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The global cement market size was valued at USD 363.67 billion in 2022 and is projected to grow from USD 405.99 billion in 2023 to USD 544.55 billion by 2030, exhibiting a CAGR of 4.3% during the forecast period.
Cement is an important material used in construction industry which acts as a binder between two surfaces of bricks, stones, and panels. It is generally a fine powdery substance manufactured using limestone, clay, sand, iron ore, and bauxite.
The rising population has increased the need for residential buildings. This has surged the demand for cement manufacturing across the globe. The growing demand for non-residential buildings and public infrastructure, including healthcare centers and hospitals, has led to opportunities for product consumption. Hence, the rising demand for the product from the expanding construction sector is the current market trend.
COVID-19 Pandemic Negatively Impacted the Operations and Production of Product in Various Countries
The spread of COVID-19 negatively impacted the market, owing to government regulations that limited the movement of people and goods. The pandemic has severely impacted the production and operations of various countries. For instance, according to the National Bureau of Statistics of China, China's cement output decreased by 12% from 1.78 billion ton in January to August 2021 to 1.56 billion ton of the same period in 2022. However, the output has started to pick up monthly since September 2022. Despite the national infrastructure development, the real estate development investment decreased by 8% in the first nine months of 2022, according to the China Cement Association.
In addition, the shutdown of manufacturing plants in the U.S. and Germany has also affected their operations. However, governments of various countries are enacting supportive regulations and attempting to re-establish their economies. As a result, the demand is expected to stabilize over the next few years.
Increasing Adoption of Green Cement to Boost Growth Potentials
The rising adoption of green cement to construct ecofriendly and sustainable buildings will promote market growth. As part of an effort to reduce the threat posed by emissions, the process of manufacturing can be modified to reduce emissions substantially. This product uses a carbon-negative manufacturing technique that minimizes pollution during unit operations. It is a sustainable solution that addresses serious environmental concerns by reducing carbon footprint during production. In 2021, Hima Cement, a subsidiary of LafargeHolcim, launched a Fundi masonry product with a lower carbon footprint that finds application in bricklaying, plastering, and mortar works. Moreover, the United Nations Environment Program (UNEP) also urges the production and use of new environmentally sustainable and cost-effective products. Hence, such factors will flourish the demand for green cement in the near future.
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Surging Demand from Construction Activities to Support Market Growth
The rising population will effectively influence market growth on account of the increasing need for residential spaces, such as apartments and private bungalows. Furthermore, the growing demand for amenities in residential spaces is expected to accelerate the market size. Moreover, the rising need for non-residential establishments, such as malls, airports, industries, roads, and office buildings, is also 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 developing countries will further increase the demand. Moreover, the rising demand for precast products, such as blocks, panels, roof tiles, and others, will increase global product consumption. Currently, China is the dominant producer and consumer across the world. Hence, the growth in construction activities will boost the size of the market in this country.
Government Regulations on Carbon Emissions from Manufacturing Plants to Hinder Growth
Raw materials used for the production include limestone, chalk, shells, shale, clay, and silica sand. Its production causes various hazardous impacts on the environment and human health. The inhalation of dust particles can cause difficulties in breathing and irritate the nose and throat. Furthermore, the manufacturing of this product causes a high amount of pollution. According to the United States Environmental Protection Agency, the cement industry is the third-largest industrial polluter releases over 500 kilotons of nitrogen oxide, sulfur dioxide, and carbon monoxide yearly. Due to such factors, various environmental regulations are imposed by governments over the production process. Hence, this is anticipated to restrain the cement market growth.
Blended Segment Exhibited a Significant Share Owing to the Swiftly Expanding Demand from Various Applications
The market is segmented into portland, blended, and others on the basis of type.
Among these, the blended segment accounted for the largest cement market share in 2022 owing to its characteristics, such as reduced water demand, improved workability & pump ability, and reduced crack formation due to thermal stress. The blended segment consists of base portland in which other materials, such as limestone, slag, and pozzolana, are added to obtain the different blends. The increasing demand for blended types from applications, namely, buildings, road construction, and mining, is expected to help surge global market revenue.
Portland cement is majorly used to produce concrete, which is further used in constructing beams, panels, and mega structures, such as dams and roads. It is also mixed with other materials, such as sand, in mortars and plasters. Moreover, the other types include composite, colored, quick setting, low-alkali, and air-entraining cement. Hence, the increasing demand for all these types from different applications will boost the market substantially.
Non-Residential Segment to Generate the Highest Revenue Due to Rising Investment in Infrastructure Projects
The market is segmented into non-residential and residential on the basis of application. The non-residential segment is expected to dominate throughout the forecast period. In this segment, the product is used for applications such as constructing roads, dams, commercial complexes, industrial buildings, stadiums, and transportation hubs. Increasing rate of urbanization and infrastructural activities have led to an increased demand for the product. Additionally, the high need for hospitals and schools is expected to support market growth.
Growth in the residential segment due to the rising global population and increasing demand for residential spaces in the developing nations of the Asia Pacific and the Middle East & Africa regions. The growth of the residential segment is anticipated to increase the consumption of the product.
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On the basis of regional ground, the market is studied across North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
Asia Pacific Cement Market Size, 2022 (USD Billion)
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Asia Pacific accounted for USD 273.32 billion in 2022 and is expected to remain dominant throughout the forecast period. This is attributable to increased demand for the product from developing nations, such as Southeast Asia, China, and India. Growth in the infrastructure and construction activities is a key driver for this market in this region. China is the major country contributing to the market growth in the region as it is the dominant producer and consumer in the world. The country's dominance is attributed to factors including the rapid growth in population and infrastructure development activities in the region. Furthermore, the propelling demand for residential spaces in the country will support market growth in China.
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The 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 market growth in the region. The renovation of old and potentially risky structures has increased the product demand in these countries. Further, incorporation of sustainable and eco-friendly materials will drive the market in the region.
In North America, the increasing demand for public infrastructure is one of the major factors influencing the market growth. Adoption of modern and advanced practices by the construction industry including precast concrete and 3D concrete printing to boost product consumption in the region. The rising investment from government on the repair of potentially risky bridges and structures will augment the market growth during the forecast period.
Latin America will exhibit development in the market owing to rising urbanization. Government initiatives, such as housing schemes, the establishment of hospitals and school facilities, and the development and maintenance of transportation infrastructure, are other key factors that would lead to the growth of this market globally.
The Middle East & Africa is projected to witness substantial growth. This growth is associated with the increasing demand for the product from the rising infrastructural activities in the region. Moreover, its use in mining and oil exploration activities is another factor driving the market in the Middle East & Africa.
Major Players to Strengthen Position by Increasing Product Offerings
Major producers of the product are spread out over the globe. It is leading to a diversified market structure. Producers located in North America and Europe are aiming to increase their presence in China and other countries in the Asia Pacific region in order to strengthen their market positions and drive the business growth of their organizations. Key players in the market have developed a strong regional presence, distribution channels, and product offerings. The adopted strategies, such as new product development, acquisition, and zero-carbon construction materials initiatives by key players, are expected to increase their presence in the market and serve their customers’ needs efficiently. For instance, HeidelbergCement plans to produce CO2-neutral concrete by 2050.
An Infographic Representation of Cement Market
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The research report provides qualitative and quantitative insights and a detailed analysis of the market size & growth rate for all possible segments in the market. It focuses on crucial aspects such as types, applications, and competitive landscape. Also, the report offers insights into market dynamics, and emerging trends and highlights industry developments. In addition to the factors mentioned above, it encompasses various factors that have contributed to the market's growth over recent years.
Value (USD Billion); Volume (Million Ton)
By Type, Application, and Geography
Fortune Business Insights says that the global market size was USD 363.67 billion in 2022 and is projected to reach USD 544.55 billion by 2030.
In 2022, the market value stood at USD 363.67 billion.
Registering a CAGR of 4.3%, the market will exhibit rapid growth in the forecast period (2023-2030).
Based on application, the non-residential segment is expected to lead the market.
The rising product demand owing to construction activities and the expansion of the construction industry are the key factors driving the market.
Asia Pacific is expected to hold the highest share of the market.
CEMEX S.A.B. de C.V., HeidelbergCement, and Holcim Ltd. are the key players operating in the market.
Rapid expansion of residential spaces and healthcare facilities and production of sustainable grades are the factors expected to drive the adoption of the product.
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