Pune, India, June 27, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Cement Board Market Size Report, Share, Growth Strategy, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis – by Product Type, Application, End-Use, and Geography,” the cement board market size is expected to grow from US$ 23.61 Billion in 2022 to US$ 35.47 Billion by 2028; it is estimated to record a CAGR of 7.0% from 2022 to 2028. The projected growth of the market is attributed to the increasing demand for cement boards in the construction sector and the rising demand for energy-efficient buildings.
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Cement Board Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 23.61 Billion in 2022 |
| Market Size Value by | USD 35.47 Billion by 2028 |
| Growth rate | CAGR of 7.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 198 |
| No. of Tables | 123 |
| No. of Charts & Figures | 109 |
| Historical data available | Yes |
| Segments covered | Product Type, Application, and End-Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | 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 |
Browse key market insights spread across 198 pages with 123 list of tables & 109 list of figures from the report, " Cement Board Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product Type (Fiber Cement Board and Cement Bonded Particle Board), Application (Roofing, Outside Siding or Façade, and Others), and End-Use (Residential and Non-Residential)" .
Global Cement Board Market: Competitive Landscape and Key Developments
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.
In 2022, Asia Pacific held the largest share of the global cement board market. In India, the construction industry is the second largest industry after agriculture, accounting for about 11% of the country's GDP. Increasing construction-related activities are driving the cement board market in Asia Pacific. The rise in foreign direct investments also leads to the growth of the region’s construction industry.
Increasing Demand for Cement Boards in Construction Sector Drive Cement Board Market Growth
Durability is one of the key qualities of cement boards. Cement boards and panels typically outlast vinyl siding and other alternative products in lifespan. In 10 to 15 years, vinyl siding can show signs of aging, whereas cement board can last up to 30 to 50 years or more. Further, in cement production, carbon dioxide is a byproduct. However, manufacturing vinyl siding containing polyvinyl chloride (PVC) produces more carbon dioxide than cement production. Moreover, vinyl siding off-gases throughout its lifetime as it occupies a space landfill. Hence, cement board siding is a greener alternative to vinyl siding.
Cement board products do not require frequent repainting as it holds paint well. Also, they do not dent unlike steel siding. Cement board products stand stronger in moisture and leaks than gypsum boards. These products possess excellent moisture-absorbing and drying properties, making them resistant to weather changes. Mentioned properties of cement board are anticipated to boost cement board market growth during the forecast period.
Cement Board Market: Segmental Overview
Based on product type, the cement board market is bifurcated into fiber cement board and cement bonded particle board. The fiber cement board segment is expected to register a higher CAGR during the forecast period. Fiber cement board is a versatile and popular building material due to its durability and resistance to fire, moisture, and insects. Composed of cement, sand, cellulose fibers, and water, this board is commonly used for siding, roofing, flooring, and interior walls in residential and commercial construction projects.
Based on end-use, the cement board market is segmented into residential and non-residential. The non-residential segment held a larger market share in 2022. The rise in requirement to reduce energy consumption and carbon footprint and the increase in focus on environmentally sustainable nonresidential buildings propel the demand for fiber cement boards and cement bonded particle boards in nonresidential buildings.
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Impact of COVID-19 Pandemic on Cement Board Market
The COVID-19 pandemic adversely affected the growth of the chemicals & materials sector and the cement board market. The implementation of measures to combat the spread of SARS-CoV-2 negatively impacted the growth of various industries. Industries such as packaging, consumer goods, automotive & transportation, textiles, and building & construction were adversely affected by the sudden disruptions in operational efficiencies and value chains due to the closure of national and international boundaries. During the COVID-19 pandemic, falling revenue and increasing project delivery challenges led to the sector’s contraction in most markets, with a corresponding negative impact on the labor force. Builders experienced delays and increased costs for imported raw materials and off-site building materials as many factories were shut down for long periods. The damage to the building & construction industry hampered the demand for cement boardsv.
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