Global Cement Market to Grow at a CAGR of 5.4% During 2024-2032, Aided by the Growing Construction Sector across Developing Economies

The global cement market growth is driven by the thriving construction industry, particularly in developing economies, along with infrastructural development due to rapid urbanisation. Cement serves as a fundamental construction material vital for residential, commercial, and industrial projects, enhancing productivity across multiple sectors. The global cement production in 2023 is driven by rapid growth in industrial, institutional, and commercial sectors, particularly in emerging economies. 

Fig: Estimated Public Investment in Infrastructure By Sector in G20 Countries

In 2022, G20 central governments allocated nearly USD 1 trillion for infrastructure investment, equivalent to 1% of G20 GDP or 4.6% of total G20 central government budget expenditure. Half of this investment was directed by central governments into infrastructure, with the other half transferred to other government levels. The majority of this investment was in advanced economies, aligning with private sector investment trends, which predominantly occurred in high-income countries in 2021. However, the global infrastructure investment falls short of what is needed to support economic growth and meet climate and sustainable development goals, with estimates suggesting a far greater investment annually.

Portland cement dominates due to its use in urban infrastructure like bridges, pavements, and reinforced buildings, and in railway construction.

Rising population growth has driven increased demand for residential construction, leading to a surge in global cement consumption. Infrastructure development and non-residential projects like hospitals contribute to this demand. With the world population projected to grow by 2 billion in the next 30 years, urbanisation will continue to drive infrastructure needs, boosting the cement market. The push to accommodate and support growing populations is fueling the market expansion.

Governments globally are recognising the importance of infrastructure development for economic and social progress, allocating significant resources to enhance transportation networks like roads, railways, and airports. For instance, the US Department of Transportation reported a total investment of $403.9 billion in transportation infrastructure and equipment in 2022. This, along with the heightened demand for durable and sustainable infrastructure, drives the adoption of eco-friendly cement varieties.

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Market Breakup by Type, End-Use, and Region:

• The market is segmented based on type into blended, and Portland, among others.

• Based on end-use, the market can be divided into residential, commercial/institutional/industrial, and infrastructural.

• By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Key Findings of the Report:

• The global cement market is driven by the rising construction sector and infrastructural developments globally.

• The government initiatives to increase infrastructural development globally for economic and social progress is aiding the market growth.

• The increasing population growth, along with the demand for residential constructions to support the rapid urbanisation is driving the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for cement for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the type, end-use, and region of the global cement market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cement market are Holcim Limited, China National Building Material Group Co., Ltd., Ultratech Cement Limited, Grasim Industries Limited, HeidelbergCement AG, The Siam Cement Group, Shree Cement Limited, CRH plc, CEMEX S.A.B. de C.V., Adani Group, Buzzi Unicem SpA, and Titan Cement International SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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