globe is primarily fueling growth of the cement board market growth. It is majorly used in both external and internal applications. They are used in internal claddings, which include windowsills, partition walls, ceilings and floors, and tile backer boards.
Increasing number of single-family homes in North America and Europe is another key factor propelling market growth. As per the report by the US Census Bureau. In the United States, privately-owned residential properties are gaining popularity, in 2020, 1,471 new housing units were permitted, and the number grew to 1,729 in 2021.
Global Cement Board Market Opportunities:
Growing usage of cement board in wall partition in commercial and residential spaces is expected to offer lucrative growth opportunities over the forecast period. They are the best way to partition a space for applications such as making pantries, cubicles, or meeting rooms. Wall partition using cement board is a highly flexible solution. Also, this solution provide same strength as that of conventional wall. Moreover, they can be put in place easily.
Furniture, permanent shuttering, prefabricated houses, ceilings and architraves, and fire-resistant construction etc. are the other emerging applications for cement boards. This is again anticipated to offer significant growth opportunities in the near future. Cement board is an emerging solution and are gaining acceptance in above mentioned applications.
|Base Year:||2021||Market Size in 2021:||US$ 1,682.4 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||4.6%||2030 Value Projection:||US$ 2,530.6 Mn|
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
|Restraints & Challenges:||
Global Cement Board Market Trends:
Growing popularity of acoustic and thermal insulation in homes is expected to uplift the market growth over the forecast period. Cement boards are highly dense, this makes them suitable for insulating airborne and impact noises. As cement boards are heavy, they make it difficult for sound to move through them. Moreover, the cement board also exhibit more mass than gypsum which makes difficult for sound waves to bounce against it. For this reason, cement boards are excellent for soundproofing.
Prefabricated buildings construction is growing in popularity as it is a lean approach for fast, quality delivery with reduced wastage. Prefabrication reduces the time needed for constructing buildings as the setup is quite easy. This is expected to support the market growth over the forecast period.
Global Cement Board Market Restraints:
Environmental concerns related to the manufacturing of fiber cement boards is a prime factor expected to hinder the market growth.
High cost of installation and maintenance is another key factor expected to curtail the market growth over the forecast period.
Figure 2. Global Cement Board Market Value Share (%), By End User, 2021
Global Cement Board Market Segmentation:
The global Cement Board market report is segmented into product type, application, end-user industry, and region
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 market over the forecast period and this is attributed to its versatility in various application and its durability in different climatic condition. Moreover, WWCBs are not vulnerable to attack by termites or vermin. Also, they are not subjected to any biological decay. Furthermore, they 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).
Wood Strand Cement Board (WSCB) segment is also expected to witness significant growth in the near future and this is owing to the fact that it has excellent durability, resistance to fire, structural strength, and high resistance to rot properties. Moreover, they are not subjected to fungal decay, and attack by termites and other vermin. Furthermore, they exhibit excellent screw-holding capacity, are easy to use, and also can be easily painted.
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, Flooring is expected to dominate the global market over the forecast period and this is attributed to its versatility property. Fiber cement boards are the ideal substitute for wood, they offer a greater level of versatility and durability, with superior features for flooring applications. Moreover, they also available in various sizes to offer more flexibility to the design capabilities.
Roofing segment is also expected to witness significant growth in the near future because 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, they should to be aesthetically pleasing. All these factors are contributing to the segment growth.
Based on end-user industry, the market is segmented into Residential, Commercial, and Industrial and Institutional. Out of which, Residential is expected to dominate the global market over the forecast period and this is attributed to the increasing demand for cement board from roofing to furniture application. Rise in residential sector is another key factor fostering segment growth.
Commercial segment is also expected to witness significant growth in the near future owing to the growing demand for office spaces across emerging countries such as India and China. With the rise in technology, e-commerce companies, and banking-financial services, the office space requirement is growing significantly, leading to the rise in construction of new offices.
Global Cement Board Market: Key Developments
Global Cement Board Market: Key Companies Insights
The global Cement Board market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global 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
*Definition: Cement boards are widely used in the residential sector for both external and internal applications. In internal cladding they 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.
Cement boards are composed of different types of fibers and naturally occurring materials such as wool, wood fibers, bonded particles, wood strands, and others. Cement boards are majorly used in construction applications due to their longevity in the structures. These boards offer superior resistance to weather conditions, fire, and heavy winds. These properties make them ideal for exterior and partition walls, roofing, flooring, columns and beams, weatherboard, and cladding, facades, and acoustic and thermal insulation application.
Strong growth in residential sector across the globe and increasing number of single-family homes in North America and Europe are key factor augmenting market growth. Moreover, growing investment in construction sector is also expected to contribute to growth of the cement board market. Increasing application of cement board in wall partition in commercial and residential spaces is projected to offer lucrative growth opportunities over the forecast period.
On the other hand, Environmental concerns related to the manufacturing of fiber cement boards and high cost of installation and maintenance are prime factors expected to hinder the market growth.
Key features of the study: