How Demand for Residential and Commercial Spaces Is Favoring the Growth for Top Cement Companies

Recent trends in the cement industry are being driven by the escalating emphasis on green cement. The increased adoption can be attributed to the growing inclination toward constructing sustainable and eco-friendly buildings.

According to Fortune Business Insights, the global market of cement size was USD 363.67 billion in 2022. The market is anticipated to grow from USD 405.99 billion in 2023 to USD 544.55 billion by 2030, exhibiting a CAGR of 4.3% over the study period.

Considering the regional landscape, the Asia Pacific market registered 75.2% of the global market share in 2022. The region is set to be dominant over the analysis period. Several industry players are adopting various strategies such as acquisitions, product developments, and zero-carbon construction materials. These are being undertaken for strengthening their industry presence.

Here are the top 10 cement companies that are touted to hold a robust position in the global market over the forthcoming years:

1. CEMEX S.A.B. de C.V.

CEMEX S.A.B. de C.V. provides solutions in four areas comprising ready-mix concrete, aggregates, urbanization, and cement solutions. In 2022, the company’s revenue hit USD 15.57 billion. The company has 60 grinding and cement plants with an 89 million tons production capacity. Cemex made it to the headlines in August 2022 for an investment of USD 40 million toward enhancing its production capacity at Caribbean Cement Company Ltd (CCCL), one of its subsidiaries in Jamaica.

2. HeidelbergCement

HeidelbergCement is a materials manufacturer for the construction sector. The core activities of the company include the distribution and production of aggregates and cement. Based in Heidelberg, Germany, the company generated a revenue of USD 22.15 billion in 2022.

The company hit the headlines in May 2023 for establishing a state-of-the-art unit in Indiana. Focused on decreasing energy consumption and decreasing CO2 emissions, the unit involved an investment of USD 600 million.

3. InterCement Participações S.A.

InterCement is a private equity company focused on the building and construction sector. In 2022, the São Paulo-based company’s revenues hit USD 719.5 million. The company operates 3 concrete plants, 15 cement production units, and one aggregate unit.

In June 2023, the company shared plans to sell its African business to Huaxin Cement, China, in a USD 265 million deal. The sale was aimed at decreasing the debts of the company.

4. Holcim Ltd

Holcim Ltd offers sustainable and innovative building solutions. Based in Switzerland, the company operates 86 asphalt sites, 147 cement & grinding plants, 647 quarries, 474 aggregate plants, and 1,165 ready-mix concrete plants worldwide. In 2022, the company recorded a revenue of USD 30.36 billion. Holcim has an extensive presence in Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.

In February 2023, the company expanded its eco-friendly ECOPact low-carbon concrete in Minnesota, North Dakota, and Fargo regions. Compared to standard concrete, the product generates 30% to 90% lower emissions for high-performing circular construction.

5. CRH plc

CRH plc is one of the top cement companies and is a major provider of advanced building materials to consumers worldwide. Based in Dublin, Ireland, the company offers solutions for a sustainable and resilient environment. Furthermore, the company operates in 7 Canadian provinces and 48 states in the U.S. It has a robust footing at 3,160 locations in 29 countries spread across North America and Europe.

In December 2022, CRH hit the headlines for establishing CRH Ventures. The launch was focused on supporting new solutions and technologies for meeting the surging needs of consumers in the construction sector. For the same, the company invested USD 250 million for collaborating with climate technology and construction companies.

6. The Siam Cement Group

The Siam Cement Group (SCG) operates in various countries comprising Malaysia, Indonesia, Vietnam, Myanmar, Cambodia, and Singapore. In 2022, the company hit a revenue of USD 15.95 billion. The business conglomerate was initially set up as a cement manufacturing firm in 1913.

The company made big news in December 2022 for establishing a joint venture with Biobloc Construction. Furthermore, Siam shared plans to develop a 3 lac cubic meter facility for AAC blocks and lightweight concrete panels in Kapadvanj, Gujarat, India. The commercial production was set to commence by 2023.

7. Titan Cement Group

Titan Cement Group is a Brussels-based international distributor and producer of building materials and cement. The company presently operates in 10 countries comprising Bulgaria, Greece, Bulgaria, Albania, Egypt, Kosava, Serbia, the U.S., Brazil, and Turkey.

In 2022, the company generated a revenue of USD 2.18 billion.

Titan Cement hit the headlines in June 2023 for completing cement production line upgradation for USD 28.1 million at Kamari, Greece. The project was centered on the installation of a pre-calciner. The investment formed part of the company’s actions for the reduction of CO₂ emissions. The company intended to contribute toward the 2030 goal set by the European Union for the reduction of GHG emissions by 55%.

8. UltraTech Cement Limited

UltraTech Cement Limited, a subsidiary of the Aditya Birla Group, is a manufacturer and seller of cement and cement-related products. The company has operations in Bahrain, Sri Lanka, UAE, and nations across the Middle East, Europe, Africa, and the Indian Ocean. In 2022, the company generated a revenue of USD 8.03 billion and had a workforce of 22,916 employees.

In July 2023, the company announced the construction of a brownfield unit at a 1.3 mtpa capacity in Sonar Bangla, West Bengal. The investment was centered on securing a 10.3 mtpa cement capacity in the region.

9. China National Building Material Co., Ltd.

China National Building Material Co., Ltd., offers a range of products such as commercial concrete, cement, wind power blade, gypsum board, and glass fiber. The company is engaged in new materials and engineering services. In 2022, the company’s revenue reached USD 34.25 billion.

In May 2022, New Material Nigeria Limited, a state-owned subsidiary of China National Building Material Co., Ltd., announced a new manufacturing unit for the production of fiber cement boards. The move was focused on boosting the housing and manufacturing sector of Nigeria. The USD 50 million facility had a capacity of 5 million square meters.

10. Taiheiyo Cement Corporation

Taiheiyo Cement Corporation provides services in a range of areas. These comprise construction materials, cement mineral resources, real estate, engineering, environmental solutions, transportation, finance, chemical products, data processing and warehousing, and sports.

In 2022, the company’s revenue reached USD 5.42 billion. The production facilities of the company are spread across various countries. These comprise 1 in Vietnam, 2 in China, 4 in the U.S., 9 in Japan, 1 in Papua New Guinea, and 1 in the Philippines.  

Way Ahead

In the years to come, the growing construction of residential and non-residential spaces across various regions are expected to favor the demand for the product. The product adoption is also set to rise with the launch of government initiatives favoring the development of infrastructure in emerging economies.