The Cement Boards market size was valued at USD 20,258.79 million in 2018, increased to USD 28,898.52 million in 2024, and is anticipated to reach USD 45,770.83 million by 2032, at a CAGR of 5.51% during the forecast period.
REPORT ATTRIBUTE
DETAILS
Historical Period
2020-2023
Base Year
2024
Forecast Period
2025-2032
Cement Boards Market Size 2024
USD 28,898.52 million
Cement Boards Market, CAGR
5.51%
Cement Boards Market Size 2032
USD 45,770.83 million
Top players in the cement boards market include James Hardie Industries Plc, Etex Group, Saint-Gobain, Johns Manville, and NICHIHA Co., Ltd, all of which maintain a strong global presence through extensive product portfolios and continuous innovation. These companies are focused on developing durable, fire-resistant, and sustainable solutions to meet the rising demand from residential and commercial construction sectors. James Hardie Industries Plc leads the market with a significant share, supported by its strong brand recognition and advanced fibre cement technologies. Regionally, Asia Pacific dominates the cement boards market, accounting for 43.1% of the global market share in 2018. This leadership is driven by rapid urbanization, population growth, and government-led infrastructure development in countries such as China and India. North America and Europe follow, supported by renovation activities and strict building codes. The combined efforts of top players and regional demand continue to shape the competitive dynamics of the market.
Market Insights
The cement boards market was valued at USD 20,258.79 million in 2018, reached USD 28,898.52 million in 2024, and is projected to reach USD 45,770.83 million by 2032, growing at a CAGR of 5.51% during the forecast period.
Growth is driven by rising demand for fire-resistant, moisture-proof, and sustainable construction materials across residential and commercial buildings, with fibre cement boards leading the segment due to their durability and versatility.
Key trends include the increasing adoption of lightweight and eco-friendly boards, technological advancements, and growing application in interior design and modular furniture.
The competitive landscape features major players such as James Hardie Industries, Etex Group, and Saint-Gobain, who are focusing on product innovation, regional expansion, and strategic partnerships to strengthen market presence.
Asia Pacific dominates the market with 43.1% share in 2018, followed by North America at 28.6%, with residential construction being the leading application segment globally.
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Fibre cement board dominates the cement boards market by type, accounting for the largest market share due to its superior durability, fire resistance, and suitability for both internal and external applications. Its wide adoption in residential and commercial projects is driven by its versatility and low maintenance needs. Wood wool cement boards are gaining traction in acoustic insulation and sustainable construction due to their eco-friendly properties. Cement bonded particle boards and wood strand cement boards cater to niche applications, offering strength and resistance to moisture. The “Others” category includes innovative composite boards that target customized industrial uses.
For instance, James Hardie Industries has reported the production of over 2.5 billion square feet of fibre cement boards annually, serving diverse construction needs globally.
By Application
The residential buildings segment leads the market in terms of application, holding the highest revenue share. This dominance is primarily fueled by the growing demand for lightweight, moisture-resistant, and thermally efficient materials in modern housing projects. Cement boards are increasingly used in walls, ceilings, and flooring applications across new construction and renovation projects. Commercial buildings follow as a strong sub-segment, supported by infrastructure expansion and commercial real estate growth. The product’s durability and sound insulation properties make it suitable for office spaces, malls, and institutions, driving its demand in the commercial sector.
For instance, Etex Group supplies over 800,000 homes annually with fibre cement boards for interior and exterior cladding.
Market Overview
Rising Demand for Sustainable and Fire-Resistant Materials
The global shift towards sustainable construction practices is significantly driving the demand for cement boards, particularly fibre cement variants. These boards offer fire resistance, termite protection, and longer service life compared to traditional plywood and drywall. With stricter fire safety regulations and growing awareness of green building certifications such as LEED and BREEAM, developers are increasingly opting for eco-friendly, non-combustible materials. As governments and private developers prioritize energy-efficient and disaster-resilient buildings, cement boards are emerging as a preferred material in both residential and commercial applications.
For instance, Hume Cemboard Industries received certification for supplying fire-rated panels (BS 476 Part 22, 2-hour rating) to more than 250 LEED projects across Southeast Asia.
Urbanization and Infrastructure Development
Rapid urbanization, particularly in developing economies across Asia-Pacific, the Middle East, and Africa, is fueling construction activities. The rising demand for high-rise apartments, smart cities, and commercial spaces has led to increased use of prefabricated and modular building materials such as cement boards. These boards reduce construction time, offer design flexibility, and are easy to install, making them ideal for fast-paced urban infrastructure development. Additionally, public infrastructure projects, including hospitals, schools, and office buildings, continue to contribute to market expansion.
