Global Cement Market Insights Forecasts to 2033

• The Global Cement Market Size was Valued at USD 402.89 Billion in 2023
• The Market Size is Growing at a CAGR of 4.27% from 2023 to 2033
• The Worldwide Cement Market Size is Expected to Reach USD 612.12 Billion by 2033
• The Middle East and Africa is Expected to Grow the fastest during the forecast period.

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The Cement Market Size is Anticipated to Exceed USD 612.12 Billion by 2033, Growing at a CAGR of 4.27% from 2023 to 2033. The growing disposable incomes and augmented construction activity mainly in developing economies, are all driving global cement market growth.

 

CEMENT MARKET REPORT OVERVIEW

A cement is an adhesive, or an organic substance used in construction that sets, hardens, and abides to other materials to hold them together. Cement is made by crushing and grinding calcareous materials and argillaceous substances at temperatures above 1500^o C to form a uniform powder. The main advantage is its capability to harden and bind different materials together, resulting in long-lasting structures. It has high compressive strength and manufactures it for the construction of piles, walls, and other load-bearing elements. Moreover, cement is classified into three types: Portland cement, blended cement, and specialty cement, each with distinct properties that make it suitable for a variety of applications.

 

The international cement market is influenced by the rising population and rapid development. Besides, government enterprises and investments in infrastructure projects like roads, bridges, railways, and airports are propelling market growth. Additionally, the increasing real estate sector, fueled by growing incomes and changing lifestyles is propelling market growth. Apart from that, rapid industrial development and the expansion of the manufacturing sector drive demand for cement in the construction of factories and industrial structures, providing a positive opportunity to increase the demand of the cement market.

 

UltraTech Cement's acquisition of a controlling stake in Chennai-based India Cements aims to strengthen its position as a market leader in the highly competitive cement sector. According to Nomura Financial Advisory and Securities (India), UltraTech may need to invest at least Rs 1,000 crore to make India Cements' old assets cost-effective and integrate them into its core business.

 

According to the General Statistics Office (GSO), Vietnam produced 104.1 million tonnes of cement in the first seven months of 2024, a 1% increase from the previous year. In July 2024, the country's cement output is expected to be 15.2 million tonnes, up 7% from July 2023.  

 

Report Coverage

This research report categorizes the market for the global cement market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global cement market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global cement market.

 

DRIVING FACTORS:

The increased construction activity can boost the growth of the market.

The growing population would have a substantial impact on market growth due to the augmented demand for housing spaces such as apartments and private bungalows. Additionally, the growing demand for amenities in residential spaces is expected to drive market growth. Moreover, the growing demand for non-residential amenities such as malls, airports, industries, roads, and office buildings is expected to drive market growth.

 

The government initiatives to support infrastructure developments can enhance market growth.

The government spending on infrastructure projects, such as the building or repair of streets, bridges, airports, schools, hospitals, and other public works, has the potential to significantly upsurge demand for cement and other building materials.

 

RESTRAINING FACTORS

The primary obstacle facing the cement industry is reducing CO2 emissions can hinder market growth.

The raw material used to produce cement can cause various hazardous impacts on the environment and human well-being. Ultimately, the global demand for the cement market could be decreased.

 

Market Segmentation

The global cement market share is classified into type and application.

 

Portland cement is the most popular in the world due to its remarkable capacity to withstand cracking and shrinkage.

Based on type, the global cement market is classified into Portland cement, blended cement, and specialty cement. Portland cement is most popular worldwide due to its remarkable capability to resist cracking and shrinkage. It is commonly used for reinforced concrete structures such as buildings, bridges, roadways, and areas where soil is predominant. It is also used in a large number of concrete masonry structures and in any circumstance where the heat produced during the hydration of cement is permitted. The qualities such as condensed water requirement, improved functionality and pumpability, and reduced crack development due to thermal stress can all help to drive market growth. The Kenyan government chose to sell its entire 25% stake in East African Portland Cement Company as part of an important economic overhaul guided by the International Monetary Fund.

