Global Cement Market Report and Forecast 2024-2032

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Cement Market Growth Rate

Cement is one of the vital commodities for emerging economies. Today, different types of cement are produced to meet different physical and chemical requirements of specific situations, such as durability and strength. The product is generally used for mass constructions, such as houses, civil works, and industrial estates.

Rising infrastructure spending, particularly in the non-residential segment, is a significant driver of cement market development, as cement is used in various applications such as road construction, dam construction, commercial establishments, industrial structures, stadium construction, and transportation hub construction.

Key Trends and Developments

Cement Industry Trends

Additionally, the growing need for hospitals and schools is also contributing to the market growth. Urbanisation and infrastructure developments are increasing the demand for cement, and the industry is expected to rise due to the growing need for residential spaces in developing countries in the Asia Pacific, the Middle East, and Africa. Furthermore, government efforts like housing schemes, the building of hospitals and educational facilities, and the development and maintenance of transportation infrastructure are also driving the cement market development.

In the healthcare sector, cement is witnessing heightened applications to improve the quality of hospitals and ambulatory surgical centres. The anticipated increase in standards of healthcare units is escalating the application of cement in cyclotron and patient diagnostic and treatment areas to control radiation, facilitating the growth of the market share cement industry. Growing demand for concrete to increase wall thickness for greater privacy of patients is further shaping the demand for the product.

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Cement Industry Segmentation

Cement Market Share

Portland cement is high in demand due to rising demand for cement in the construction of railway

Portland cement accounts for a heathy portion of the market share, owing to its increasing incorporation in urban cities to facilitate the construction of bridges, pavements, sidewalks, and reinforced concrete buildings, among others. In addition, the rising demand for cement in the construction of railway structures is contributing to the global cement market expansion.

Blended cement, on the other hand, is a mix of ordinary Portland cement (OPC) and supplementary materials like fly ash, slag, or silica fume. It offers enhanced workability, strength, durability, and chemical resistance to concrete structures. Emerging markets in the Asia Pacific region, including India, Vietnam, Malaysia, the Philippines, and Nigeria, are witnessing a surge in demand for blended cement due to their robust construction activities.

Residential segment holds a significant market share due to rise in number of houses to accommodate increasing population

Cement is widely used to build strong, durable, and versatile structures as well as to bolster the productivity of various end use sectors. As per cement market analysis, the rapid expansion of industrial, institutional, and commercial sectors across the emerging economies is fuelling world cement production.

In terms of end-use, the residential segment is likely to account for a decent cement market share. Apart from structural applications, cement can augment the aesthetics of a residential structure by providing a smooth finish to floors, staircases, and walls.

Meanwhile, the increasing prevalence of natural calamities, such as earthquakes and tsunamis, is compelling various governments to emphasise more on high-quality cement and concrete to enhance the stability of roads, schools, dams and ports, and driveways, among other commercial and institutional structures.

Leading Manufacturers in the Cement Market

Market players are implementing various strategies, such as acquisitions, development of zero-carbon construction materials, and collaborations, to expand their market share

Holcim Limited

Founded in 1833 and headquartered in Switzerland, United Kingdom, is a global leader in innovative and sustainable construction solutions. Holcim's operations include producing cement, processing and distributing aggregates, and supplying ready-mix concrete and asphalt to residential, commercial, and infrastructure customers.

China National Building Material Group Co., Ltd.

Established in 1984 and based in Beijing, China, is a prominent player in the construction materials industry....

Ultratech Cement Limited

Founded in 1983 and headquartered in Mumbai, India, is the country's largest manufacturer of grey cement, Read...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other key players in the global cement market report include Heidelberg Materials AG, CRH plc, CEMEX S.A.B. de C.V., Buzzi SpA, Dangote Industries Limited (Dangote Cement Plc), Anhui Conch Cement Company Limited, BBMG Corporation, GCC, S.A.B. de C.V., and Votorantim Cimentos, among others.

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Cement Market Analysis by Region

Asia Pacific leads the market due to high cement production levels and large number of cement plants in emerging economies of the region

Asia Pacific is one of the fastest growing regions in the cement market. Within the Asia Pacific region, India has been witnessing upward trajectory because of the expanding cement plants and production capacities. As per industry reports, there are 210 cement plants in India, with 77 located in the states of Andhra Pradesh, Rajasthan, and Tamil Nadu.

On the other hand, the North American region escalated cement market expansion due to the presence of leading manufacturers of cement aggregates and ready-mixed concretes. The market is expected to be propelled by strong supply chains of cement due to large supplies of limestone, and gypsum, among other raw materials in areas like Alpena.

Africa and Europe are the regions which have picked up steady growth, fuelled by the growing research and innovations by the market players aimed towards reducing the carbon footprint in the construction sector while sustaining the volume of production.

Meanwhile, strong economic growth of East African nations such as Rwanda and Uganda are expanding the overall cement market size. Over the forecast period, strong urban development, and expanded growth opportunities for white cement, across countries like Tanzania, is likely to boost the growth of East Africa white cement market.

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Cement Market Report Snapshots

Cement Market Size

Cement Market Growth

Cement Market Trends

Cement Market Share

Cement Manufacturers

Cement Market Regional Analysis