The global cement market size reached US$ 363.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 518.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.22% during 2023-2028.
Cement is a grey-colored, finely milled mineral powder used as a binding material in the construction of buildings. It is manufactured by grinding a mixture of limestone, clay, and marl and is mixed with water to form a hard mass. It hardens both in the air and water and retains its hardened state once attained. It exhibits excellent durability and strength and is extensively used for the mass construction of houses, civil works, and industrial estates. Besides this, it provides noise insulation and helps withstand extreme changes in climatic conditions and chemical attacks. At present, hydraulic and non-hydraulic cement are widely available.
Cement Market Trends:
- The increasing global population and rapid urbanization are resulting in the growing requirement for the construction of residential and commercial buildings. This, along with a significant rise in remodeling, renovation, and reconstruction of infrastructures and the development of mega infrastructure projects in several countries, are catalyzing the demand for cement across the globe. In addition, the emerging trend of the nuclear family is resulting in the rising need for residential spaces, such as studio apartments and private bungalows, which is positively influencing the market. Furthermore, the introduction of advanced technologies in the manufacturing process of cement is strengthening the market growth. The increasing utilization of green cement in constructing eco-friendly and sustainable buildings to reduce harmful emissions and support environmental health is also creating a positive market outlook. The escalating demand for precast materials, including blocks, roof panels, and tiles, is offering lucrative growth opportunities to the manufacturers. Apart from this, governments of various countries are increasingly investing in enhancing the existing infrastructure. For instance, they are focusing on public housing projects and the construction of roads, railway tracks, bridges, and flyovers for better connectivity to remote areas. This, in confluence with the expansion of hotels, restaurants, cafes, and villas to support tourism and economic growth, is offering a favorable market outlook.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global cement market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type and end-use.
Breakup by Type:
- Portland cement represents one of the most preferred types of cement as it offers great compressive strength and resistance to shrinkage and cracking.
Breakup by End Use:
- The residential sector currently represents the largest market segment on account of the increasing global population and the growing demand for residential spaces.
Breakup by Region:
- Asia Pacific
- North America
- Latin America
- The Middle East and Africa
- The Asia Pacific currently exhibits a clear dominance in the market due to rapid urbanization and the increasing infrastructure projects in the region.
- The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are CNBM International Corporation, Anhui Conch Cement Co., Ltd., Jidong Development Group Co., Ltd., LafargeHolcim Ltd. and HeidelbergCement AG.
- Key Questions Answered in This Report
- 1. What was the size of the global cement market in 2022?
- 2. What is the expected growth rate of the global cement market during 2023-2028?
- 3. What are the key factors driving the global cement market?
- 4. What has been the impact of COVID-19 on the global cement market?
- 5. What is the breakup of the global cement market based on the type?
- 6. What is the breakup of the global cement market based on the end use?
- 7. What are the key regions in the global cement market?
- 8. Who are the key players/companies in the global cement market?