Asia Pacific Cement Market Report and Forecast 2024-2032

Asia Pacific Cement Market Size

The Asia Pacific cement market reached around 2.97 billion tons in 2023. The market is projected to grow at a CAGR of 3.2% between 2024 and 2032 to reach nearly 3.94 billion tons by 2032.

Asia Pacific Cement Market Outlook

• The South Korean cement industry has achieved a 12% reduction in GHG emissions since 2018. 

• Traditionally, Singapore and Hong Kong have accounted for over 60% of Japan’s cement exports. 

• In January 2024, Japan produced 3.331Mt of cement.

Asia Pacific Cement Market Growth

The South Korean cement industry aims to achieve a reduction of 53% in GHG emissions by 2050 by bolstering its investments in alternative fuels and relying on clean energy.  It currently relies on industrial byproducts and recycled consumer goods’ plastic to generate its output. Increasing geopolitical tensions prompted the domestic industry to boost cement production by 35.7% in Q2 2022 to reach around 3.77 million tons. The government is expected to reserve 380,000 tons for the domestic market amidst increasing demand from the construction sector. The import of bituminous coal from Australia has jumped from 25% to 46% during the Russia-Ukraine conflict and is expected to remain a major source of fuel for cement manufacturing in the coming years.

94% of the world’s concrete is produced in the Global South, which includes countries such as India, Pakistan, and Indonesia. By 2030, the world must build nearly 600 million housing units (primarily in Southeast Asia and Africa) to meet the UN Sustainable Development Goals. However, cement production accounts for nearly 20% of the Global South’s GHG emissions. This is expected to increase the demand for LC3 cement, which can facilitate the construction of 40 million houses annually by minimising carbon emissions to 43 kg per 100 kg of cement.

Asia Pacific Cement Industry Segmentation

Asia Pacific Cement Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Blended

• Portland

• Others

Market Breakup by End Use

• Residential

• Commercial/Institutional/Industrial

• Infrastructural

Market Breakup by Country

• China

• Japan

• India

• ASEAN

• Australia

• Others

Asia Pacific Cement Market Share

Based on country, the market is segmented into China, Japan, India, ASEAN, and Australia, among others. Australia is projected to dominate the market, representing 5.9% of the overall market share. Over the forecast period of 2024-2032, India is expected to grow at a CAGR of 3.8% due to the increasing government expenditure on infrastructure development activities.

Leading Companies in the Asia Pacific Cement Market

Increasing infrastructure development and construction activities in India is expected to make it an attractive destination for manufacturing cement. PM Awas Yojana is expected to play a critical role in the development of affordable housing for lower-middle-class people, thereby driving the market expansion.

• Anhui Conch Cement Ord Shs A

• Holcim Ltd.

• China National Building Material Group Corporation

• UltraTech Cement Ltd.

• TCC GROUP HOLDINGS

• ACC Limited

• Shree Cement Ltd.

• SCG Group

• PT Indocement Tunggal Prakarsa Tbk.

• Ambuja Cements Ltd.

• Others

Key Highlights of the Report