 

The non-residential segment is expected to be the most dominant during the forecast period due to the emerging economy and rising infrastructure spending.

Based on application, the global cement market is classified into residential and non-residential. The non-residential segment is expected to be the most dominant during the forecast period. Due to rising infrastructure spending, the non-residential segment will hold the majority of the market share. Cement is used in the market for a variety of purposes, including road construction, dam construction, commercial establishments, industrial structures, stadium construction, and transportation hub construction. The demand for building work in the non-residential building construction sector is heavily influenced by the overall economic situation. The growing rate of suburbanization and infrastructure expansion has increased demand for the product. Furthermore, the high demand for hospitals and schools is expected to drive market growth.

 

Regional Segment Analysis of the Global Cement Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia-Pacific is anticipated to hold the biggest share of the global cement market throughout the forecast period.

 

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Asia-Pacific is anticipated to hold the biggest share of the global cement market throughout the forecast period. Cement sales are expected to increase in several regional markets. This follows increased government spending on infrastructure projects in the medium term. Firms seek to expand their global footprint to increase market share. The China Cement Association (CCA) and the Global Cement and Concrete Association (GCCA) also formed a partnership to reduce carbon emissions in the cement and concrete industries. The Indian cement market is continuously expanding due to augmented government infrastructure spending, rapid suburbanization, and an upsurge in demand for commercial space across India.

 

The Middle East and Africa is the fastest-growing region during the forecast period.

The governments across the region are allocating significant resources to infrastructure projects. These projects include airports, seaports, transportation, and railways demonstrating a proactive approach to expanding and modernizing conveyance networks. The Riyadh Metro in Saudi Arabia and the Neom projects demonstrate the scale and ambition of these investments. The rapid growth of cities is profoundly influencing the region, encouraging the construction of homes, businesses, and mixed-use complexes.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global cement market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Dangote Cement Plc
• UltraTech Cement Limited
• Vicat S.A.
• CRH plc
• Taiwan Cement Corporation
• Italcementi S.p.A.
• Shree Cement Limited
• JK Cement Limited
• Ambuja Cements Limited
• ACC Limited
• Siam Cement Public Company Limited
• LafargeHolcim Ltd.
• Anhui Conch Cement Co., Ltd.
• China National Building Material Company Limited
• HeidelbergCement AG
• CEMEX S.A.B. de C.V.
• China Resources Cement Holdings Limited
• Buzzi Unicem SpA
• Eurocement Holding AG
• Taiheiyo Cement Corporation
• Others

Key Market Developments

• In July 2024, UltraTech Cement, an Aditya Birla subsidiary, acquired a 33% stake in India Cements for US$472 million. UltraTech now owns a 55% stake and intends to make an open offer for the remaining 20% at US$4.66 per share.

 

• In July 2024, Votorantim Cimentos has agreed to sell its Tunisian assets to China-based Sinoma Cement for US$130 million, according to Yicai Global. The deal's completion is dependent on regulatory approvals from China, Tunisia, and the Common Market for Eastern and Southern Africa (COMESA).

 

• In July 2024, Dangote Cement announced its financial results for the first half of 2024. The company reported a net profit of US$117 million, up 6% year on year from US$110 million in the first half of 2023.

 

• In January 2023, Increased infrastructure investment gives the economy a much-needed boost. The outlay for capital expenditure in 2022-23 (BE) was sharply increased by 35.4% from 5.5 lakh crore in the previous year (2021-22) to 7.5 lakh crore, of which approximately 67 percent was spent from April to December 2022.

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cement market based on the below-mentioned segments: 

 

Global Cement Market, By Type

• Portland Cement
• Blended Cement
• Specialty Cement

 

Global Cement Market, By Application

• Residential
• Non-Residential

 

Global Cement Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa