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.
Get More Insights Here
https://www.newsanalyticspro.com/cement-board-market-size-share-growth-outlook-2023/
Comments
Post a Comment