Cement board is a building material used in interior and exterior construction as an alternative to traditional wooden boards or sheets. Cement board provides durability, moisture resistance, fireproofing and is less prone to warping. It is commonly used as a substrate in shower walls, flooring, countertops, architectural facades and other finishing applications.
The global Cement Board Market is estimated to be valued at US$ 1.86 Bn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Increasing Infrastructure Development Activities
The cement board market is expected to witness significant growth over the forecast period owing to the rising infrastructure development activities across both commercial and residential sectors globally. Rapid urbanization and growing population have increased the demand for new residential and commercial construction. Mega infrastructure projects related to transport, energy and utilities are also contributing to the increased demand for cement boards. With the rising investments in infrastructure, the uptake of cement boards as a more durable and sustainable building material is expected to rise significantly driving market growth during the forecast period.
Segment Analysis
The global cement board market size is dominated by the residential sub-segment. Cement boards are widely used in residential construction for external cladding, exterior walls, bathrooms, and fireplaces. This is because cement boards offer moisture resistance, durability, strength and protection against fire and mold. They are a more sustainable alternative to wood and plasterboards for residential construction.
Key Takeaways
The global cement board market is expected to witness high growth over the forecast period. Growing residential construction activities across developing nations in Asia Pacific and Latin America are driving the demand for cement boards in the region. The Asia Pacific region currently dominates the global cement board market due to strong growth in residential construction in China and India. The presence of a large population and rapid urbanization are supporting residential construction growth in the region.
Regional Analysis
The Asia Pacific region is expected to continue dominating the global cement board market during the forecast period. This is attributed to rising residential construction activities in emerging nations such as China and India. Rapid urbanization and growth in the middle-class population are some of the major factors boosting housing construction in Asia Pacific. Government initiatives to develop infrastructure and affordable housing are further supporting regional market growth.
Key Players
Key players operating in the cement board market are Novartis AG, Merck & Co. Inc., F-Hoffmann La Roche, Eli Lilly and Company, Bayer AG, AstraZeneca, Astellas Pharma Inc., Amgen Inc., OSE Immunotherapeutics SA, and Bristol- Myers Squibb Company, among others.
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