The cement board market in terms of volume is expected to reach 570.06 million square meters in 2022 and is expected to register a CAGR of over 5% during the forecast period (2022-2027).
New York, March 18, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Cement Board Market – Growth, Trends, Impact of COVID-19 and Forecast (2022 – 2027)” – https://www .reportlinker.com/p06241294/?utm_source=GNW
Major factors driving the market are increasing residential construction across the globe? and desirable properties of impact resistance and durability.
The high initial cost compared to its traditional counterparts? is likely to hold back the market.
Rising trends for aesthetic enhancement? is an opportunity for market growth in the future.
Main market trends
Increase in demand in the commercial sector
The commercial sector is a key segment of the cement board market. Furthermore, the office sector is one of the crucial markets for cement board applications in the commercial segment. “With the increase in business activities around the world, the demand for cement board in this segment is growing at a good pace. ?
Asia-Pacific has been driving growth in the global hotel industry, with 667 new hotels expected to be launched in 2021, adding 162,102 rooms to APAC’s hotel supply. This rapid growth is expected to continue in 2022 with 444 hotels planned 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 is experiencing healthy growth in the commercial construction sector, thanks to significant investments in the United States and Canada. Approximately 1,162 new hotels, 135,228 rooms are estimated to have opened in 2021 in the United States. ?
Various construction companies see Europe as having a long future for office space and commercial space. Additionally, several companies have invested in construction projects in the commercial sector, which are driving the demand for cement board.
These factors are continuously driving the demand for cement board for commercial construction and a nice growth is expected during the forecast period. ?
The Asia-Pacific region will dominate the market
China is promoting and experiencing a process of continuous urbanization, with a rate target of 70% for 2030. The increase in necessary living spaces in urban areas resulting from urbanization and the desire of middle-class city dwellers to improve their living conditions can have an impact. profound effect on the housing market and hence increase 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, residential and non-residential construction in China slowed due to tighter control by regulators over developer borrowing. In addition, the country’s second-largest property developer, Evergrande Group, has faced debt repayment issues that have further slowed 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 give a significant boost to residential construction (the largest market category), which will represent 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 around 9% and has shown promising growth in 2020 and 2021 with production reinvigorated by around 8%. The Indian construction industry is predicted to become the third largest market in the world with a size of nearly $1 trillion by the end of the forecast period.
Overall, demand growth for the market studied in the rest of Asia Pacific is expected to be moderate over the forecast period.
The cement board market is partially fragmented. However, the top four to five market players hold a significant share of the global market. Major market players include (in no particular order) James Hardie Industries Plc., Etex Group, Saint-Gobain, Johns Manville, and NICHIHA Co.Ltd, among others.
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