Hyderabad, Aug. 09, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Cement Market Report (2023-2028)," the market is estimated at 3.86 billion tons in 2023. It is expected to register a CAGR of 7.23% during the forecast period.
Cement is a crucial binding agent used in construction. The global cement market is expected to witness growth due to increasing residential construction in Asia-Pacific and infrastructure activities in the Middle East & Africa. Abundant raw materials like fly ash are also an added advantage. Due to environmental concerns, the world is shifting toward green construction, presenting more opportunities for the market.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | 5.48 billion tons |
| Market Size (2028) | 3.86 billion tons |
| CAGR (2023-2028) | 7.23% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Volume (Tons) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Regional construction activities. |
| Raw material availability. |
Who are the Top Companies in the Global Cement Market?
The market is partially consolidated. The significant players in the global cement market are,
- Buzzi SpA
- China National Building Material Group Corporation
- CEMEX SAB de CV
- CRH
- Heidelberg Materials
- HOLCIM
- InterCement
- Mitsubishi Cement Corporation
- SCG
- Taiheiyo Cement Corporation
- Taiwan Cement Ltd
- Titan Cement
- UltraTech Cement Ltd
- Votorantim Cimentos
Other Reports That Might Be of Your Interest:
- Well Cementing Services Market Report - The global well cementing market is projected to register a CAGR of over 3.55% over the next five years.
- United Kingdom White Cement Market Report - The UK white cement market size is expected to grow from 798.55 kilotons in 2023 to 990.86 kilotons by 2028, at a CAGR of 4.41% during the forecast period (2023-2028).
Key Highlights from the Global Cement Market Report:
Growing Residential Construction
- The residential sector is a significant driver of cement demand. New construction projects are increasing due to rising middle-class disposable income.
- Building standards and energy-efficient regulations are making cement popular in residential construction. Government initiatives are promoting the use of green cement.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region, particularly China and India, has shown substantial growth in the cement market.
- China's construction sector is experiencing remarkable growth. In India, the government initiatives for affordable housing led to the construction and sanctioning of millions of residences in metropolitan regions.
- These trends are expected to continue over the short-term, positively influencing the growth of the global cement market.
What are the Latest Developments in the Global Cement Market?
- In May 2023, Cemex acquired a cement plant near Madrid, Spain, with a production of 100,000 metric tons to supply lower-carbon Vertua cement for mortar production.
- In May 2023, ACC and Ambuja Cement launched a cutting-edge Cement and Concrete Research & Development facility at Kalamboli, Navi Mumbai.
Mordor Intelligence has Segmented the Global Cement Market Based on Type, Application, and Geography.
- By Type (Market Size and Forecast based on Value (In Tons), 2018-2028)
- Portland
- Blended
- Other Types
- By Application (Market Size and Forecast based on Value (In Tons), 2018-2028)
- Residential
- Commercial
- Infrastructure
- Industrial and Institutional
- By Geography (Market Size and Forecast based on Value (In Tons), 2018-2028)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- ASEAN countries
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- Italy
- France
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Asia-Pacific
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Cement Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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