Cement board Market Report 2024: Strategies And Recent Developments
The Business Research Company has updated its global market reports featuring the latest data for 2024.
One notable trend is the emphasis on innovation, such as Knauf Group's investment in a state-of-the-art cement board facility in Chile. This plant, with an investment of US$17 million and an annual capacity of 7 million square meters, highlights the industry's move towards producing lightweight, durable, water-resistant, and fire-resistant cement boards.
The report identifies the surging residential and commercial construction as a major driver of the cement board market. For instance, the United States Census Bureau reported a significant increase in privately owned housing units in early 2023, underscoring the sector's growth.
The competitive landscape features key players like BetonWood SRL, Swisspearl Group AG, Everest Industries Limited, and Etex Group Ltd., who are innovating and expanding their market presence.
The cement board market is segmented into product types such as Fiber Cement Board, Wood Wool Cement Board, Wood Strand Cement Board, and Cement Bonded Particle Board. Applications range from flooring and exterior walls to roofing and acoustic insulation, catering to residential, commercial, industrial, and institutional end-users.
Looking further ahead, the market is expected to continue its growth trajectory, reaching $10.46 billion by 2028 with a steady CAGR of 6.0%.
The report attributes this forecasted growth to the increasing demand for high-performance construction materials, emphasis on energy efficiency in buildings, innovations in architectural design, and the expansion of the residential construction sector, among other factors.
The Cement Board Market Report 2024, published by The Business Research Company, details strategic advancements and developments in the cement board industry. The report forecasts that the market will grow from $7.8 billion in 2023 to $8.27 billion in 2024, achieving a compound annual growth rate (CAGR) of 6.0%. This growth is fueled by factors such as expanding construction and infrastructure, the demand for durable and fire-resistant materials, environmental sustainability concerns, urbanization trends, and the implementation of regulatory standards.
