Cement Board Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cement Board Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The cement board market in terms of volume is expected to be 570.06 million square meters in 2022 and is expected to register a CAGR of more than 5% during the forecast period (2022-2027).

Key Highlights

• Major factors driving the market are rising residential construction across the world​ and desirable properties of impact resistance and durability.
• The high initial cost in comparison to its traditional counterparts​ is likely to act as a restraint to the market.
• Rising trends for aesthetic improvement​ is an opportunity for the growth of the market in the future.

Key Market TrendsIncreasing Demand in Commercial Sector

• The commercial sector is a key segment in the cement boards market. Furthermore, the office sector is one of the crucial markets for the applications of cement boards in the commercial segment. ​With the increasing commercial activities around the world, the demand for cement boards in this segment is increasing at a good pace. ​
• Asia-Pacific has been driving growth in the global hotel industry, 667 new hotels are estimated to have launched in 2021, adding 162,102 rooms to APAC’s hotel offering. This rapid growth is set to continue in 2022 with 444 planned hotels and 111,798 rooms, followed by another 179 properties with 43,735 rooms for 2023. 515 hotels with 127,104 rooms are confirmed for 2024.
• North America has been witnessing healthy growth in the commercial construction sector, owing to the significant investments in the United States and Canada. Around 1,162 new hotels, 135,228 rooms are estimated to have opened in 2021 in the United States. ​
• Various construction firms consider that Europe has long future for office spaces and retail spaces. Also, several companies has invested in the construction projects in the commercial sector, which are driving the demand for cement boards.
• Such factors are continuously driving the demand of cement boards for commercial construction and handsome growth is expected during the forecast period. ​

Asia-Pacific Region to Dominate the Market

• China is promoting and undergoing a process of continuous urbanization, with a target rate of 70% for 2030. The increased living spaces required in the urban areas resulting from urbanization and the desire of middle-class urban residents to improve their living conditions may have a profound effect on the housing market, and thereby, increase the residential construction in the country which in turn will have a positive effect on the Cement Board market in the country.
• However, in the second half of 2021, both residential and non-residential construction in China has slowed down due to tightened control by regulators over borrowing by developers. Furthermore, the country’s second-largest real estate developer Evergrande Group has faced debt repayment issues which further slowed down many construction projects.
• As in India, the government is pushing huge projects in the next few years. The government’s ‘Housing for All’ initiative aims to build more than 20 million affordable homes for the urban poor by 2022. This will provide a significant boost to residential construction (the market’s largest category), which will account for more than a third of the industry’s total value by 2023.​
• The construction industry is the second-largest industry in India with a GDP contribution of about 9% and has shown promising growth in 2020 and 2021 with a re-energized output of around 8%. It is predicted that India’s construction industry is set to emerge as the third-largest market in the world, with a size of almost USD 1 trillion by the end of the forecast period.
• Overall, the demand growth for the market studied in the Rest of Asia-Pacific is expected to be moderate during the forecast period.

Competitive Landscape

The cement board market is partially fragmented in nature. However, the top four to five players in the market own a significant share in the global market.​ Some of the major players in the market include (not in any particular order) James Hardie Industries Plc., Etex Group, Saint-Gobain, Johns Manville, and NICHIHA Co.Ltd, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies

BetonWood SRL
Cembrit holding A/S
Etex Group
Elementia Materials
Everest Industries Limited
GAF
HIL Limited
James Hardie Industries PLC
Johns Manville
Knauf Gips KG
NICHIHA Co. Ltd
Saint
Gobain