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The global cement market is projected to grow from USD 326.80 billion in 2021 to USD 458.64 billion in 2028. Nowadays, surging concerns of pollution are compelling governments of various countries to put forward norms to encourage companies to use carbon-negative manufacturing techniques. The United Nations Environment Program (UNEP), for instance, urges the utilization and production of new cement-based products that are both affordable and eco-friendly. Fortune Business Insights™ published this information in a report, titled, “Cement Market Size, Share & COVID-19 Impact Analysis, By Type (Portland, Blended, and Others), By Application (Residential, and Non-Residential), and Regional Forecast, 2021-2028.” The report further states that the market stood at USD 313.60 billion in 2020. It is set to exhibit a CAGR of 5.1% during the forecast period in 2021-2028.
JK Cement Ltd. Unveiled New Grey Cement Grinding Unit in Gujarat
In October 2020, JK Cement Ltd., a renowned building material company based in India introduced its new grey cement grinding unit in Gujarat’s Balasinor. It will have a production capacity of 0.7 mtpa. It will be developed in an area of eight hectares and will cost Rs. 200 crores. As per a company official, “This plant will help in providing access to high-quality product to customers and create more employment opportunities for local people.”
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Increasing Demand for Blocks, Panels, and Roof Tiles to Drive Growth
The need for urbanizations has surged rapidly owing to the requirement of a better quality of life and more career opportunities. Hence, regulatory bodies are constantly taking numerous initiatives to support infrastructure and construction activities, especially in developing nations. At the same time, the demand for precast products, such as roof tiles, panels, and blocks would propel the consumption of cement. However, the high amount of pollution created by the production of the material may hamper the market growth.
Key Companies Aim to Broaden Geographic Presence by Entering Asia Pacific Market
The market has a diversified structure on account of the presence of several renowned companies across the globe. Companies situated in Europe and North America are striving persistently to expand their geographic footprint by entering Asia Pacific. A few others are investing hefty amounts to expand their production capacities to fulfil the unmet needs of people.
A Notable Industry Development-
Fortune Business Insights™ presents a list of companies operating in the global market. They are as follows:
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Billion); Volume (Million ton)
Type; Application; and Geography