Cement Market is Estimated to Reach the Market Valuation of USD 544.55 Billion by 2030; Increasing Number of Construction Activities to Drive a Growth Course for Market Growth

The global cement market size is projected to show strong growth by attaining USD 592.38 billion by 2032. Fortune Business Insights™ in its report titled “Cement Market Size, Share & COVID-19 Impact Analysis, By Type (Portland, Blended, and Others), By Application (Residential and Non-Residential), and Regional Forecast, 2024-2032” observes that the market size USD 405.99 billion in 2023 and is projected to grow from USD 423.24 billion in 2024. The market is expected to witness a strong CAGR of 4.3% during 2024-2032. Growing demand for non-residential buildings and public infrastructure is creating market growth opportunities. Surge in the number of government initiatives to support construction & infrastructural activities is expected to drive market growth.

Pandemic Hampered the Product Output, Negatively Impacting the Market Growth

The COVID-19 impact on this market was hampered due to restrictions imposed on the movement of goods and people. National Bureau of Statistics of China reported that cement output of the cement decreased by 12% from 1.78 billion ton in January to August 2021 to 1.56 billion ton of the same period in 2022. Post-pandemic, with the aim to recover the economies governments of the various countries have imposed supportive regulations with the goal to stabilize the demand for the product in the coming years.

Siam Cement Group Started A Joined Venture With Bigbloc Construction

In December 2022, Siam Cement Group started a joined venture with Bigbloc Construction to build the facility of 3 lakh cubic meters of lightweight concrete panels and AAC blocks in Kapadvanj, Kheda district near Ahmedabad, Gujarat. The aim of the venture is to start the commercial production by the year 2023. Siam Cement Group is one of the frontrunners in manufacturing bricks, blocks, and autoclaved concrete panels.  

Rising Adoption Of Green Cement For The Construction To Propel Market Improvement

Rising adoption of green cement for the construction of sustainable and ecofriendly buildings are anticipated to fuel global cement market growth. With the aim to reduce the carbon emissions, the process of manufacturing has been modified. The product is made to be used as a carbon-negative manufacturing technique which reduces the pollution. In addition, surge in the number of construction activities due to career opportunities for better life is set to drive the market growth. China stands as the leading producer and consumer of the product globally.

However, various environmental regulations imposed by governments over the production process due to toxic impacts on the environment and humans is expected to hamper the market development.

Various Strategies by the Market Players to Drive Market Share

Market players have been developing a strong regional presence, distribution channels, and product offerings. They have been adopting various strategies such as acquisition, new product development, and zero-carbon construction materials initiatives.

Key Industry Development

• June 2023: Titan Cement Group completed the upgradation of cement production line at Kamari, Viotia, Greece with the aim to install the pre-calciner. The project has a total budget of over USD 28.1 million.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/cement-market-101825

List of Key Companies Profiled in the Market Report:

• CEMEX S.A.B. de C.V. (Mexico)


• HeidelbergCement (Germany)


• InterCement Participações S.A. (Brazil)


• Holcim Ltd. (Switzerland)


• CRH plc (Ireland)


• The Siam Cement Group (Thailand)


• Titan Cement Company S.A. (Greece)


• UltraTech Cement Limited (India)


• Votorantim Cimentos (Brazil)


• Buzzi Unicem S.p.A. (Italy)


• Mitsubishi Material Corporation (U.S.)


•  Argos USA LLC (U.S.)


• China National Building Material Co., Ltd. (China)


• Taiheiyo Cement Corporation (Japan)


• Drake Cement LLC (U.S.)

Further Report Findings

• The market in Asia Pacific stood at USD 273.32 billion in 2022. The region is set to lead the global cement market share due to rise in the number of construction and infrastructure activities. The region is dominated by China due to rise in the population and increasing number of infrastructure development activities.


• Latin America is set to have progressive growth due to rise in the rate of urbanization and government initiatives. Housing schemes and establishment of hospitals and school facilities is set to drive the market growth for Latin America.  


• In the application segment, the market is expected to be led by non-residential part of the segment due to rising applications of the product in construction of roads, dams, commercial complexes, industrial buildings, stadiums, and transportation hubs. High requirement of hospitals and schools is expected to drive the segment growth.

Table of Segmentation: