Cement Board Market Growth Accelerated by Increased Construction Activities

 

Cement Board market

Cement board, also known as fiber cement, is a building material used in interior and exterior construction applications. It is made from sand, cement and cellulose fibers and offers properties similar to that of wood such as workability and nail holding capacity without the negatives of wood like decay and insect damage. Cement board is used as an architectural building panels for exterior siding, interior wall and ceiling covering. It is highly moisture and fire resistant making it ideal for wet and high traffic areas in both commercial as well as residential buildings.

 

The global cement board market is estimated to be valued at US$ 2.15 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

One of the key drivers for the high growth of the cement board market is increasing construction rates owing to rapid urbanization and infrastructure development activities across both developed and developing regions. According to United Nations data, around 68% of the world population is expected to live in urban areas by 2050 which is fueling demand for new residential and commercial constructions. Further, ongoing initiatives by various governments around infrastructure modernization and affordable housing schemes are also contributing towards cement board consumption.

 

This growth in demand is compelling cement board manufacturers to expand their production capacities through partnerships and new plant establishments. For instance, manufacturers are focusing on increasing product applications from exterior siding to interior flooring, countertops, and furniture to tap the undiscovered market potential. However, volatility in raw material prices remains a key challenge for stable supply and consistent profit margins.

 

SWOT Analysis

Strength: Cement board has high durability, provides moisture and mold resistance to exterior walls and ceilings. It can withstand impacts and resists damage from daily wear and tear. Cement board installation requires basic tooling and skills that results in reduced labor costs.

 

Weakness: Cement board is heavier than drywall, making it difficult to lift and install. It needs specific screws or nails for installation that increases material costs. Regular drywall has a smoother and cleaner finish compared to rough cement board surface requiring additional joint compound and sanding for a level surface.

 

Opportunity: Growth of the construction industry with increasing residential and commercial construction projects drives the demand for durable and moisture resistant cement board. It is used in high moisture areas like bathrooms, kitchens, basements providing opportunities. Renovation and remodeling of existing buildings provide growing opportunities.

 

Threats: Fluctuations in raw material prices especially cement increases the production costs of cement boards impacting margins. Substitute products like fiber cement siding and drywall pose competitive threats.

 

Key Takeaways

 

The Global Cement Board Market Share is expected to witness high growth over the forecast period supported by increasing construction activities globally.

The Asia Pacific region currently dominates the market accounting for over 35% share in 2024 led by China, India and other developing countries witnessing strong construction growth. North America and Europe are other major cement board consuming regions driven by renovation and remodeling activities in countries like the US, Germany, UK.

 

Key players operating in the cement board market are Veritas Technologies Llc., Actifio Inc., Veeam Softwares, Commvault Systems Inc., Symantec Corporation, Ca Technologies, Microsoft Corporation, Dell Technologies Inc., Ibm Corporation, and Hewlett Packard Enterprise. Key players are focused on expanding their product portfolios and geographical footprint into high growth markets through mergers and acquisitions.


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https://captionssky.com/bridging-nature-and-innovation-unravelling-the-wonders-of-synthetic-biologys-genetic-tapestry/

https://www.newsanalyticspro.com/cement-board-market-size-share-growth-outlook-2023/

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