Global Cement Board Market Growth, Trends, and Forecasts 2023-2028

DUBLIN, July 27, 2023 /PRNewswire/ -- The "Cement Board Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.

The global cement board market is expected to reach 570 million square meters by the end of this year and is expected to register a CAGR of more than 5% during the forecast period.

Key Highlights:

• Rising residential construction and superior impact resistance propel market growth
• Initial cost compared to traditional counterparts poses a growth restraint
• Aesthetic improvement trends present lucrative opportunities in the global market
• Asia-Pacific region witnesses healthy growth in the cement board market

Cement Board Market Trends:

• Growing demand in the commercial sector fuels cement board market growth
• Asia-Pacific dominates the market, with China at the forefront
• China's urbanization drive and residential construction spur market expansion
• Recovery expected in China's construction sector, supporting cement board market growth
• India's Housing for All initiative to boost residential construction

Competitor Analysis:

• James Hardie Industries PLC, Etex Group, Saint-Gobain, Johns Manville, and NICHIHA Co. Ltd lead the market

As the global cement board market continues to expand, projections indicate it will reach a significant milestone, hitting 570 million square meters by year-end. Furthermore, this market is expected to register a promising compound annual growth rate (CAGR) of over 5% during the forecast period.

Key drivers propelling the growth of the cement board market include the increasing demand for residential construction worldwide and the desirable properties of impact resistance and durability that cement boards offer. These attributes make them a preferred choice for modern construction projects. However, the high initial cost compared to traditional alternatives poses a challenge to the market's growth in the coming years.

Despite this restraint, the market is set to benefit from rising trends in aesthetic improvement, creating lucrative growth opportunities. As more consumers seek aesthetically pleasing and durable construction materials, cement boards gain prominence in various building applications.

One of the key segments driving the cement board market is the commercial sector, particularly the office segment. With a global surge in commercial activities, the demand for cement boards in this sector is witnessing significant growth. The Asia-Pacific region has emerged as a thriving market for commercial spaces, with countries like India and China experiencing an increase in office space demand. Additionally, the region is witnessing rapid growth in the hotel and shopping center construction sectors.

China plays a pivotal role in the cement board market, actively promoting urbanization with a target rate of 70% by 2030. The ongoing process of urbanization is driving demand for residential construction in the country. While China's construction industry experienced a slowdown due to regulatory controls and debt repayment issues, the government's initiatives are expected to boost the market. Key developers like Evergrande plan to complete a significant number of residential units in 2022, contributing to the industry's recovery.

Similarly, India's government has undertaken massive projects, with the Housing for All initiative aiming to build over 20 million affordable homes by 2022. This initiative will stimulate residential construction, further supporting the cement board market's growth in the country.

In the competitive landscape, several players are vying for a share of the cement board market. Notable companies in this market include James Hardie Industries PLC, Etex Group, Saint-Gobain, Johns Manville, and NICHIHA Co. Ltd, among others. These players compete for global market share, contributing to the partially fragmented nature of the industry.

As the global construction industry continues to grow, the demand for cement boards in various applications is expected to witness steady growth. With the advantages of impact resistance and durability, cement boards are becoming increasingly essential in modern building projects, particularly in the commercial and residential sectors. The Asia-Pacific region, led by China and India, is anticipated to dominate the market, reflecting its rapid urbanization and ambitious construction initiatives.

The global cement board market is poised for significant growth, fueled by increasing construction activities and the demand for sustainable and durable building materials. With market leaders constantly innovating and expanding their offerings, the competition remains robust, promising a dynamic and evolving industry landscape.

A selection of companies mentioned in this report includes

• 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
• NICHIHA Co. Ltd

For more information about this report visit https://www.researchandmarkets.com/r/mit3pj

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