The global cement market was valued at US$ 363.1 Billion in 2022 and is expected to reach US$ 518.6 Billion in 2028, growing at a CAGR of 6.2% from 2023 – 2028.
Cement is a finely crushed mineral powder that is used as an adhesive in construction purposes that harden sets and adheres to other materials for binding them together. It is usually grey in color and is used for binding gravel and sand together. Cement is one of the most important building materials and is used to make concrete & motor as well. Cement is a combination of limestone, gypsum, and clay. Nearly, 4.3 Gigatonnes of cement were produced globally in 2020. China is the largest producer of cement nearly 55%, followed by India at 8%.
The rising demand for cement is attributed to the increasing population base which has raised the necessity for residential buildings across the globe. In addition, growing industrialization and development, construction of public infrastructure, and non-residential buildings such as hospitals, and shopping centers have created a tremendous opportunity for the global cement market growth during the forecast period. Cement manufacturers produce nearly 0.9 pounds of carbon dioxide for every pound of cement However, a shift towards green cement for eco-friendly construction and sustainable & green buildings will augment the market expansion. Green cement reduces emissions, by using carbon-negative production techniques thereby minimizing pollution. In addition, demand for precast products such as roof tiles, and blocks, among others, and government initiatives for supporting infrastructure & construction activities such as airports, roads, and office complexes among others in the developing nations are also anticipated to support the market growth. However, cement production uses raw materials such as limestone, clay, shells, and silica sand which causes numerous harmful environmental influences on human health and on the environment. Such factors restrict the growth of the global cement market during the forecast period. The key strategies to minimize carbon emissions in cement production include switching to lower carbon fuels, improving energy efficiency, material efficiency promotion (reducing clinker to cement ratio and total demand), and advanced process & technology innovations such as carbon capture and storage.
The Global Cement Market is segmented by Type, End-User, and Region. Based on Type, it is categorized into Portland, Blended, and others. Among the Type segment, the Portland segment dominated the market owing to its high usage for construction purposes. Portland segment is further bifurcated into High Sulfate Resistance, Low Heat of Hydration, High Early Strength, General-Purpose, and Moderate Sulfate Resistance. By End-User, it bifurcates into Commercial, Infrastructure, And Residential. The Commercial segment holds the largest market share among this segment.
Based on Region, the global cement market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is further classified into the U.S., Canada, and Mexico. Europe is further segmented into Germany, the U.K., France, Italy, Spain, Russia, and the rest of Europe. Asia-Pacific is segmented into China, Japan, India, Australia, South Korea, and the rest of APAC. The RoW includes South & Central America, the Middle East, and Africa. Asia Pacific region accounted for the highest market share and is anticipated to remain dominant during the forecast period owing to rising demand for cement from developing economies such as India, China, and Southeast Asia. The rise in construction & infrastructure development, rapid urbanization, and increasing population in the region are likely to create opportunities for the cement market. North America is also projected to deliver significant market growth for the product owing to the rising development of public infrastructure.
Prominent players in the global cement market are Shree Cement, Votorantim, TAIHEIYO CEMENT CORPORATION, Sunnsy, Aditya Birla Management Corporation Pvt. Ltd., BBMG Corporation, Anhui Conch Cement Company Limited, Drake Cement, Argos USA Corporation, CRH plc, The Siam Cement Group, Buzzi Unicem S.p.A., Taiheiyo Cement Corporation, InterCement, Titan Cement, Mitsubishi Materials Corporation, Wonderful Sky Financial Group Limited, CEMEX S.A.B. de C.V., HeidelbergCement AG, and LafargeHolcim, among others.
Market Segmentation and Scope of the Global Cement Market
Prominent Players in the Global Cement Market