Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Cement Board Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global cement board market size was estimated at 606.68 million square meters in 2023. It is expected to reach 778.40 million square meters by 2028, registering a CAGR of 5% during the forecast period (2023-2028).
For the next few years, the rising residential construction worldwide and desirable properties of impact resistance and durability are major factors driving the market's growth.
On the other hand, the high initial cost compared to its traditional counterparts is a key factor anticipated to restrain the growth of the target industry over the forecast period. Nevertheless, the rising trends for aesthetic improvement are likely to create lucrative growth opportunities for the global market soon.
Cement Board Market Trends
Increasing Demand in the Commercial Sector
- The commercial segment is a key segment in the cement board market. The office sector is one of the crucial markets for the applications of cement boards in the commercial segment. With increasing commercial activities around the world, the demand for cement boards in this segment is increasing at a grand pace.
- The Asia-Pacific region has been a thriving market for office spaces in recent years and is one of the largest markets for the commercial construction sector. Demand for office spaces in India and China has been increasing for many years. With demand from technology, e-commerce companies, and banking financial services, the office space requirement is significantly rising, resulting in the construction of new offices in the region.
- Asia-Pacific has been driving growth in the global hotel industry; the rapid growth was planned in 2022 with 444 planned hotels and 111,798 rooms, followed by another 179 properties with 43,735 rooms for 2023. About 515 hotels with 127,104 rooms are confirmed for 2024.
- China is one of the leading countries in shopping center construction. China has almost 4,000 shopping centers, while 7,000 more are estimated to be open by 2025.
- Furthermore, the increasing popularity of green building is also expected to boost demand for fiber cement boards, as they are a sustainable building material.
- The United States has one of the world's largest construction industries. According to the US Census Bureau, the value for commercial construction put in place in the United States accounted for around USD 115 billion in 2022, registering a growth rate of 21.4% compared to the previous year.
- Such factors continuously drive the demand for cement boards for commercial construction, and handsome growth is expected during the forecast period.
The Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share, with China dominating the market. China is one of the major consumers of cement boards in the Asia-Pacific region. The country uses cement board in a wide range of construction activities, including both residential and commercial places.
- China is promoting and undergoing a process of continuous urbanization, with a target rate of 70% for 2030. The increased living spaces required in the urban areas resulting from urbanization and the desire of middle-class urban residents to improve their living conditions may have a profound effect on the housing market and thereby increase the residential construction in the country, which, in turn, is expected to have a positive effect on the cement board market in the country.
- However, China's real estate market has been rocked by a series of developer defaults as the combination of housing oversupply, a tightened regulatory environment, and subdued demand squeezed property developers' balance sheets. This resulted in a 7.8% Y-o-Y decline in property investments during the first eight months of 2022.
- The Indian construction sector is expected to become the world's third-largest construction market. Various policies implemented by the Indian government, such as the Smart Cities project, Housing for All, etc., are expected to bring the needed impetus to the Indian construction industry.
- According to the Ministry of Statistics and Programme Implementation, the construction sector grew in double digits at 10.7% in FY22 in a rebound from a contraction of 8.6% last year, aided by the base effect and growth in the economy.
- Overall, the demand growth for the market studied in the rest of Asia-Pacific is expected to remain moderate during the forecast period.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Residential Construction Across the World
4.1.2 Desirable Properties of Impact Resistance and Durability
4.2 Restraints
4.2.1 High Initial Cost in Comparison to Traditional Counterparts
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.5 Import/Export Trends
4.6 Production Process
5 MARKET SEGMENTATION (Market Size in Volume)
5.1 Product Type
5.1.1 Fiber Cement Board (FCB)
5.1.2 Wood Wool Cement Board (WWCB)
5.1.3 Wood Strand Cement Board (WSCB)
5.1.4 Cement Bonded Particle Board (CBPB)
5.2 Application
5.2.1 Flooring
5.2.2 Exterior and Partition Walls
5.2.3 Roofing
5.2.4 Columns and Beams
5.2.5 Facades, Weatherboard, and Cladding
5.2.6 Acoustic and Thermal Insulation
5.2.7 Other Applications (Prefabricated Houses, Permanent Shuttering, Fire-resistant Construction, etc.)
5.3 End-user Industry
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
- Etex Group
- Elementia Materials
- Everest Industries
- James Hardie Industries
- Johns Manville
- Knauf Gips
- Saint-Gobain
- BetonWood
- Cembrit Holding
- HIL
- GAF
- NICHIHA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Trends for Aesthetic Improvement
For more information about this report visit https://www.researchandmarkets.com/r/teudj6
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Attachments
- Cement Board Market Value Of Commercial Construction In U S D Billion United States 2017 2021
- Cement Board Market Cement Board Market Growth Rate By Region 2022 2027
