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Cement board Market Share, Trends Analysis, Segments Report 2024
Cement Board Market Trends
According to The Business Research Company's, The cement board market size has grown strongly in recent years. It will grow from $7.8 billion in 2023 to $8.27 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to growing construction and infrastructure, preference for durable and fire-resistant materials, environmental concerns and sustainability, urbanization trends, regulatory standards and building codes..
The cement board market size is expected to see strong growth in the next few years. It will grow to $10.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to rising demand for high-performance construction materials, focus on energy efficiency in buildings, innovation in architectural design, growth in residential construction, resilience to harsh weather conditions .. Major trends in the forecast period include implementation of building codes and standards, advantages in moisture and mold resistance, market expansion in developing regions, prefabrication and modular construction trends, digitalization in manufacturing processes..
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Market Drivers and Trends:
The growing residential and commercial construction is expected to propel the growth of the cement board market going forward. Residential construction refers to construction of private dwelling residential space whereas commercial construction refers to the design and modelling of properties for commercial use. The cement boards are installed in a diagonal or lateral arrangement to safeguard the building's foundation in residential and construction. Hence, the increasing residential and commercial construction sector is boosting the sales of cement boards. For instance, according to the United States Census Bureau, a US-based principal agency of the federal statistical system, in February 2023, the number of privately owned housing units were 1,524,000 on a seasonally adjusted yearly basis, an increase of 13.8% from January 2023. Therefore, the growing residential and commercial construction is driving the growth of the cement board market.
Innovative plants are the key trends gaining popularity in the cement board market. Companies operating in the cement board market are developing advanced plants to sustain their position in the market. For instance, in April 2023, Knauf Group, a Germany-based provider of construction materials utilizing sustainable gypsum drywall, launched a cement board plant in Chile. The plant, which represents an investment of US$17 million, has an annual production capacity of 7 million square meters of cement boards. The plant creates a lightweight, durable, and water-resistant product that is ideal for use in exterior applications that, is also fire-resistant and has excellent soundproofing properties.
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Major Key Players of the Market:
BetonWood SRL; Swisspearl Group AG; Everest Industries Limited; Etex Group Ltd.; Elementia Materiales SAB de CV; HIL Limited; GAF Materials Corporation; James Hardie Industries plc; Johns Manville Corp.; Nichiha Corporation; Saint-Gobain SA; Atermit AS; LTM Group LLC; Lato OJSC; Soben Board International; Knauf Gips KG; Tepe Betopan AS; Mahaphant India Pvt.Ltd.; Hume Cemboard Industries Sdn. Bhd.; Visaka Industries Ltd.; Allura USA; Swisspearl Group AG; Plycem USA Inc.; Maxitile Ltd.; American Fiber Cement Corporation; Copalcor Rolled Metals; Taisyou International Business Co. Ltd.; SCG Building Materials Co. Ltd.; TPI Polene Public Company Limited; Shandong Lutai Building Material Science and Technology Group Co. Ltd.
Cement board Market 2024 Key Insights:
• The cement board market will grow to $10.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Cement Board Market Surges With Growing Residential And Commercial Construction
• Innovation With State-Of-The-Art Cement Board Facility
• Asia-Pacific was the largest region in the cement board market in 2023
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