Cement Board Market To Witness Significant Growth Owing To Increasing Residential And Non-Residential Construction Activities
Cement board is used in various construction applications such as walls, floors, ceilings, countertops, and facades due to its durability, dimensional stability, fire resistance, impact resistance, moisture resistance, and mold resistance. Modern cement boards are made from sand, cement, cellulose fibers, and water which provides many benefits over traditional drywall.
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 24% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing residential and non-residential construction activities around the world owing to rapid urbanization and growing population are expected to boost the demand for cement board during the forecast period. Further, cement board finds wide usage in exterior applications such as siding due to its water and weather resistance properties. The product is a sustainable alternative to wood and helps reduce maintenance cost. However, rising inflation and high raw material prices may hamper the market growth. Innovation in product design and development of advanced material composition cement boards can create new opportunities in the coming years.
SWOT Analysis
Strength: Cement board has high durability and fire resistance which makes it an ideal material for exterior and interior wall applications. It is less susceptible to moisture damage and resists impacts better than gypsum wallboard. Cement board holds paint and finishes well providing a long lasting attractive appearance.
Weakness: Cement board is heavy and requires special fasteners and installation instructions to be followed for proper application. It is more brittle and can crack or chip around corners and edges if not handled and installed properly. Transportation and handling of cement board also requires more effort than conventional wallboards due to its weight.
Opportunity: Rising construction activities across developing economies in Asia Pacific and Latin America is driving the demand for durable and moisture resistant building materials like cement board. It is finding increasing usage in shower enclosures, countertops and other wet areas in residential and commercial construction. New product innovations targeted at specific end-use applications are expanding the market reach.
Threats: Availability of inexpensive substitute materials like fiberglass reinforced gypsum boards pose pricing pressure on cement board manufacturers. Volatility in raw material prices especially cement can impact the overall project costs. Stringent regulatory standards pertaining to dust emissions during manufacturing also increases compliance costs.
Key Takeaways
The Global Cement Board Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising residential and commercial construction spending globally.
Regional Analysis: The Asia Pacific region currently dominates the market and is projected to maintain its leading position through 2030 driven by buoyant construction sector in China, India, Indonesia and other developing Asian countries.
Key players operating in the cement board market are Veritas Technologies Llc., Actifio Inc., Veeam Softwares, Commvault Systems Inc., Symantec Corporation, Ca Technologies, Microsoft Corporation, Dell Technologies Inc., Ibm Corporation, and Hewlett Packard Enterprise. Emphasis on product innovations targeted at moisture resistance, ease of use and varied applications will remain a winning strategy for cement board manufacturers as the market remains competitive. Innovation and adoption of lightweight cement boards using new binder materials will further drive market growth while addressing key issues like heavy weight and high installation costs.
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