Global Cement Market - 2023-2030

Market Overview

Global cement market reached US$ 392.5 billion in 2022 and is expected to reach US$ 703.7 billion by 2030, growing with a CAGR of 6.2% during the forecast period 2023-2030.

Government investments in infrastructure projects, particularly in developing economies, will continue to drive cement consumption and boost the global cement market.The global cement industry is placing increasing emphasis on sustainable practices to reduce its environmental impact. The respective initiatives includes the use of alternative fuels, such as biomass and waste-derived fuels, and the integration of carbon capture technologies to decrease CO2 emissions.

Portland cement leads the type segment, holding a dominant market share of over 50%. Similarly, the cement market in the Asia-Pacific region is dominant, capturing a substantial market share of over one-third. The region's rapid urbanization and industrialization have contributed to its significant position. Notably, China retains its status as the largest global producer and consumer of cement, accounting for nearly 60% of the total production.

Market Dynamics

Housing Demand, Real Estate Boom and Mega Infrastructure Projects

The increasing demand for housing, especially in developing countries, has been a major driver of the global cement market. Growing populations and urban migration have led to a surge in residential construction projects. According to the United Nations, the global population is expected to reach 9.7 billion by 2050, further driving the demand for housing and pushing the cement consumption upward.

Additionally, large-scale infrastructure projects like high-speed railways, airports, and dams have also significantly contributed to the growth of the global cement market. These mega projects require substantial quantities of cement, and governments often allocate significant budgets for their development. For instance, India's ambitious infrastructure plan, including the Bharatmala project and Sagarmala project, has driven the cement demand in the region.

Sustainable Construction Practices

Sustainable construction practices have gained momentum post-2020, with a focus on reducing carbon emissions and achieving environmental goals. The cement industry has been working towards adopting green technologies to produce eco-friendly cement. Government regulations and environmental policies have pushed cement manufacturers to invest in alternative fuel sources, such as biomass and waste materials, to reduce their carbon footprint.

For example, the European Commission's Green Deal aims to make Europe a climate-neutral continent by 2050, driving the adoption of sustainable cement practices. As the world continues to focus on sustainable development and urbanization, the cement market is expected to play a crucial role in shaping the construction landscape in the years to come.

High Energy Consumption and Costs

Cement production is an energy-intensive process, requiring large amounts of thermal and electrical energy. The reliance on fossil fuels, such as coal and natural gas, for energy supply not only contributes to greenhouse gas emissions but also exposes the industry to price volatility in energy markets. Fluctuating energy costs can significantly affect the profitability of cement manufacturers and hinder their expansion plans.

To address this issue, various countries have introduced energy efficiency measures and incentivized the use of alternative and renewable energy sources in cement production. However, transitioning to greener energy alternatives involves substantial investment and may be challenging for some manufacturers, especially in emerging economies.

COVID-19 Impact Analysis

The COVID-19 pandemic severely disrupted global supply chains, impacting the transportation of raw materials to cement manufacturing plants. Movement restrictions and border closures delayed shipments and caused production delays. Additionally, some countries faced shortages of raw materials due to disruptions in their supply chain networks. The respective fact scarcity further hampered the cement production capacity in several regions.

With the outbreak of the pandemic, many cement manufacturing units faced labor shortages as workers fell sick or were unable to travel to work due to lockdown restrictions. To curb the spread of the virus, cement plants implemented stringent safety measures, reducing the number of workers allowed on-site at a time. However, these measures were vital to safeguard the health of the workforce and maintain essential operations during the pandemic.

Segment Analysis

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

Demand for Affordable Housing, Transportation and Energy Projects

The growth of the portland cement segment has been significant after 2020, driven by increasing urbanization, infrastructure development, and government initiatives in emerging economies. According to the Ministry of Commerce and Industry, India's cement production reached 305 million tons in 2020-2021.

The rising demand for affordable housing and various government initiatives, such as "Housing for All" by 2022, have contributed to the increased consumption of cement in the country, including Portland cement. As the demand for affordable housing, transportation, and energy projects continues to rise, portland cement is poised to remain a crucial component in the construction industry's growth and progress.

Geographical Analysis

Initiatives Promoting Infrastructure Development, Rapid Urbanization and A Focus On Sustainability

Asia-Pacific region continues to be a key player in the global cement market, with China and India leading the way. Government initiatives promoting infrastructure development, rapid urbanization, and a focus on sustainability have fueled the demand for cement in the region. Both China and India have been proactive in executing ambitious infrastructure projects, stimulating cement demand.

China, as the world's largest cement producer, has been strategically exporting cement and clinker to neighboring countries, contributing to the growth of the cement market in the Asia-Pacific region. The Chinese government's emphasis on promoting green and sustainable development has also led to the adoption of eco-friendly cement technologies and practices.

Competitive Landscape

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.

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 2023

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