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How Long Does Cement Board Last Outside?
For outdoor applications, even when protected, cement board is not known for superior longevity. If you live in a climate with high humidity and a lot of precipitation, this will quickly degrade your cement board.
Can You Leave Cement Board Exposed Outside?
It is not recommended to leave cement board exposed outside! It is a porous material that can easily absorb water, which will deform and weaken the boards over time.
Is it Okay for Cement Board to Get Wet?
No, it is not okay for cement board to get wet. Water absorption causes damage to cement boards over time.
I want to implement this in a fence design to help block some street noise. I just want to make sure the material will not soak up any rain and crumble away.
Edited to remove ANY subjectivity:
HardieBacker is made from wood (cellulose fibers) and cement and carries a limited warranty for exterior use and only in certain climate zones. See HardieBacker's 10-Year Limited Warranty for Exterior Use
Durock is made from cement and fiberglass mesh. Wonderboard and others are made similar to Durock.
Subjectivity Here:
Obviously, there is a reason for the substantial difference in warranty between interior and exterior applications. My belief is that the cellulose will eventually break down from the shifting between warm humidity/ and freezing temperatures, especially in applications that would limit the ability for the product to appropriately air out. Durock is cement and fiberglass, and while both products will react to hot/cold like poured concrete, I would prefer the product that does not use wood. Given that they cost about the same, I would rather use something that the manufacturer expects to be able to withstand the 10-year warranty, over one that doesn't expect it to in nearly half the U.S.
But again, that is my subjective opinion.
I would use Durock, a concrete board product of USG (United States Gypsum Company). It is very durable and works for exterior or interior applications. Here is the installation guide, and more information on their 10 year warranty for exterior installations.