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The global cement market size was valued at USD 312.5 billion in 2018 is projected to reach USD 463.0 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period.
Cement is a binding substance that is used in the construction industry to harden, set, and adhere to the other materials for binding them together. Cement is usually mixed with other substances, such as fine aggregates and sand, & gravel to manufacture mortar and concrete respectively. The raw materials used in the production of cement include limestone, chalk, shells, shale, clay, and silica sand. The mixture of these raw materials is then heated at high temperatures to form a solid rock-like substance, which is then powdered to obtain cement.
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One of the major uses of cement is to make concrete that is used in the construction industry. The other products which can be made from cement include tiles, pipelines, blocks, and plank. Ready-mix concrete is one of the leading applications of cement, which is produced by a mixture of portland cement, water, and aggregates, namely, sand, gravel, or crushed stone. Ready-mix concrete is frequently used over other concrete products owing to its low cost and a broad choice of usage in high-rise buildings and bridges. The growing use of ready-mix concrete is a key factor responsible for the rise in market size as it has a longer average lifespan as compared to the other concretes, including asphalt concrete. Hence, the rising demand from the expanding construction industry is the current cement market trend.
“Growing Demand from Construction Activities to Support Market Growth”
The rising population will effectively influence the market growth on account of the increasing need for residential spaces, such as apartments and private bungalows. Furthermore, the growing demand for amenities in the residential spaces is expected to accelerate the market size. Moreover, rise in the need for non-residential establishments, such as malls, airports, industries, roads, and office buildings is expected to support the market growth.
Career opportunities and better quality of life have created a need for urbanization. Government initiatives to support construction & infrastructural activities in the developing countries will further increase the demand for cement. Moreover, the rising demand for pre-casted cement products, such as blocks, panels, roof tiles, and others will increase the consumption of cement, globally. Currently, China, is the dominant producer and consumer of cement across the world, hence, the growth in the construction activities in this country will boost the market size.
“Blended Segment is Anticipated to Exhibit a Significant CAGR During the Forecast Period”
The cement market is segmented into portland, blended, and others, on the basis of types. Among these, the blended segment accounts for the largest market share owing to its characteristics, such as reduced water demand, improved workability & pump ability, and reduced crack formation due to thermal stress. Blended cement consists of a base portland cement in which other materials, such as limestone, slag, and pozzolana are added to obtain different blends of cement. The increasing demand for blended cement from applications, namely, buildings, road construction, and mining is expected to help in increasing the cement market revenue globally.
Portland cement category is majorly used to produce concrete which is further used in the construction of beams, panels, and in megastructures, such as dams and roads. Portland cement is also mixed with other materials, such as sand to be used in mortars and plasters. Moreover, the other types of cement include composite cement, colored cement, quick setting, low-alkali cement, and air-entraining cement. Hence, increasing demand for all these cement types for various applications will boost the market substantially.
“Residential Segment to Generate the Highest Revenue in the Coming Years”
The cement market is segmented into residential, and non-residential, on the basis of application. Among these, the non-residential segment is expected to be dominant throughout the forecast period. In the non-residential segment, cement is used for applications, such as the construction of roads, dams, commercial complex, industrial buildings, stadiums, and transportation hubs. Rising urbanization and infrastructural activities have led to an increased demand for cement. Additionally, the rising need for hospitals and schools is expected to support the cement market growth.
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Growth in the residential segment is because of factors, namely, rising world population and increasing demand for residential spaces from the developing nations in the Asia Pacific, and the Middle East & Africa. The growing residential segment is anticipated to increase the consumption of cement.
Asia-Pacific accounted for the highest market share in 2018 and is expected to remain so throughout the forecast period. This is attributable to the increased demand for cement from the developing nations, such as China, India, and Southeast Asian countries. Growth in the construction & infrastructure activities is a key driver for the cement market in this region. China is the major country contributing to the market growth in the region as its is the dominant producer and consumer of cement in the world.
The Middle East & Africa is projected to witness substantial growth. This growth is associated with the increasing demand for cement from the growing infrastructural activities in the region. Moreover, the use of cement in mining and oil exploration activities is another factor driving the market in the Middle East & Africa.
North America Cement Market Size, 2018
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The cement market in Europe is anticipated to grow at a significant CAGR. Russia, Germany, France, and the U.K. are the key countries contributing to the growth of the market in Europe. In North America, the increasing demand for public infrastructure is of the major factor influencing the growth of the market. Latin America will exhibit development in the market owing to rising urbanization. Government initiatives such as housing schemes, establishments of the hospital and school facilities, and the development and maintenance of transportation infrastructure are other key factors that would lead to the growth of cement consumption around the world.
“Key Market Players to Strengthen Position by Increasing Product Offerings”
The major producers of cement are spread out over the globe. It is leading to a diversified market. The producers located in North America and Europe are aiming to increase their presence in China and other countries in Asia Pacific in order to strengthen the market position and drive the business growth of the organization. The key players in the market have developed strong regional presence, distribution channels, and product offerings. The adopted strategies, such as acquisition and new product development by key players are expected to increase their presence in the market and serve their customer needs efficiently.
A growing market trend is observed in residential, and non-residential applications over the forecast period.The report provides qualitative and quantitative insights on the cement market and detailed analysis of cement’s market size & growth rate for all possible segments in the market. The cement market is segmented by type, application, and geography. Based on type, the market is classified into portland, blended, and others. By application, the market is divided into residential, and non-residential. Geographically, the market has been analyzed across five regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. These regions are further categorized into countries.
An Infographic Representation of Cement Market
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Along with this, the report provides an elaborative analysis of the cement market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments, regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.
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Value (USD Billion) and Volume (Million ton)
Fortune Business Insights says that the cement market size was valued at USD 312.5 billion in 2018 and is projected to reach USD 463.0 billion by 2026.
Growing at a CAGR of 5.2%, the cement market will exhibit rapid growth in the forecast period (2019-2026).
Non-residential segment is expected to be the leading application segment in the cement market .
Rising demand for cement owing to the construction activities along with the expansion of construction industry are the key factors driving the cement market.
Asia Pacific is expected to hold the highest market share in the cement market.
Non-residential is the key application that is expected to drive the adoption of cement.
Rising demand for blended cement mainly from concrete manufacturing industry is the key cement market trend.
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