Pune, India, Jan. 21, 2022 (GLOBE NEWSWIRE) -- According to by Fortune Business Insights™, the global cement market size was USD 313.60 billion in 2020. It is projected to grow from USD 326.80 billion in 2021 to USD 458.64 billion in 2028 at a CAGR of 5.1% during the forecast period. The cement market size is set to gain momentum from the surging usage of green cement to develop sustainable and eco-friendly buildings. Government bodies have implemented strict norms to reduce emissions by modifying the manufacturing process. In May 2021, for instance, Bill Gates-led Breakthrough Energy Ventures invested in Ecocem Materials Ltd. to roll out new formulations of environmentally friendly cement.
Report Aim & Scope:
- An overview of the market based on geographical scope, segmentation, and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of the forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year Growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and the future scope of the market in North America, Asia Pacific, Europe, Latin America, and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The report analyzes the growth rate, market size, and valuation of the market during the forecast period.
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Competitive Landscape-
Key Players Focus on Broadening Their Production Capacities to Compete with Rivals
The global market houses a large number of companies that are mainly participating in capacity expansions and development of new technologies to cater to the high demand from customers. This would also allow them to compete with their rivals in the market.
List of Cement Manufacturers Operating in the Global Market:
- CEMEX (Mexico)
- HeidelbergCement (Germany)
- InterCement (Brazil)
- LafargeHolcim (Switzerland)
- CRH plc (Ireland)
- The Siam Cement Group (Thailand)
- Titan Cement Company S.A. (Greece)
- Aditya Birla Ultratech (India)
- Votorantim Cimentos (Brazil)
- Buzzi Unicem S.p.A. (Italy)
- Mitsubishi Cement Corporation (U.S.)
- Argos USA Corporation (U.S.)
- CNBM International Corporation (China)
- Taiheiyo Cement Corporation (Japan)
- Drake Cement LLC (U.S.)
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Segments-
Residential Segment Held 43.3% Share in 2020: Fortune Business Insights™
Based on applications, the market is bifurcated into non-residential and residential. Out of these, the residential segment earned 43.3% in terms of the cement market share in 2020. This growth is attributable to the high demand for residential spaces from emerging economies located in the Middle East & Africa and Asia Pacific. Coupled with this, the surging population worldwide would propel growth.
Report Coverage-
The report aims to analyze the industry by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints-
Rising Demand for Amenities in Residential Spaces to Boost Growth
The increasing population is resulting in the high demand for residential spaces, such as private bungalows and apartments across the globe. Also, people nowadays are looking for novel amenities in these residential spaces. In addition to that, the construction of non-residential establishments, namely, office buildings, roads, industries, airports, and malls would drive the cement market growth in the near future. However, the production process of this construction material releases numerous harmful chemicals, especially dust that can cause irritation in the nose and throat. It may obstruct growth.
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Regional Insights-
Increasing Demand from China and India to Help Asia Pacific Dominate
Geographically, in 2020, Asia Pacific procured USD 220.69 billion in terms of revenue. It would remain in the dominant position in the upcoming years backed by the high demand for cement from India and China. North America, on the other hand, is set to show high growth because of the rising demand for public infrastructure. In the Middle East & Africa, the use of this binder in oil exploration and mining activities would aid growth.
Market Segmentation ( Type; Application; and Geography)
By Type
- Portland
- Blended
- Others
By Application
- Residential
- Non-Residential
By Geography
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Below are the two significant industry developments:
- December 2020: UltraTech Cement, a part of the Aditya Birla Group announced its plan to expand its capacity to 12.8 mtpa with a combination of green field and brown field. This additional capacity will be developed in the fastest-growing industries of the north, central, and east regions of India. It invested around Rs. 5,477 crores for the same.
- November 2020: HeidelbergCement invested around €400 million to develop a high performance and eco-friendly low-carbon business. It would help the company to upgrade its plants and improve performance in France. It aims to reduce emissions.
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