$4550
[Research Report] The cement board market size is expected to grow from US$ 23,616.63 million in 2022 to US$ 35,473.56 million by 2028; it is estimated to record a CAGR of 7.0% from 2022 to 2028.
MARKET ANALYSIS
Cement board is a combination of cement, glass, aggregate, and fiber reinforcements that are formed into sheets and used as tile backing boards, and to build walls or floors. Cement board comprises of various product type such as fiber cement board and cement bonded particle board. Cement bonded particle boards have high stiffness, high fire resistance, high resistance to atmospheric agents and excellent acoustic insulation properties. They are largely used in flooring, facade, wall cladding, gates, and other construction products. Cement boards are used in various construction activities owing to its excellent physical characteristics such as non-combustible, water and UV resistance, resistance to rotting and wrapping, and others.
GROWTH DRIVERS AND CHALLENGES
Rising adoption of cement board in construction sector is boosting the global cement board market growth significantly. Durability is one of the most desirable qualities of cement board. Cement boards, and panels typically outlast vinyl siding and other alternative products in lifespan. Within 10 to 15 years, vinyl siding can show signs of aging, whereas cement board can last up to 30 to 50 years or more. Further, in cement production, carbon dioxide is a byproduct. However, manufacturing vinyl siding containing polyvinyl chloride (PVC) produces more carbon dioxide than cement production. Moreover, vinyl siding off-gases throughout its lifetime as it occupies a space landfill. Moreover, the upsurge in demand for energy-efficient buildings is further boosting the global cement board market growth. Modernizing cities in developing countries and increasing per capita income propel energy use in buildings across the world. High energy consumption in public, residential, and commercial buildings creates a need for energy savings. According to the International Energy Agency, buildings are expected to account for ∼41% of global energy savings potential by 2035, and the industrial sector and transport sector will hold 24% and 21%, respectively. A layer of cement board is applied to the building to reduce heat transfer through the walls, keeping the interior warmer in winter and cooler in summer, which makes a building energy efficient. However, the high cost associated with cement board purchase and installation, might limit its market growth.
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Cement Board Market: Strategic Insights
Market Size Value in US$ 23,616.63 million in 2022 Market Size Value by US$ 35,473.56 million by 2028 Growth rate CAGR of 7.0% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Cement Board Market: Strategic Insights
| Market Size Value in | US$ 23,616.63 million in 2022 |
| Market Size Value by | US$ 35,473.56 million by 2028 |
| Growth rate | CAGR of 7.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
Shejal
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Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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REPORT SEGMENTATION AND SCOPE
The "Global Cement Board Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global cement board market trends and growth opportunities. The report aims to provide an overview of the global cement board market with detailed market segmentation by product type, application, end-use, and geography. The global cement board market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of cement board worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the cement board market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the cement board market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative cement board market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global cement board market, which helps understand the entire supply chain and various factors affecting the market growth.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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SEGMENTAL ANALYSIS
The global cement board market is segmented on the basis of product type, application, and end-use. Based on product type, the cement board market is segmented as, fiber cement board, and cement bonded particle boards. On the basis of application, the market is classified as, roofing, outside siding or façade, and others.
On the basis of end-use, the market is bifurcated into, residential, and non-residential. Based on product type, the fiber cement board segment accounted for a significant cement board market share which can be attributed to the rising adoption of cement board in the construction sector. Fiber cement board is a versatile and popular building material due to its durability and resistance to fire, moisture, and insects. Composed of cement, sand, cellulose fibers, and water, this board is commonly used for siding, roofing, flooring, and interior walls in residential and commercial construction projects. Fiber cement board is lightweight and easy to work with. Hence, it is preferred by builders and contractors. Based on application, outside siding or façade accounted for a major market. Fiber cement siding or façade can be used as an alternative to metal, traditional wood, and vinyl siding or façade. The siding or façade is available in various textures, colors, sizes, and shapes, allowing architects and builders to create unique and visually appealing designs. It offers key advantages such as durability and resistance to weathering, rot, mold, and pests. Based on end-use, residential segment accounted for significant share in the global cement board market. Demand for residential construction is propelling due to the increasing population. Fiber cement board and cement bonded particle boards are widely used in residential construction owing to their key advantages, including water resistance and termite prevention. In addition, rapid urbanization with an increasing expatriate population and growing demand for environment-friendly homes with a lower carbon footprint would augment the global cement board market growth for the residential segment during the forecast period. This will further attract new growth opportunities for the overall industry growth.
REGIONAL ANALYSIS
The report provides a detailed overview of the global cement board market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Middle East & Africa accounted for a significant share of the market and valued at more than US$ 2 billion in 2022 and estimated to reach approximately US$ 3 billion in 2030. Rapid increase in construction activities, especially in Middle East, positively contributed to the market growth in Middle East & Africa. Asia Pacific is also expected to witness considerable growth valued at over US$ 8 billion in 2022, attributed to increasing demand of energy efficient buildings in the region is driving global cement board market growth. North America is also expected to witness considerable growth valued at over US$ 4 billion in 2022, attributed to the increased preference of fiber cement board over wood board is expected to boost the global cement board market growth.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions and new product launches were found to be the major strategies adopted by the players operating in the global cement board market.
