Global Cement Board Market is Estimated to Reach 908.09 Million Square Meters by 2031, Growing at a CAGR of 5.32%: Straits Research

New York, United States, Feb. 19, 2024 (GLOBE NEWSWIRE) -- Cement Board (CB) is a building material produced by mixing cement with various organic or mineral fibers in preset ratios. Adding fiber to cement has many advantages, including increased flexibility and crack resistance. Furthermore, the use of the product ensures the production of high-quality, durable furniture that is exceptionally resistant to termites, fire, and water. A few main applications for fiber cement board include siding, flooring, ceilings, roofing materials, soffit and trims, and tile backing boards. The product is widely used for siding applications in bathrooms and kitchens due to features like excellent durability and water resistance, as well as its waterproof nature. Rising construction spending, particularly for new homes, is projected to boost product demand.

Report Scope

Desirable Properties of Impact Resistance and Durability Drives the Global Market

According to Straits Research, “The Total Addressable Market (TAM) for cement board was valued at 570.06 million square meters in 2022. It is projected to reach 908.09 million square meters by 2031, growing at a CAGR of 5.32% during the forecast period (2023-2031).” Cement boards are more prevalent in construction due to their advantages over traditional building materials. Cement boards provide high levels of durability and impact resistance. These boards are also environmentally benign and impervious to vermin, water, fire, and pests. The overall construction time and space are significantly reduced with cement board construction. Cement boards can be made from a variety of fibers and organic components. Wool, bonded particles, wood strands, and wood fibers are some examples of these materials.

Fiber cement boards are often used in building applications because of their long lifespan. These boards offer outstanding protection from wind, fire, and weather. These boards are widely used in building applications because of their fire resistance, termite and vermin resistance, acoustic performance, simplicity of handling, and installation method. Due to their heat resistance and portability, these boards are being used in construction applications more and more frequently.

Rising Residential Construction across the World Creates Tremendous Opportunities 

Cement boards are utilized for internal and exterior functions in the residential sector. Interior claddings such as tile backer boards, partition walls, windowsills, ceilings, and floors are covered with them. Exterior claddings such as slates, planks, corrugated sheets, wall copings, flat sheets for windshields, and soffits are typical applications for these materials. Roofing is another viable application for them. The regions of North America, Asia-Pacific, and Europe have all recently experienced consistent rises in residential development. The number of countries in the Asia-Pacific region where residential construction is increasing is limited to China, India, Indonesia, Singapore, and Vietnam. Residential construction is also growing in North America and Europe, primarily due to the rising demand for residential properties. As single-family homes increase in North America and Europe, the need for cement boards is predicted to rise. According to a US Census Bureau survey, privately owned residential dwellings are growing in popularity in the US.

Competitive Players

The global cement board market's major key players are Etex Group, Elementia Material, 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.

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Regional Analysis 

Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 5.88% during the forecast period. It is projected that China's demographics will drive its residential development. As family income levels rise and more people move from rural to urban regions, it is projected that demand for the nation's residential construction industry will continue to climb. The growing emphasis on affordable housing from both the public and private sectors will promote the growth of the residential construction sector. China is supporting and pursuing a continuous urbanization process, with a target rate of 70% by 2030. The housing market may be significantly impacted by the need for more living space in cities due to urbanization and the desire of middle-class city dwellers to improve their living conditions. This could increase residential construction across the country, which will help the country's Cement Board market. The Indian government will support notable projects in the residential sector in the upcoming years. The government's "Housing for All" plan aims to build more than 20 million affordable homes for the urban poor by 2022. The market's largest category, residential construction, will see strong growth. By 2023, it will account for more than a third of the industry's total value.

Europe is expected to grow at a CAGR of 5.21% during the forecast period. Germany's Social Democratic government is closely monitoring the country's housing problem. The government is creating a new ministry to manage its housing ambitions. More than 400,000 new homes will be built annually starting in 2022, of which the government will sponsor 100,000. The demand for cement boards in the German residential sector is expected to rise. The country's GDP is 6%, derived from the building industry. The government intended to invest between 1% and 2% of its GDP in infrastructure as part of the National Productivity Investment Fund between 2020 and 2050 to enhance the infrastructure for the nation's citizens (NPIF). The government plans to invest GBP 23 billion over the following five years under the NPIF in housing, science and innovation, transportation, and a 5G network. The government's investment of GBP 100 billion in massive housing and redevelopment projects with crucial social infrastructures, including schools, hospitals, and prisons, is projected to enhance demand for cement boards used in construction.

Key Highlights

• Based on product type, the global cement board market is bifurcated into fiber cement board (FCB), wood wool cement board (WWCB), wood strand cement board (WSCB), and cement bonded particle board (CBPB). The fiber cement board (FCB) segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.77% during the forecast period.

• Based on application, the global cement board market is bifurcated into flooring, exterior and partition walls, roofing, columns and beams, facades, weatherboard, and cladding, acoustic and thermal insulation. The exterior and partition walls segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.51% during the forecast period.

• Based on the end-user industry, the global cement board market is bifurcated into residential, commercial, industrial, and institutional. The residential segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.49% during the forecast period.

• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 5.88% during the forecast period.

Market News

• In August 2022, James Hardie Announces The Magnolia Home | James Hardie Collection, Curated by Joanna Gaines.

• In September 2022, Etex goes beyond sustainable lightweight construction and commits to 2030 circularity and decarbonization targets.

Global Cement Board 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 Applications

• Flooring
• Exterior and Partition Walls
• Roofing, Columns, and Beams
• Facades, Weatherboard, and Cladding
• Acoustic and Thermal Insulation

By End User Industry

• Residential
• Commercial
• Industrial and Institutional

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA.

Get Detailed Market Segmentation @ https://straitsresearch.com/report/cement-board-market/segmentation

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