For instance, SCG (Siam Cement Group) reported a 15% year-over-year increase in cement board demand from metropolitan construction projects in Thailand and Vietnam.
Growth in Renovation and Retrofitting Activities
The growing emphasis on renovation and retrofitting of aging buildings in developed regions like North America and Europe is another key driver. Cement boards are increasingly used in wall cladding, roofing, and flooring replacements due to their moisture resistance and structural reliability. Homeowners and building managers are investing in long-lasting materials that offer both performance and aesthetic appeal. Furthermore, government incentives and energy efficiency mandates for retrofitting old structures are positively influencing demand for cement board products in refurbishment projects.
Key Trends & Opportunities
Innovation in Lightweight and High-Performance Boards
Manufacturers are focusing on developing lightweight cement boards with improved thermal and acoustic insulation. Innovations in composite materials, surface finishes, and installation technologies are enhancing product performance and application scope. These innovations cater to evolving architectural needs and reduce labor and structural costs, creating opportunities in both developed and emerging markets. Additionally, the rise of dry construction techniques is encouraging the adoption of engineered cement boards as a substitute for wet materials like brick and plaster.
For instance, Swisspearl Group introduced a new product line with density below 1,200 kg/m³ and sound reduction index (Rw) of 36 dB, suited for high-end architectural use. The rise of dry construction techniques encourages the adoption of engineered cement boards as a substitute for wet materials like brick and plaster.
Expansion of Green Buildings and Smart Cities
The cement boards market is benefiting from the global push toward green building construction and smart urban development. These boards contribute to energy efficiency and environmental compliance, aligning with international standards for sustainable construction. Their recyclability and minimal VOC emissions position them well in public and private projects aimed at carbon footprint reduction. Government-backed smart city initiatives in countries such as India, China, and the UAE are creating robust demand for cement board applications across diverse infrastructure segments.
Increased Use in Furniture and Interior Design
A growing trend in using cement boards in furniture design and interior applications is creating a niche but promising growth opportunity. Their textured finish, fire resistance, and modern industrial look make them suitable for modular kitchens, tabletops, cabinets, and decorative panels. This design-forward approach is appealing to both residential and commercial consumers seeking durability along with aesthetic value. Manufacturers are responding with customizable and pre-finished boards tailored to this expanding application segment.
For instance, the Indian Smart Cities Mission utilized over 400,000 m² of cement boards in 2023 alone across Tier 1 city projects.
Key Challenges
High Installation and Processing Costs
Despite their advantages, cement boards typically require specialized tools and skilled labor for cutting and installation, which can elevate project costs. This is especially challenging for small-scale developers and DIY users who may find conventional materials more cost-effective. Moreover, transportation costs can be significant due to the boards’ weight and bulk. These factors limit market penetration, particularly in price-sensitive regions and among budget-conscious customers.
Health and Environmental Concerns During Manufacturing
Cement board manufacturing involves high energy consumption and emissions of dust and silica, which pose environmental and occupational health risks. Regulations surrounding air quality and industrial emissions are becoming more stringent, compelling manufacturers to invest in cleaner production technologies. Non-compliance can lead to penalties and reputational damage, acting as a restraint on market growth. Addressing these environmental concerns while maintaining competitive pricing remains a key challenge for industry players.
Regional Analysis
North America
North America held a significant share of the cement boards market, accounting for approximately 28.6% of the global market in 2018, with a valuation of USD 5,801.00 million. By 2024, the market reached USD 8,143.89 million and is projected to grow to USD 12,953.60 million by 2032, registering a robust CAGR of 5.6%. The region’s growth is driven by rising renovation activities, stringent building codes, and increasing demand for fire-resistant and energy-efficient construction materials. The U.S. remains the primary contributor, with a strong focus on sustainable infrastructure and commercial construction projects.
Europe
Europe contributed about 18.8% of the global cement boards market in 2018, valued at USD 3,815.64 million. The market expanded to USD 5,147.34 million in 2024 and is forecasted to reach USD 7,420.26 million by 2032, at a moderate CAGR of 4.3%. The region benefits from strict energy regulations, widespread adoption of green building practices, and significant investments in public infrastructure. Countries like Germany, the UK, and France are leading consumers, with rising demand for prefabricated and durable building materials enhancing the regional market outlook.