- In Jan 2023, James Hardie Building Products announced a new distribution partnership with Boise Cascade Company.
- In Jan 2020, James Hardie Building Products showcased its HardieBacker Cement Board with HydroDefense Technology, at The International Surface Event (TISE) in Las Vegas.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The COVID-19 pandemic led to a decline in the progress of many industries across the globe. Shutdown of manufacturing plants and restricted trade across the globe led to supply chain constraints for the manufacturers across the globe. The COVID-19 pandemic adversely affected the growth of the chemicals & materials sector and the cement board market. The implementation of measures to combat the spread of SARS-CoV-2 negatively impacted the growth of various industries. Industries such as packaging, consumer goods, automotive & transportation, textiles, and building & construction were adversely affected by the sudden disruptions in operational efficiencies and value chains due to the sudden closure of national and international boundaries. During the COVID-19 pandemic, falling revenue and increasing project delivery challenges led to the sector’s contraction in most markets, with a corresponding negative impact on the labor force. Builders experienced delays and increased costs for imported raw materials and off-site building materials due to many factories being shut down for long periods. The damage to the building & construction industry hampered the demand for cement board. Therefore, the cement board market has recovered quite well from the aftermath of the pandemic and is expected to grow over the coming years.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the cement board market include, include James Hardie Industries plc, Plycem USA LLC, Everest Industries Ltd, Swisspearl Group AG, Visaka Industries Ltd, Nichiha Corp, Soben International Ltd, SCG Building Materials Co., Ltd, Etex NV, and Compagnie de Saint Gobain SA among others.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Application, and End-Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Durability is one of the most desirable qualities of cement board. Cement boards, and panels typically outlast vinyl siding and other alternative products in lifespan. Within 10 to 15 years, vinyl siding can show signs of aging, whereas cement board can last up to 30 to 50 years or more. Further, in cement production, carbon dioxide is a byproduct. However, manufacturing vinyl siding containing polyvinyl chloride (PVC) produces more carbon dioxide than cement production. Moreover, vinyl siding off-gases throughout its lifetime as it occupies a space landfill. Hence, cement board siding is a greener alternative to vinyl siding. Cement board products do not require frequent repainting as it holds paint well. Also, they do not dent unlike steel siding. Cement board products stand stronger in moisture and leaks than gypsum boards. These products possess excellent moisture-absorbing and drying properties, making them resistant to weather changes.
The major players operating in the global cement board market are James Hardie Industries plc, Plycem USA LLC, Everest Industries Ltd, Swisspearl Group AG, Visaka Industries Ltd, Nichiha Corp, Soben International Ltd, SCG Building Materials Co., Ltd, Etex NV, and Compagnie de Saint Gobain SA.
Based on the end-use, residential segment is projected to grow at the fastest CAGR over the forecast period. Demand for residential construction is propelling due to the increasing population. Fiber cement board and cement bonded particle boards are widely used in residential construction owing to their key advantages such as water resistance and termite prevention.
Asia Pacific accounted for the largest share of the global cement board market. Asia Pacific is one of the most significant regions for the cement board market owing to drastic increase in the number of construction and renovation activities.
Based on product type, fiber cement board segment held the largest revenue share. The growth of the segment is attributed to the excellent properties of the fiber cement board. Fiber cement board is a versatile and popular building material due to its durability and resistance to fire, moisture, and insects. Composed of cement, sand, cellulose fibers, and water, this board is commonly used for siding, roofing, flooring, and interior walls in residential and commercial construction projects.
According to the World Bank, across the world, a large proportion of the population lives in cities. In 2011, 52.0% lived in urban areas. Over the last ten years, owing to urbanization in developing economies in Asia and Oceania, the urban rate increased from 43.3% in 2011 to 50.0% in 2021. Africa has seen a 4.6% increase in the same period. Governments of various countries across the world focus on supporting and increasing construction activities. Saudi Arabia launched its Saudi Vision 2030 to diversify its economy, modernize its administration, and introduce bold reforms in many sectors. The country is targeting to increase the contribution of its construction sector to the overall GDP. Due to its Saudi Vision 2030, the country's construction market reports significant growth in residential and nonresidential segments and offers lucrative potential to cement board. Thus, to propel the construction and completion of affordable houses in rural and urban areas, the Government of India declared the allotment of US$ 6,107.0 crore to expedite the work on various stalled projects.
The List of Companies - Cement Board Market
- James Hardie Industries plc
- Plycem USA LLC
- Everest Industries Ltd
- Swisspearl Group AG
- Visaka Industries Ltd
- Nichiha Corp
- Soben International Ltd
- SCG Building Materials Co. Ltd.
- Etex NV
- Compagnie de Saint Gobain SA
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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