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The global cement market size could rise from USD 340.61 billion in 2022 to USD 481.73 billion by 2029. Burgeoning population and urbanization have fostered the need for residential and commercial buildings across the emerging and advanced economies. Bullish demand for healthcare centers and hospitals will augur well for the business outlook.
According to the latest research report by Fortune Business Insights™ titled, “Cement Market Size, Share & COVID-19 Impact Analysis, By Type (Portland, Blended, and Others), By Application (Residential, and Non-Residential), and Regional Forecast, 2022-2029,” the market stood at USD 326.81 billion in 2021. It is estimated to witness 5.1% CAGR during the forecast period.
Manufacturing Plant Shut Down Dents Industry Growth amidst the COVID-19 Pandemic
The COVID-19-induced disruptions, including the temporary shutdown of manufacturing units, dented the growth prospect in 2020. For instance, Birlasoft Limited claimed that in 2020, construction output in North America was expected to reduce by 6.6%, leading to a loss of USD 122.4 billion in projects. Prominently, the shutdown of manufacturing plants in Germany and the U.S. hampered the industry outlook. Meanwhile, the adoption of green cement could add fillip to the industry growth.
HeidelbergCement Poured USD 485 Million to Modernize and Reorganize Cement Plants in France
Prominent players are slated to inject funds into organic and inorganic strategies, including mergers & acquisitions, zero-carbon construction materials and new product developments. To illustrate, in November 2020, HeidelbergCement announced an investment of approximately USD 485 million to reorganize and modernize its several cement plants in France. The company seeks to optimize the structures, effectiveness and processes of its operations in the country. Leading companies in Europe and North America are gearing up to expand their presence across emerging economies. Cement market share will observe a notable gain on the back of robust policies across the end-use sectors.
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Bullish Demand from Construction Sector to Propel Growth Potentials
Burgeoning population and urbanization have added fillip to the industry growth with the rising need for residential spaces, including private bungalows and apartments. Surging demand for amenities in residential spaces will augur well for the industry outlook. Besides, the rising penetration of commercial establishments, such as roads, airports, malls and industries, will bode well for leading companies gearing to expand their footfall. So much so that governments have upped investments in the infrastructural sector, fostering cement market growth during the forecast period. Prominently, increasing demand for precast products, including roof tiles, panels and blocks, will propel the industry growth. However, rigorous government regulations on carbon emissions from manufacturing plants could dent the industry prospect.
Stakeholders Emphasize Collaboration to Gain Ground
Leading companies are likely to inject funds into technological advancements, product launches, mergers & acquisitions and R&D activities. Moreover, leading players are expected to bolster their geographical footprint through innovations.
Key Industry Development
List of the Companies Profiled in the Global Market
Further Report Findings
Table of Segmentation
Value (USD Billion); Volume (Million ton)
Type; Application; and Geography