Asia Pacific
Asia Pacific emerged as the dominant regional market, capturing the largest share of around 43.1% in 2018, with a value of USD 8,738.43 million. This figure surged to USD 12,931.37 million in 2024 and is expected to reach USD 21,746.41 million by 2032, registering the highest CAGR of 6.3%. Rapid urbanization, population growth, and government-led infrastructure development in China, India, and Southeast Asia are the primary growth drivers. The region’s extensive construction activities and rising adoption of cost-effective, high-performance materials further support its strong market position.
Latin America
Latin America accounted for about 4.8% of the global cement boards market in 2018, valued at USD 979.41 million. The market grew to USD 1,380.13 million in 2024 and is projected to reach USD 1,940.58 million by 2032, at a CAGR of 3.9%. Regional growth is supported by increasing residential construction, particularly in Brazil and Mexico, along with rising investments in commercial and retail infrastructure. However, economic volatility and budgetary constraints in some countries may temper expansion, despite growing demand for durable and affordable building materials.
Middle East
In 2018, the Middle East cement boards market stood at USD 553.98 million, representing about 2.7% of the global share. It reached USD 720.69 million in 2024 and is estimated to attain USD 958.37 million by 2032, growing at a CAGR of 3.2%. The market is primarily driven by infrastructural expansion across the UAE, Saudi Arabia, and Qatar, including hospitality, healthcare, and education projects. While the region shows steady demand for fire- and moisture-resistant materials, growth may be moderated by fluctuating oil revenues and project financing limitations.
Africa
Africa held a minimal market share of around 1.8% in 2018, with a valuation of USD 370.33 million. The market increased to USD 575.11 million in 2024 and is expected to reach USD 751.61 million by 2032, reflecting a CAGR of 3.0%. Infrastructure development and housing demand, particularly in countries like Nigeria, Kenya, and South Africa, are driving market growth. However, the region faces challenges such as limited industrial capacity and high import dependency. Despite this, increasing investments in affordable housing and urban expansion present potential growth avenues for cement board adoption.
Market Segmentations:
By Type:
Fibre Cement Board
Wood Wool Cement Board
Cement Bonded Particle Board
Wood Strand Cement Board
Others
By Application:
Residential Buildings
Commercial Buildings
Road Construction
Furniture
Others
By Geography:
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
South-east Asia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of the Middle East and Africa
Competitive Landscape
The cement boards market features a moderately consolidated competitive landscape, with key players focusing on strategic expansions, product innovation, and mergers to strengthen their market positions. Leading companies such as James Hardie Industries Plc, Etex Group, and Saint-Gobain dominate through broad product portfolios, global manufacturing capabilities, and strong distribution networks. These companies invest heavily in R&D to introduce advanced, lightweight, and eco-friendly cement board solutions aligned with green building trends. Additionally, firms such as Knauf Industries and Georgia-Pacific LLC are leveraging automation and digital tools to improve operational efficiency and customer engagement. The market sees growing competition from local and emerging manufacturers, particularly in Asia-Pacific, where construction demand is high. Overall, the landscape is marked by a mix of global dominance and regional agility, driving continuous innovation and pricing competitiveness.
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In April 2025, the China Building Materials Federation, Conch Group, and Huawei unveiled the industry’s first AI model for cement building materials at an event in Wuhu, China, marking a major advance in the sector’s digital transformation.
In April 2025, James Hardie solidified its position in the US residential construction market by expanding its multi-year exclusive agreements with major homebuilders like Davidson Homes. These agreements focus on ensuring a consistent supply of James Hardie’s fiber cement siding and trim products for new construction projects.
In March 2025, James Hardie Industries agreed to acquire AZEK for USD 8.75 billion, aiming to expand its presence in the United States housing market by combining complementary renovation products.
In February 2025, Xuan Son Group officially launched Xuan Son Cement at their new plant in Hoa Binh province. Covering 40 hectares with a US$196 million investment, the facility boasts a production capacity of 3.5 million tons per year.
In January 2025, Ecocem announced plans to build its first production facility for ACT, its low-carbon cement technology, at the Dunkirk site. The new line, set to operate by 2026, will have an initial capacity of 300,000 tons per year.
In June 2023, Saint-Gobain signed an agreement to acquire cement board producer Hume Cemboard Industries. Through this acquisition, the company strengthened its lightweight product offering in Malaysia.
In February 2023, Everest Industries Limited intends to invest USD 22.5 million to establish a manufacturing unit on a 20-acre site in the Badanaguppe Kellambali KIADB layout of Chamarajanagar, Karnataka, India. The new facility aims to produce 72,000 metric tons (MT) of fiber cement board and 19,000 MT of Rapicon wall panels. This state-of-the-art, highly automated plant is projected to generate approximately 127 job opportunities.
