USD 323.24 Billion
Report ID: SQMIG15F2024 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 62 | Figures: 70
Cement Market was valued at USD 323.24 Billion in 2021, and it is expected to reach a value of USD 459.06 Billion by 2028, at a CAGR of 5.1% over the forecast period (2022-2028).
The demand for residential construction has increased as the population has grown. Cement demand has risen dramatically over the world as a result of this. The growing need for public infrastructure and non-residential buildings, such as hospitals and healthcare centers, has created a Cement Market for products. As a result, the present market trend is increased demand from the booming construction industry.
The COVID-19 pandemic had a negative impact on operations and production in a number of countries due to government regulations restricting the movement of both people and goods, the spread of the COVID-19 pandemic has had a severe influence on the market. The epidemic has had a significant impact on numerous countries' production and activities. According to the Ministry of Industry and Information Technology of China, China's cement output was 769 million tonnes from January to May 2020, down 8.2% year on year. The output reached 249 million tonnes in May 2020, a rise of 8.6% year over year and a monthly high. Furthermore, the closure of manufacturing factories in the United States and Germany has had an impact on their operations. Construction output in India is expected to increase in 2020, according to Birlasoft Limited.
In the future years, the global cement market is expected to be driven by an increase in the demand for infrastructures in the education and healthcare sectors. Healthcare sectors in developing nations such as India, Malaysia, and Indonesia are expanding rapidly, which is expected to boost the market's growth in the next years. The massive growth of the residential sector in developing countries is expected to benefit the segment's growth. Whereas, water usage, carbon dioxide emissions, resource depletion, and other industrial operations are all causing environmental challenges in the global cement market.
US Cement Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 323.24 Billion
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The Global Cement Market is segmented based on Type, Application, and Region. Based on the Type, the Cement Market is segmented into portland, blended, and others. Based on the Application, the Cement Market is segmented into residential and non-residential. Based on Region, Cement Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Cement Market Analysis by Type
Based on type, the global cement market is divided into three categories: portland, mixed, and others. Due to the rapidly growing demand from various applications, the blended segment is expected to have a significant share in the market. Because of its qualities, such as reduced water requirement, enhanced workability and pumpability, and reduced crack development due to thermal stress, the blended sector has the biggest Cement Market share. The blended section is made up of base portland to which other ingredients like limestone, slag, and pozzolana are added to produce other mixes. The rising demand for mixed kinds from industries such as construction, road construction, and mining are likely to boost the size of the cement market globally.
Portland is mostly used to make concrete, which is then utilized to make beams, panels, and megastructures like dams and roadways. It's also used in mortars and plasters, along with other materials like sand. Composite, tinted, quick-setting, low-alkali, and air-entraining cement are among the additional varieties. As a result, the rising demand for all of these types of diverse applications will significantly increase the market.
Cement Market Analysis by Application
On the basis of application, the global cement market is divided into residential and non-residential segments. The non-residential segment is predicted to be the most dominant over the forecast period. Due to rising infrastructure spending, the non-residential segment will be the largest share-holding segment of the market. Cement is utilized in this Cement Market for various uses such as road construction, dam construction, commercial establishments, industrial structures, stadium construction, and transportation hub construction. Demand for the commodity has increased as a result of rising urbanization and infrastructure developments. Furthermore, the industry is predicted to rise due to the growing need for hospitals and schools. The residential segment is expanding because of the increased global population and rising demand for residential space from developing countries in the Asia-Pacific, the Middle East, and Africa.
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In 2021, Asia Pacific held the most dominating share in the global cement industry and this is likely to continue during the projection period. This is due to rising demand from developing countries such as China and India, as well as Southeast Asian countries. Construction and infrastructure activity growth is a major driver of this industry in the region. China, being the world's largest producer and consumer, is the most important contributor to regional market growth. The country's supremacy is linked to a number of causes, including the region's high population expansion and infrastructural building initiatives. Furthermore, the country's soaring demand for residential space will aid market expansion in China.
Other aspect influencing the growth of Cement Market in North America is the rising demand for public infrastructure. As a result of increased urbanization, Latin America will experience market growth. Other significant drivers that will drive the expansion of this market around the world are government efforts like housing schemes, the building of hospitals and educational facilities, and the development and maintenance of transportation infrastructure.
The Middle East and Africa are expected to rise significantly. This expansion is linked to rising infrastructural activity in the region, which has increased demand for the product. Another element propelling the Cement Market in the Middle East and Africa is its application in mining and oil exploration. The European market is expected to increase at a significant CAGR in the upcoming period.
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Cement Market Driver
Cement Market Restraint
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The Global cement manufacturers are located all over the world. It's resulting in a more diverse market structure. Producers in North America and Europe are striving to expand their presence in China and other Asian Pacific countries in order to boost their Cement Market positions and propel their businesses forward. The market's major players have built significant regional presences, distribution systems, and product offerings. Key players' implemented tactics, such as acquisition, new product development, and zero-carbon construction materials activities, are likely to grow their Cement Market presence and efficiently satisfy their customers' needs. By 2050, HeidelbergCement, for example, expects to make CO-neutral concrete.
Cement Market Top Player's Company Profiles
Cement Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the need for residential spaces such as apartments and private bungalows, and the growing population have been major drivers for the market for the given forecasted period. Furthermore, the industry is predicted to rise faster as the demand for amenities in residential areas grows. In addition, the growing need for non-residential enterprises such as malls, airports, industries, roadways, and office buildings is predicted to fuel global cement market growth.
|Market size value in 2021||USD 323.24 Billion|
|Market size value in 2028||USD 459.06 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Cement Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cement Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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