Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Cement Market Size

The global cement market reached a value of USD 383.02 billion in the year 2023. The market is expected to grow at a CAGR of 5.4% between 2024 and 2032 to reach USD 614.88 billion by 2032.

Global Cement Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 383.02
Market Size 2032 USD Billion 614.88
CAGR 2018-2023 USD Billion XX%
CAGR 2024-2032 USD Billion 5.4%
CAGR 2024-2032 - Market by Region Asia Pacific 7.0%
CAGR 2024-2032 - Market by Country India 8.0%
CAGR 2024-2032 - Market by Country Canada 6.7%
CAGR 2024-2032 - Market by Type Blended 6.0%
CAGR 2024-2032 - Market by End Use Residential 6.2%
Market Share by Country 2023 USA 26.1%

Cement Industry Outlook

  • India, with its large population, is the second-largest cement producer globally. As per industry reports, it accounts for more than 8% of the global capacity.
  • In the U.S., cement shipments in the New England and Middle Atlantic region (Maine, New York, and Pennsylvania) totalled 555,611 metric tons in August 2023.
  • In the West South-Central region of the U.S., cement shipments were 1,240 metric tons in January 2023, 1,820 metric tons in February 2023, and 1,743 metric tons in March 2023.

Cement Market

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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

Rising demand for eco-friendly cement and increasing infrastructure development in residential sectors are the factors boosting the cement market value

February 2024

Cemex developed an innovative approach to reduce CO2 emissions in cement production. The process, called micronisation, reduces the size of clinker particles and lower the clinker factor per ton of cement, minimizing the carbon footprint. This enhances efficiency and strength of the final product.

May 2024

Heidelberg Materials has secured up to USD 500 million in funding for its largest carbon capture, utilisation, and storage (CCUS) project to date. The project for its cement plant in Indiana, United States aims to significantly reduce the company's carbon emissions.

May 2024

Heidelberg Materials acquired the largest supplier of pulverised fly ash in Malaysia and an integrated cement plant in Central Java, Indonesia through its subsidiary ‘Indocement.’ These acquisitions strengthened its market presence.

April 2024

Holcim, a leading manufacturer of concrete systems has signed an agreement to acquire Tensolite, a prominent manufacturer of precast and pre-stressed concrete construction systems. This can expand its product portfolio in Argentina and strengthen its presence in the Latin American markets.

Rising demand for sustainable and eco-friendly cement

LafargeHolcim, a leading cement producer, has introduced ECOPact, a low-carbon concrete product that reduces CO2 emissions by up to 30% compared to traditional concrete mixes. This trend is driven by increasing government regulations and consumer demand for more environmentally friendly construction materials.

Expansion into high-growth regions

Another key trend is the focus of major cement producers located in North America and Europe to increase their presence in high-growth regions, particularly China and other Asia Pacific countries. CEMEX, a global building materials company, has been expanding its operations in Asia to capitalise on the region's growing construction market.

Emphasis on infrastructure and residential construction

Governments in various regions are investing heavily in the development and maintenance of transportation infrastructure, hospitals, and schools through. For instance, Smart Cities Mission and the Pradhan Mantri Awas Yojana initiatives by Indian government is fuelling the demand for cement.

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.

Cement Market by Segments

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Cement Industry Segmentation

The EMR’s report titled “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 Region

  • North America
  • Europe 
  • Asia Pacific 
  • Latin America
  • Middle East and Africa

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. The company has a diversified portfolio that includes cement, iron ore, concrete, and glass fibre.

Ultratech Cement Limited, founded in 1983 and headquartered in Mumbai, India, is the country's largest manufacturer of grey cement, Ready Mix Concrete (RMC), and white cement. The company operates across India, UAE, Bahrain, and Sri Lanka, offering a wide range of cement-related products.

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.

Cement Market by Region

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Cement Market Analysis by Region

CAGR 2024-2032 - Market by Country
India 8.0%
China 6.7%
Canada 6.7%
USA 5.8%
Australia 4.8%
Japan 4.2%
UK XX%
Germany XX%
France XX%
Italy XX%
Saudi Arabia XX%
Brazil XX%
Mexico XX%

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.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and
Forecast Market Analysis by Segment:

  • Type
  • End Use
  • Region
Breakup by Type
  • Blended
  • Portland
  • Others
Breakup by End Use
  • Residential
  • Commercial/Institutional/Industrial
  • Infrastructural
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Dangote Industries Limited (Dangote Cement Plc)
  • CRH plc
  • China National Building Material Group Co., Ltd.
  • Anhui Conch Cement Company Limited
  • BBMG Corporation
  • Cemex, S.A.B. de C.V.
  • UltraTech Cement Ltd.
  • Heidelberg Materials AG
  • Holcim Ltd.
  • GCC, S.A.B. de C.V.
  • Buzzi S.p.A.
  • Votorantim Cimentos
  • Others

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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

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market reached a value of USD 383.02 billion in 2023.

The market is estimated to grow at a CAGR of 5.4% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 614.88 billion by 2032.

The increasing application of cement across residential and commercial construction projects, growing demand for high-quality cement to ensure safety during outbreak of natural calamities, and rapid development of healthcare units are the major drivers of the market.

Key trends aiding market expansion include the growing emphasis of various governments towards developing high-quality cement infrastructure, and rising investments aimed towards developing energy efficient cement with reduced carbo footprint.

Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Blended and Portland, among others are the different types of cement in the market.

Residential, commercial/institutional/industrial, and infrastructural are the different end-uses in the market.

Cement is made up of chemical aggregates such as calcium, silicon, aluminium, and limestone, among others.

Key players in the market are Holcim Limited, China National Building Material Group Co., Ltd., Ultratech Cement Limited, 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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