Market Concentration & Characteristics
The Cement Boards Market exhibits moderate concentration, with a few dominant players accounting for a significant share of global revenue. Companies such as James Hardie Industries Plc, Etex Group, and Saint-Gobain maintain strong positions through technological expertise, broad distribution networks, and diversified product portfolios. It remains highly competitive, with regional manufacturers entering the market to cater to local construction needs and regulatory standards. The market shows strong product standardization, particularly in fibre cement boards, which are preferred for their fire resistance, durability, and low maintenance. Demand is largely influenced by the pace of urbanization, infrastructure investment, and housing development across emerging and developed economies. Asia Pacific leads in consumption, supported by large-scale construction and manufacturing capacity. Product innovation and sustainability concerns continue to shape competitive strategies. Market entry requires significant capital and compliance with building codes, limiting the number of new entrants. It demonstrates stable long-term growth potential with increasing application in interiors and modular construction.
Report Coverage
The research report offers an in-depth analysis based on Type,Application and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
The market will continue to grow steadily, driven by rising demand for durable and fire-resistant construction materials.
Fibre cement boards will remain the preferred product type due to their versatility and performance benefits.
Asia Pacific will retain its leading position, supported by ongoing urbanization and infrastructure development.
North America and Europe will see consistent growth due to strong renovation and retrofitting activities.
Sustainable and eco-friendly product innovations will influence purchasing decisions and regulatory approvals.
Dry construction practices will increase adoption of cement boards across residential and commercial segments.
Companies will focus on digital integration and automation to improve manufacturing efficiency and reduce costs.
Product customization and design-forward applications will expand use in interior and furniture segments.
Entry barriers such as capital investment and regulatory compliance will limit new competition.
Strategic partnerships and regional expansions will remain central to long-term growth strategies.
