Global Cement Market - 2024-2031

Cement Global cement market reached USD 392.5 billion in 2022 and is expected to reach USD 703.7 billion by 2031, growing with a CAGR of 6.2% during the forecast period 2024-2031. The global cement market has witnessed significant growth and transformations over the years, with various factors influencing its dynamics.

Population growth, urbanization, industrialization, and government investments in infrastructure projects are among the key drivers impacting cement consumption globally. After the challenging year of 2020, the cement industry showed remarkable resilience and adaptability.

The portland leads the type segment, accounting for over half of the market share. Similarly, the Asia-Pacific dominates the cement market, capturing the largest market share of over 1/3rd. The region’s rapid urbanization and industrialization. China remains the largest producer and consumer of cement globally, accounting for nearly 60% of total production.

Market Dynamics

Growing Construction Industry in Emerging Economies Combined with Reconstruction and Rehabilitation Efforts

Emerging economies have been witnessing rapid growth in their construction sectors, driven by rising income levels, urbanization, and infrastructure development. Countries such as India, China, Brazil, and Indonesia have experienced substantial demand for cement, reflecting their expanding construction industries. For instance, China, the world's largest cement producer, continues to see robust cement consumption due to its ambitious infrastructure and real estate projects.

Further, in the aftermath of natural disasters, wars, or other significant events, reconstruction and rehabilitation efforts become necessary to restore affected areas. Such undertakings require substantial quantities of cement for rebuilding infrastructure, houses, and essential facilities. For example, after the devastating earthquake that hit Nepal in 2015, the country witnessed significant cement consumption during the reconstruction process.

Population Growth, Rapid Urbanization and Focus on Sustainable Construction

One of the primary drivers of the global cement market is rapid urbanization, especially in emerging economies. The United Nations projects that the global population will reach 9.7 billion by 2050, with a significant proportion residing in urban areas. As urbanization intensifies, there will be an increasing need for residential buildings, infrastructure, and commercial spaces. Cement serves as the backbone of construction projects, making it an essential component in accommodating the growing population in urban centers.

Moroever, modernity has witnessed a growing emphasis on sustainability and environmental protection. The respective shift in consciousness has prompted construction companies and governments to adopt eco-friendly practices. Cement manufacturers are increasingly incorporating alternative fuels, such as biomass and waste-derived fuels, to reduce their carbon footprint. Additionally, the development of low-carbon cement and innovative construction techniques further contribute to sustainable construction practices and drive the demand for environmentally friendly cement.

Environmental Regulations and Emission Control

One of the most significant restraints affecting the cement industry is the stringent environmental regulations and emission control measures imposed by governments worldwide. Cement production is a major source of greenhouse gas emissions, primarily carbon dioxide (CO2), contributing to global warming and climate change. To address this concern, governments have implemented various policies and regulations to reduce the industry's carbon footprint.

According United States Environmental Protection Agency (EPA), cement manufacturing accounts for around 2% of global CO2 emissions. The respective impact has led to increased pressure on cement manufacturers to adopt cleaner and more sustainable production processes, such as using alternative fuels, improving energy efficiency, and capturing and storing CO2 emissions.

Market Segment Analysis

The global cement market is segmented based on type, cement grinding technologies, application and region.

Versatility, Durability and Ability to Set and Harden Even Underwater

Portland cement is a type of hydraulic cement that is manufactured by grinding clinker, which is composed of limestone, clay, and other minerals, with a small amount of gypsum. It is the most widely used type of cement in construction due to its versatility, durability, and ability to set and harden even underwater. The chemical composition of Portland cement makes it ideal for a wide range of applications, including concrete production, mortars, grouts, and stuccos.

Portland cement can be used for a wide range of applications, from small residential projects to large infrastructure developments, due to its adaptability and flexibility in various construction methods. Structures made with Portland cement exhibit high durability and resistance to environmental factors, providing long-lasting solutions for modern construction.

Market Geographical Share

Infrastructure Development, Urbanization and Construction Projects

Asia-Pacific has been a dominant force in the global cement market, and its significance has only grown in the post-2020 era. Asia-Pacific has long been a powerhouse in the global cement industry, and this trend has continued well beyond 2020. As the world's most populous region with a rapidly expanding urban population, Asia-Pacific's demand for cement is driven by infrastructure development, urbanization, and construction projects.

Several Asia-Pacific governments have taken initiatives to promote infrastructure development and boost their economies. Such initiatives have resulted in significant demand for cement, as construction remains a key driver of economic growth. For example, China's Belt and Road Initiative (BRI) aims to strengthen regional connectivity and enhance trade, leading to a surge in infrastructure projects across the region, and increasing cement consumption.

Cement Market Companies

The major global players in the market include China National Building Material Group Corporation, CEMEX, S.A.B. de C.V., HOLCIM, Heidelberg Materials, UltraTech Cement Ltd, InterCement, LafargeHolcim, The Siam Cement Group, Titan Cement Company S.A. and Votorantim Cimentos.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic in late 2019 created unprecedented challenges for industries worldwide, including the global cement market. As countries grappled with lockdowns, supply chain disruptions, and reduced economic activity, the construction sector, which is a significant consumer of cement, was significantly impacted.

The onset of the pandemic in early 2020 led to widespread lockdowns and restrictions, impacting construction activities worldwide. Major cement-consuming industries, such as infrastructure and real estate, came to a standstill, leading to a slump in demand for cement. As a result, many cement plants either suspended or reduced production to align with the reduced demand.

Key Developments
• On May 23, 2023, Shree Cement, a prominent player among India's top three cement brands, has introduced a new product specifically designed for the Odisha market. Branded as 'ROCKSTRONG Concrete Special,' this innovative cement variant offers high-strength capabilities and is expertly crafted to ensure rapid setting and exceptional durability in construction projects.
• On May 24, 2023, Ambuja Cement and ACC jointly inaugurated a Cement and Concrete Research & Development facility in Kalamboli, Navi Mumbai. The newly established R&D facility aims to propel Ambuja and ACC towards advancement, foster cost optimization, and develop sustainable solutions that will pave the way for the future of the cement industry.
• On May 4, 2023, Dalmia Cement Bharat Limited (DCBL) introduced its latest brand, Dalmia Supreme Cement, exclusively catering to the eastern states, particularly, to retail consumers in the markets of West Bengal, Odisha, Bihar, and Jharkhand will have access to this new cement product.

Why Purchase the Report?
• To visualize the global cement market segmentation based on type, cement grinding technology and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of cement market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global cement market report would provide approximately 61 tables, 58 figures and 186 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies