Global Cement Market

Cement Market Size, Share, Growth Analysis, By Type(Portland, Blended), By Application(Residential, Non-Residential) - Industry Forecast 2024-2031

Report ID: SQMIG15F2024 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 62 | Figures: 75

Cement Market Insights

Global Cement Market size was valued at USD 326.81 billion in 2019 and is poised to grow from USD 343.48 billion in 2023 to USD 537.43 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

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 2019, 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.

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Cement Market size was valued at USD 326.81 billion in 2019 and is poised to grow from USD 343.48 billion in 2023 to USD 537.43 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

The 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. 'LafargeHolcim Ltd.', 'Anhui Conch Cement Co., Ltd.', 'China National Building Material Company Limited (CNBM)', 'HeidelbergCement AG', 'CEMEX S.A.B. de C.V.', 'China Resources Cement Holdings Limited', 'Buzzi Unicem SpA', 'Eurocement Holding AG', 'Taiheiyo Cement Corporation', 'Dangote Cement Plc', 'UltraTech Cement Limited', 'Vicat S.A.', 'CRH plc', 'Taiwan Cement Corporation', 'Italcementi S.p.A. (a subsidiary of HeidelbergCement AG)', 'Shree Cement Limited', 'JK Cement Limited', 'Ambuja Cements Limited (a subsidiary of LafargeHolcim Ltd.)', 'ACC Limited (a subsidiary of Ambuja Cements Limited)', 'Siam Cement Public Company Limited (SCG)'

Surging Construction Activities is Bolstering the Cement Market Growth: This is because of the increased need for residential spaces such as apartments and private bungalows, and the increasing population. 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 Cement Market expansion. The necessity for urbanization has arisen as a result of increased job opportunities and improved quality of life. Government measures to encourage construction and infrastructure development in developing countries will drive up demand even more. Moreover, the growing demand for precast items such as blocks, panels, and roof tiles will give a boost to product consumption.

Increasing green cement adoption will boost growth prospects. Cement Market expansion will be aided by the increasing use of green cement in the construction of environmentally friendly and sustainable structures. The product is created utilizing a carbon-negative manufacturing technology that minimizes pollution during unit operations as part of an effort to mitigate the harm presented by emissions.

In 2021, Asia Pacific held the most dominating share in the 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.

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Global Cement Market

Product ID: SQMIG15F2024