5.3 Segmental Wealth Flow – Type & Application Revenue
CHAPTER NO. 6 : TRADE & COMMERCE ANALYSIS
6.1. Import Analysis by Region
6.1.1. Global Cement Boards Market Import Revenue By Region
6.2. Export Analysis by Region
6.2.1. Global Cement Boards Market Export Revenue By Region
CHAPTER NO. 7: COMPETITION ANALYSIS
7.1. Company Market Share Analysis
7.1.1. Global Cement Boards Market: Company Market Share
7.2. Global Cement Boards Market Company Revenue Market Share
7.3. Strategic Developments
7.3.1. Acquisitions & Mergers
7.3.2. New Product Launch
7.3.3. Regional Expansion
7.4. Competitive Dashboard
7.5. Company Assessment Metrics, 2024
CHAPTER NO. 8: CEMENT BOARDS – BY TYPE SEGMENT ANALYSIS
8.1. Cement Boards Market Overview by Type Segment
8.1.1. Cement Boards Market Revenue Share By Type
8.2. Fibre Cement Board
8.3. Wood Wool Cement Board
8.4. Cement Bonded Particle Board
8.5. Wood Strand Cement Board
8.6. Others
CHAPTER NO. 9: CEMENT BOARDS – BY APPLICATION SEGMENT ANALYSIS
9.1. Cement Boards Market Overview by Application Segment
9.1.1. Cement Boards Market Revenue Share By Application
9.2. Residential Buildings
9.3. Commercial Buildings
9.4. Road Construction
9.5. Furniture
9.6. Others
CHAPTER NO. 10: CEMENT BOARDS – REGIONAL ANALYSIS
10.1. Cement Boards Market Overview by Region Segment
10.1.1. Global Cement Boards Market Revenue Share By Region
10.1.2. Regions
10.1.3. Type
10.1.4. Global Cement Boards Market Revenue By Type
10.1.5. Application
10.1.6. Global Cement Boards Market Revenue By Application
CHAPTER NO. 11: NORTH AMERICA CEMENT BOARDS – COUNTRY ANALYSIS
11.1. North America Cement Boards Market Overview by Country Segment
11.1.1. North America Cement Boards Market Revenue Share By Region
11.2. North America
11.2.1. North America Cement Boards Market Revenue By Country
11.2.2. Type
11.2.3. North America Cement Boards Market Revenue By Type
11.2.4. Application
11.2.5. North America Cement Boards Market Revenue By Application
11.3. U.S.
11.4. Canada
11.5. Mexico
CHAPTER NO. 12: EUROPE CEMENT BOARDS – COUNTRY ANALYSIS
12.1. Europe Cement Boards Market Overview by Country Segment
12.1.1. Europe Cement Boards Market Revenue Share By Region
12.2. Europe
12.2.1. Europe Cement Boards Market Revenue By Country
12.2.2. Type
12.2.3. Europe Cement Boards Market Revenue By Type
12.2.4. Application
12.2.5. Europe Cement Boards Market Revenue By Application
12.3. UK
12.4. France
12.5. Germany
12.6. Italy
12.7. Spain
12.8. Russia
12.9. Rest of Europe
CHAPTER NO. 13: ASIA PACIFIC CEMENT BOARDS – COUNTRY ANALYSIS
13.1. Asia Pacific Cement Boards Market Overview by Country Segment
13.1.1. Asia Pacific Cement Boards Market Revenue Share By Region
13.2. Asia Pacific
13.2.1. Asia Pacific Cement Boards Market Revenue By Country
13.2.2. Type
13.2.3. Asia Pacific Cement Boards Market Revenue By Type
13.2.4. Application
13.2.5. Asia Pacific Cement Boards Market Revenue By Application
13.3. China
13.4. Japan
13.5. South Korea
13.6. India
13.7. Australia
13.8. Southeast Asia
13.9. Rest of Asia Pacific
CHAPTER NO. 14: LATIN AMERICA CEMENT BOARDS – COUNTRY ANALYSIS
14.1. Latin America Cement Boards Market Overview by Country Segment
14.1.1. Latin America Cement Boards Market Revenue Share By Region
14.2. Latin America
14.2.1. Latin America Cement Boards Market Revenue By Country
14.2.2. Type
14.2.3. Latin America Cement Boards Market Revenue By Type
14.2.4. Application
14.2.5. Latin America Cement Boards Market Revenue By Application
14.3. Brazil
14.4. Argentina
14.5. Rest of Latin America
CHAPTER NO. 15: MIDDLE EAST CEMENT BOARDS – COUNTRY ANALYSIS
15.1. Middle East Cement Boards Market Overview by Country Segment
15.1.1. Middle East Cement Boards Market Revenue Share By Region
15.2. Middle East
15.2.1. Middle East Cement Boards Market Revenue By Country
15.2.2. Type
15.2.3. Middle East Cement Boards Market Revenue By Type
15.2.4. Application
15.2.5. Middle East Cement Boards Market Revenue By Application
15.3. GCC Countries
15.4. Israel
15.5. Turkey
15.6. Rest of Middle East
CHAPTER NO. 16: AFRICA CEMENT BOARDS – COUNTRY ANALYSIS
16.1. Africa Cement Boards Market Overview by Country Segment
16.1.1. Africa Cement Boards Market Revenue Share By Region
16.2. Africa
16.2.1. Africa Cement Boards Market Revenue By Country
16.2.2. Type
16.2.3. Africa Cement Boards Market Revenue By Type
16.2.4. Application
16.2.5. Africa Cement Boards Market Revenue By Application
16.3. South Africa
16.4. Egypt
16.5. Rest of Africa
CHAPTER NO. 17: COMPANY PROFILES
17.1. James Hardie Industries Plc.
17.1.1. Company Overview
17.1.2. Product Portfolio
17.1.3. Financial Overview
17.1.4. Recent Developments
17.1.5. Growth Strategy
17.1.6. SWOT Analysis
17.2. Etex Group
17.3. Saint-Gobain
17.4. Johns Manville
17.5. NICHIHA Co., Ltd
17.6. Everest Industries
17.7. Georgia-Pacific LLC
17.8. Knauf Industries
17.9. Cembrit Group
17.10. Normek
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Frequently Asked Questions
What is the current market size for Cement Boards, and what is its projected size in 2032?
The Cement Boards market size reached USD 28,898.52 million in 2024 and is projected to grow to USD 45,770.83 million by 2032, reflecting steady expansion across construction applications globally.
Which Cement Boards market segment held the largest share in 2024?
By type, fibre cement board held the largest share in 2024 due to its superior durability, fire resistance, and suitability for both interior and exterior applications in residential and commercial buildings.
Who are the leading companies in the Cement Boards market?
Top players include James Hardie Industries Plc, Etex Group, Saint-Gobain, Johns Manville, and NICHIHA Co., Ltd., all of which maintain a strong global presence and focus on product innovation and regional expansion.
Which region commanded the largest share of the Cement Boards market in 2024?
Asia Pacific held the largest regional share in 2024, supported by rapid urbanization, population growth, and government-driven infrastructure projects across countries such as China and India.
About Author
Rajdeep Kumar Deb
Lead Analyst – Consumer & Finance
Rajdeep brings a decade of consumer goods and financial services insight to strategic market analysis.
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