The market for cement board market is expected to register a CAGR of around 5.5% during the forecast period. Major factors driving the market studied are desirable properties of impact resistance and durability of the cement board.
- The high initial cost in comparison to its traditional counterparts is likely to act as a restraint to the market studied.
- Asia-Pacific and North-America to dominate the market.
Key Market Trends
Increasing Demand from Fiber Cement Board
- Fiber Cement boards (FCB) are panel boards, where there is fiber reinforcement with cement, which contributes to making the fiber-cement material even stronger. Together with a carefully planned production process, fiber cement makes it possible to develop strong and long-lasting construction materials.
- Today, fiber cement is considered as a material physically suited for construction products, such as cladding and roofing. It is primarily due to its function, performance, and commercial value.
- Fiber-cement products have found wide usage in various sectors of construction: industrial, agricultural, domestic and residential buildings, mainly in roofing and cladding applications, for new constructions and refurbishment projects.
- FCB is the fastest emerging panel boards globally, supported by increasing manufacturing capacities. With increasing awareness among contractors-carpenters and other input providers, the market is expanding very fast, and is expected to remain the same during the forecast period.
North America to Dominate the Market
- The United States dominated the North American cement board market, owing to the increasing construction activities in the country.
- The United States is the world’s largest and most powerful economy in the world, with a per capita income of around USD 60,200.
- The growing residential and commercial construction sectors in the country are expected to drive the demand for cement boards, during the forecast period.
- The US residential sector’s growth is slower than the non-residential sector. In the country, the growing population is expected to boost the demand for housing. Furthermore, about 20 million households are projected to be constructed over the next decade. The US commercial construction sector is expected to witness growth in the next few years.
- Furthermore, the Canadian construction industry is witnessing growth in a few major cities, such as Toronto and Vancouver. In these cities, developers are registering good profits on investment, mainly with high-density residential projects.
- Therefore from the above mentioned points the demand for cement board is expected to increase during the forecast period.
The cement board market is fragmented in nature. Some of the major players of the market are James Hardie Building Products Inc., CERTAINTEED, Owens Corning, GAF, and Johns Manville, among others.
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