Global Cement Board Market to be Valued at US$ 2.68 Bn in 2030
Cement boards are versatile building material that are produced from naturally occurring materials and various fibers. These offer high durability and impact resistance property. These boards are majorly used in construction sector due to its termite and vermin resistance, fire resistance, acoustic performance, easy handling, and installation process.
Market Statistics:
The global cement board market was accounted for US$ 1.76 Bn in 2022.
Global Cement Board Market: Drivers
Rising demand for cement board
Rising demand for cement board due to their superior characteristics over traditional building materials such as high durability and impact resistance is expected to drive the market growth. Moreover, these boards are environmental-friendly solution and resistant to water, fire, vermin, and fungus. Use of cement boards in construction reduces overall time and spaces.
Global Cement Board Market: Opportunities
Growing investment in green building
Growing investment in green building for sustainability in construction is projected to offer major growth opportunities over the forecast timeframe. The World Green Building Council attracts the emerging economies in the Asia Pacific and South America to attract investment opportunities worth US$ 24.7 trillion by 2030. This will offer growth prospects to the global cement board market.
Global Cement Board Market: Restraints
Limited applications
Limited application of fiber cement board due to its narrowness is projected to negatively impact the market growth. In 2020, the COVID-19 pandemic led to a economic recession due to the rapid fall in consumer spending.
Global Cement Board Market - Impact of Coronavirus (COVID-19) Pandemic
The outbreak of COVID-19 affected the construction and manufacturing industries worldwide in 2020 and 2021. In 2020, the pandemic led to a terrible economic recession and rapid fall in consumer spending due to imposition of lockdowns worldwide, in order to prevent the spread of infection. However, commercial construction has begun to grow, especially from the end of 2021 due to growing demand for office building, which is driving demand for cement board.
Key Takeaways:
Global cement board market was valued at US$ 1.76 Bn in 2022, and is forecast to reach a value of US$ 2.68 Bn by 2030 at a CAGR of 4.7% between 2023 and 2030. On basis of end user, commercial segment held dominant position in the global cement board market in 2022, accounting for 40% share in terms of value. Increasing approval and launch of new products is expected to drive the segment growthduring the forecast period.
To know the latest trends and insights prevalent in the Global Cement Board Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cement-board-market-5174
Global Cement Board Market- Trends
Growing trends
Growing trends in the improvement across residential and commercial construction are projected to provide a growth prospect to the global cement board market in the near future. The market is also expected to witness growth due to growing consumer spending capacity, with respect to renovation and alteration in building structures.
Increase in Hotel construction
Rising hotel construction is another major trend observed in market that is expected to drive the market growth. For instance, in May 2020, Radisson Hotel Group. is an American multi-national hospitality company, launched two new-build Radisson hotels in Brazil, through its partnership with Atlantica Hotels. Moreover, the US government has further auctioned 44 projects in 2020. Out of the 44 projects, 22 are airports to be conceded to the private sector. The government has allocated around US$ 24.6 Billon investments in these projects.
Global Cement Board Market: Competitive Landscape
Etex Group, Elementia Materials, Everest Industries Limited, James Hardie Industries PLC, Johns Manville, Knauf Gips KG, Saint-Gobain, BetonWood Srl, Cembrit Holding A/S, HIL Limited, GAF, and NICHIHA Co. Ltd</p
