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Global Cement Board Market size is forecast to reach $17.22 billion by 2025, after growing at a CAGR of 5.40% during 2020-2025.Cement board is a sheet formed from the combination of cement and reinforcing fibers that increases the strength to the supporting structure. It is found in exteriors or interiors and can be mounted to stainless steel and wood studs. Whereas, the growing urbanizations, rising construction activities, and increasing commercial and residential buildings due to rising population drives the growth of cement board market size during the forecast period.
Type – Segment Analysis
Fiber Cement Board (FCB)holds the largest share in the Global Cement Board Market in 2019 due to its wide use in various applications such as siding, flooring, ceiling, roofing materials, soffit, trims, and as a tile backing board. Fiber Cement Board is experiencing tremendous growth due to its durability and water resistance as well as waterproof consistency. Fiber cement board is utilized as a siding within residential buildings such as in bathroom and kitchen. Fiber Cement Board (FCB) is the oldest cement board type but still the most commonly used and manufactured type.
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Application – Segment Analysis
Residential and Commercial Building is the largest growing application with CAGR of 3.89% in Global Cement Board Market in 2020-2021. As cement board is widely used in various residential applications such as in walls, facades, floors, roofs, fire resistant application, and many other. Furthermore, due to its low bending strength and elasticity it is used in flooring, underlay, and tile-backing in buildings. Using cement-bonded concrete boards makes simple and inexpensive new floor laying without the use of wet processes or modification of the current floor structure’s acoustic and heat-insulating properties. Increasing use of cement backer board due to its inexpensive, long-lasting and durable properties in residential and commercial building application, will further drive the market in forecast period.
Geography- Segment Analysis
North America held the largest share with 43.5% in Global Cement Board Market in 2019 due to increase in construction activity in the United States and Canada. The U.S is the largest construction industry in the world. According to the United State Census Bureau, the construction industry increased with a growth rate of 6.8% from January 2019 to January 2020. Residential construction was at a seasonally adjusted annual rate of $554.8 billion in January, 2.1 percent above the revised December estimate of $543.6 billion. Also, Nonresidential construction was at a seasonally adjusted annual rate of $468.0 billion in January, 0.8 percent above the revised December estimate of $464.1 billion. During the forecast period, the country’s rising residential and commercial construction sectors are expected to fuel demand for cement boards.
Drivers –Global Cement Board Market
Enduring properties of Cement Board
Cement Boards offer wide range of benefits for various end use industry from residential, commercial, and industrial sectors. It is very robust and can withstand many years of harsh condition. Cement boards can survive storm at the hurricane level, as the siding defends the house from exposure to wind and rain and hail. As compared to water resistant gypsum boards, cement board adds impact resistance and strength to the wall surface. For homeowners, fire is a big concern. Cement Board is made up of over 90 percent of non-inflammable content. Also, Cement Board due to its high bending strength, elasticity and thickness is widely used in flooring, underlay and as a tile backer board. Cement Board is preferred widely as it is easy to handle and transport due to very low weight.
Growth of Residential and Commercial Buildings
Cement Boards has a wide range of application in Residential and Commercial Buildings. These application includes underlay, fire resistant construction, external siding, roofing, shingles and shale’s, exterior and partition walls, permanent shuttering, and prefabricated houses. For instance, the United States has the maximum skyscrapers in the world. The highest number of Skyscrapers is found in New York and Chicago. Besides, in February 2020, the US Census and FMI projects the growth of the U.S. construction spending to hit $1.35 trillion in 2019 and to increase incrementally to $1.46 trillion in 2022.
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Challenges –Global Cement Board Market
Alternatives of Cement Board
Vinyl Siding, Wood Siding and Wood Based Composites are some of the alternatives which has created challenges for the Global Cement Board Market. Wood-based composites are used in a variety of non-structural and structural applications in product lines ranging from panels for indoor covering to panels for outdoor use, and also in furniture and support structures in building. Wood Siding board is an environmentally friendly building material as compared to Cement boards, with energy-saving, sound insulation, anti-fire, anti-freeze-advantages. Wood Siding board is generally used for sound-absorbing, insulation, and concrete decoration materials in the construction and transportation sector. Wood Based Composites board has become one of the most popular building materials in market rather than Cement board as wood siding is cheap and is a low-cost alternative to other siding materials. Since the material is readily accessible it is simple and easy to replace. The greatest downside of wood siding is that it doesn’t have any insulation.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Global Cement Board Market. Major players in the Global Cement Board Market are Betonwood, BNBM Suzhou Co., Ltd, Certain Teed Corporation, Cetris®,Euroform Products LTD, GAF Materials Corporation, James Hardie Building Product Inc, Knauf, Owen Corning, Restekamong others.
In October2018,Euroform, has enhanced its range of Versapanel® cement particle boards with the addition of A2 Versapanel with Euroclass A2 certification according to BSEN 13501-1, stating that the high density, durable exterior coating is of minimal combustibility when exposed to fire conditions.
In June 2018, Cetris ®Company launched a new product CETRIS INCOL, a cement-bonded particleboard with smooth surface primed through with black pigment for application in walls, facades, fire-resistant applications, ceiling & plinths and balconies.
APAC region is projected to witness a highest growth rate in the global cement board market during the forecast period owing to disposable income, growing population, and increase in building construction activities in country such as China, Japan, India, and South Korea.
Fiber Cement board (FCB) has alluring properties and resembles like wood planks or wood shingles, hence is preferred by various house makers.
Increasing demand of Environmentally friendly and highly durable product in construction industry is escalating the global cement board market.
High Installation charges due to its heavy weight and high use of labor can create a hurdle for the global cement board market.
Production, as well as off take of Global Cement Board Market, is likely to be virtually decline during 2020-2021 due to COVID-19 impact across various sectors.
Specialized Cement Market
Fiber Cement Board Market
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