Cement Board Market Analysis & Forecast: 2025-2032

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:

• Based on the End-User, where the Residential-based segment dominates the market due to Advancements in Product Technology.
• Based on the Product Type, where the Wood Wool Cement Board (WWCB) segment dominates the market due to Versatility and Aesthetic Appeal.
• Based on the Application, where the Flooring segment dominates the market due to the rise in demand for Tile Backing Solutions.
• On the basis of Region, North America dominates the Cement Board Market with the largest share.

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

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End-use Application for Cement Board Market

• High-durability Surface: In manufacturing plants, warehouses, and clean rooms where impact resistance and hygiene are crucial.
• Fire-rated Assemblies: Used in commercial buildings like schools, malls, and public buildings for enhanced fire resistance.
• Wall System: Interior partition in hospitals, hotels, and offices due to sound insulation and durability.
• Public Transport Facilities:  It is used in train stations and airports for durability and low maintenance.

End-user Feedback and Unmet Needs in the Cement Board Market

End-user Feedback

• Durability and Strength: Users appreciate cement boards for their long-lasting performance, particularly in wet areas like bathrooms and kitchens.
• Moisture and Mold Resistance: High satisfaction with board resistance to water damage and mold, mainly compared to gypsum alternatives.
• Fire Resistance: Cement boards are best for their non-combustibility, making them ideal for high-risk areas.
• Dimensional Stability: There are good reviews for boards that maintain shape and size despite environmental changes like temperature and humidity.

Unmet Needs

• Weight and Handling Difficulty: Cement boards are heavy and brittle, so users need lighter, more manageable alternatives without compromising durability.
• Cost Competitiveness: Higher costs compared to gypsum or plywood and cost-effective options that still meet performance standards.
• Insulation Properties: Poor thermal and acoustic insulation on its own so cement boards with integrated insulation layers or improved thermal or acoustic properties.
• Edge Fragility: Edges tend to chip or crack during installation, especially around fasteners so stringer edges or reinforced corners are needed. 

Segmental Analysis

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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

Global Cement Board Market- Drivers

• Growing residential sector: The growing residential sector across the globe is expected to drive the global cement board market growth. Cement board is majorly used in both external and internal applications. These are used in internal claddings that include windowsills, partition walls, ceilings and floors, and tile backer boards. For instance, 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

• Increasing utilization of cement board in walls in business and private spaces: Growing usage of cement board in wall partitions in commercial and residential spaces is expected to offer lucrative growth opportunities over the forecast period. These are the best ways to partition a space for applications such as making pantries, cubicles, or meeting rooms. Wall partitioning by using cement board is a highly flexible solution. Also, this solution provides the same strength, as that of the conventional wall. Moreover, these can be put in place easily.
• Rising applications for concrete sheets: Furniture, permanent shuttering, prefabricated houses, ceilings and architraves, fire-resistant construction, and others 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.

Global Cement Board Market- Trends

• Developing ubiquity of acoustic and warm protection in homes: The growing popularity of acoustic and thermal insulation materials in homes is expected to drive the market growth over the forecast period. Cement boards are highly dense, and this makes them suitable for insulating airborne and impact noises. As cement boards are heavy, these make it difficult for sound to move through them. Moreover, the cement board also exhibits more mass than gypsum which makes it difficult for sound waves to bounce against it. For this reason, cement boards are excellent for soundproofing. Prefabricated building construction is gaining 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 drive the market growth over the forecast period.

Global Cement Board Market: Key Developments

• In April 2025, the China Building Materials Federation, Conch Group, and Huawei unveiled the industry's first AI model for cement building materials at an event in Wuhu, China, marking a major advance in the sector’s digital transformation.
• In March 2025, James Hardie Industries agreed to acquire AZEK for USD 8.75 billion, aiming to expand its presence in the United States housing market by combining complementary renovation products.
• In February 2025, Xuan Son Group officially launched Xuan Son Cement at their new plant in Hoa Binh province. Covering 40 hectares with a US$196 million investment, the facility boasts a production capacity of 3.5 million tons per year.
• In January 2025, Ecocem announced plans to build its first production facility for ACT, its low-carbon cement technology, at the Dunkirk site. The new line, set to operate by 2026, will have an initial capacity of 300,000 tons per year.
• In April 2023, the Knauf Group inaugurated a USD 17 million cement board plant in Chile with an annual production capacity of 7 million square meters, focusing on lightweight, durable, and water-resistant products suitable for exterior applications.
• In October 2024, the Thailand-based company Shera invested USD 50.4 million in a new fiber cement board plant in Pampanga expected to reduce the country's reliance on imports and create 300 new jobs.

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:

• By Product Type:
• • Fiber Cement Board (FCB)
  • Wood Wool Cement Board (WWCB)
  • Wood Strand Cement Board (WSCB)
  • Cement Bonded Particle Board (CBPB)
• By Application:
  • Flooring
  • Exterior and Partition Walls
  • Roofing
  • Columns and Beams
  • Facades, Weatherboard, and Cladding
  • Acoustic and Thermal Insulation
  • Other Applications (Prefabricated Houses, Permanent Shuttering, Fire- resistant Construction, etc.)
• By End-User Industry:
  • Residential
  • Commercial
  • Industrial and Institutional
• By Geography
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Company Profiles
  • 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
  • NICHIHA Co. Ltd.

Source

Primary Research Interviews from the following stakeholders:

Stakeholders:

• Interviews with product managers, plant operations heads, quality assurance specialists, construction project managers, and R&D directors involved in cement board production, supply chain, and application.
• Specific stakeholders: Building materials distributors, architecture and construction firms, façade system designers, gypsum board manufacturers, civil engineers specializing in building envelopes, and academic researchers focusing on cementitious composites and green construction materials.

Databases:

• ScienceDirect
• Scopus
• SpringerLink
• Wiley Online Library

Magazines:

• Construction Week
• Builder Magazine
• Walls & Ceilings
• Global Gypsum Magazine
• Materials Performance

Journals:

• Cement and Concrete Composites
• Construction and Building Materials
• Journal of Building Engineering
• Journal of Materials in Civil Engineering
• Building and Environment

Newspapers:

• The Wall Street Journal – Real Estate & Construction
• Financial Times – Infrastructure Section
• The New York Times – Real Estate
• Reuters – Construction News
• The Economic Times – Construction and Materials

Associations:

• American Concrete Institute (ACI)
• Construction Specifications Institute (CSI)
• European Concrete Platform (ECP)
• ASTM International – Committee C11 on Gypsum and Related Building Materials
• Building Materials Manufacturers Association (BMMA)

Public Domain Sources:

• U.S. Geological Survey (USGS) – Mineral Commodity Summaries
• U.S. Environmental Protection Agency (EPA) – Sustainable Materials Management
• Eurostat – Construction Statistics
• United Nations Environment Programme (UNEP) – Building Materials Reports
• World Bank – Infrastructure and Urban Development Sector

Proprietary Elements:

• CMI Data Analytics Tool, and Proprietary CMI Existing Repository of information for the last 8 years

*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.