by Cement board, also known as fiber cement siding, is a building material used in exterior sidings of buildings due to its moisture resistance and fireproof properties. Made of sand, cement and cellulose fibers, cement board provides an aesthetically appealing and durable surface. It can be sawed, routed, drilled, sanded and painted easily for various construction applications. The material is increasingly being used for wall and ceiling panels, soffits, fascia boards and siding overlays in residential and commercial construction projects.
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 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the cement board market is the booming construction industry in developing nations such as India, Indonesia, Vietnam and others. Rapid urbanization and growing population in these countries is fueling demand for residential and commercial infrastructure. Cement board is a popular choice for external cladding in buildings due to its affordable cost and durability in humid tropical climates. Moreover, shifting consumer preferences towards low maintenance building materials is also propelling the sales of cement board. Manufacturers are continuously innovating cement board production technologies to enhance durability, fire resistance, moisture resistance and aesthetic appearance of products. Introduction of products like rendered cement boards, adhesive backed cement boards etc. with multiple finish options is expanding the application scope of cement board in construction industry.
Porter’s Analysis
Threat of new entrants: The cement board market requires heavy capital investments to construct production facilities limiting the threat of new entrants. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes however, brand loyalty plays a role to maintain buyer retention. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials from numerous sources. Threat of new substitutes: Substitutes like drywall, plywood offer competition but cement board has advantages in durability and moisture resistance limiting threats. Competitive rivalry: Being a mature market, companies focus on new product development, regional expansion and customer acquisition to gain market share.
Key Takeaways
The Global Cement Board Market Size is expected to witness high growth. North America dominates the cement board market with the largest share. Growth in the residential construction sector along with rising commercial infrastructure spending is driving demand.
In the Asia Pacific region, China holds the largest market share due to massive domestic demand. Substantial growth in residential construction and strengthening economy are factors boosting the APAC cement board market.
Key players operating in the cement board market are Etex Group, Elementia Materials, Everest Industries Limited, James Hardie Industries PLC, Johns Manville, Knauf Gips KG, Saint-Gobain, BetonWood Srl, Cembrit Holding A/S, HIL Limited, GAF, and NICHIHA Co. Ltd. Companies are focusing on new product innovations, mergers& acquisitions and sustainable manufacturing to gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
