The cement board market size is expected to grow from US$ 23,616.63 million in 2022 to US$ 35,473.56 million by 2028; it is estimated to record a CAGR of 7.0% from 2022 to 2028.
Cement boards are versatile building materials that have gained popularity in construction and renovation projects. These boards are typically made from a mixture of cement, reinforcing fibers, and other additives. The advantages of cement boards are durability and strength. They are highly resistant to moisture, fire, and rot, making them suitable for interior and exterior applications. Cement boards also provide excellent dimensional stability, which means, they do not expand or contract significantly with temperature fluctuations.
The global cement board market is mainly driven by the increasing demand for these boards in the construction sector and their rising use in various applications such as cladding, roofing, and flooring. The higher utilization rate of fiber cement boards in residential and nonresidential applications has broadened the scope of fiber cement boards. The residential segment is one of the fastest-growing segments and will expand rapidly in the coming years. Focus on increasing residential construction activities is further boosting the market growth. Further, the upsurge in demand for energy-efficient buildings is expected to offer lucrative opportunities for the cement board market during the forecast period.
Based on application, the global cement board market is segmented into roofing, outside siding or façade, and others. The outside siding or façade segment held the largest share of the cement board market in 2022. Fiber cement siding or façade can be used as an alternative to metal, traditional wood, and vinyl siding or façade. The siding or façade is available in various textures, colors, sizes, and shapes, allowing architects and builders to create unique and visually appealing designs. It offers key advantages such as durability and resistance to weathering, rot, mold, and pests. Fiber cement siding or façade can also withstand extreme temperatures, UV radiations, and moisture. Thus, it is an ideal choice for buildings located in harsh or humid environments.
In 2022, Asia Pacific held the largest revenue share of the global cement board market. Rising awareness regarding various advantages of using cement boards over other alternatives is driving the cement board market growth in the region. Moreover, the growing construction and renovation activities are expected to create favorable business opportunities for the market during the forecast period. Australia, China, India, Japan, and South Korea are a few key contributors to the cement board market in Asia Pacific. This region is one of the prominent markets for the utilization of cement boards owing to the surge in construction activities. Moreover, government initiatives and policies such as Make in India encourage the setup of different manufacturing plants in India. Rising foreign direct investments also lead to economic growth in the region. The growing cement board use in numerous residential and nonresidential sectors is anticipated to increase the cement board demand in Asia Pacific. The building & construction industry is a strong contributor to the market's growth. In India, the construction industry is the second largest industry after agriculture, accounting for about 11% of the country's GDP.
James Hardie Industries plc; Plycem USA LLC; Everest Industries Ltd; Swisspearl Group AG; Visaka Industries Ltd; Nichiha Corp; Soben International Ltd; SCG Building Materials Co., Ltd; Etex NV; and Compagnie de Saint Gobain SA are key players operating in the global cement board market. Market players focus on providing high-quality products to fulfill customer demand. They are also adopting strategies such as investments in research and development activities and new product launches.
The overall global cement board market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the cement board market.