by Cement board, also known as fiber cement board, is a composite material made of sand, cement and cellulose fibers. It is a durable building material that can be used as an alternative to traditional drywall or sheet rock for wall, floor and ceiling applications. Cement board offers several advantages over drywall such as high fire resistance, moisture resistance, mold resistance and durability. It is widely used in bathroom, kitchen and other wet areas in residential and commercial buildings that require moisture protection. Growth in construction sector globally is one of the key drivers for increasing use of cement board.
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:
One of the major trends in the cement board market size is the increasing commercial and infrastructure development worldwide. Rapid urbanization is fueling rise in construction of office buildings, malls, hotels, hospitals and transportation centers which in turn is driving the demand for cement boards as decorative and durable wall and flooring material. Furthermore, stringent regulations regarding fire safety in various countries is also propelling the adoption of cement board among builders as it offers superior fire resistance compared to drywalls. Manufacturers are developing customized cement board products for various applications and also launching eco-friendly products made from recycled content in order to capitalize growing sustainability and innovation trends in the construction industry.
Porter’s Analysis
Threat of new entrants: The cement board market is capital intensive as new manufacturing facilities requires significant capital investment. This act as a barrier for new players.
Bargaining power of buyers: Cement board market has moderate buyers bargaining power as cement boards are used in construction activities which depends up on various factors like regulatory policies, interest rates etc.
Bargaining power of suppliers: The suppliers have moderate bargaining power as cement board manufacturers depend on limited number of raw material suppliers.
Threat of new substitutes: Low threat of new substitutes exist as cement boards have better properties compare to substitutes like drywalls.
Competitive rivalry: Market is moderately competitive as it consists of few large and mid-sized companies competing for higher market share through product innovation and expansions.
Key Takeaways
The global cement board market is expected to witness high growth. Asia Pacific currently dominates the cement board market with around 40% of global share in 2023. Growing construction activities especially in China and India is supporting the regional market growth.
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. These key players are focusing on new product launches and expansion strategies to gain higher market share.
The cement board market in North America is also expected to grow significantly during the forecast period supported by increasing renovation and remodeling activities in the US and Canada. Stringent regulatory norms regarding fire protection is driving the demand of cement boards in commercial construction in the region.
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