New York (US), April 26, 2023 (GLOBE NEWSWIRE) -- Cement Market Overview
The MRFR analysis reports predict that the “Cement Market Research Report Information By Type, Application, And Region - Forecast Till 2030.” The size of the cement market was estimated at USD 324.24 billion in 2021. During the forecast period (2022–2030), the cement market industry is expected to increase from USD 334.97 billion in 2022 to USD 505.34 billion, registering a compound yearly growth rate (CAGR) of 5.27%. Market expansion is being driven by rising demand from developed nations and rising infrastructure spending.
Fly ash, silica fume, set retarders, rice husk ash, and other cement and concrete additives are used for application in the infrastructure sector for highways, bridges, dams, and other structures due to their superior qualities, such as strength-enhancement, chemical resistance, and waterproofing. The infrastructure sector is growing significantly as a result of factors such increased foreign investment, industrialization, and government initiatives for infrastructure development. For instance, according to the Alberta Government, 172 projects totaling over US$1.16 billion in infrastructure construction were committed between 2020 and 2021.
Additionally, the need for residential and commercial building development is rising as a result of the population growth and fast urbanisation. This is accelerating the demand for cement around the world, along with a notable increase in infrastructure remodelling, refurbishment, and building as well as the creation of mega infrastructure projects in various nations. Additionally, the growing popularity of the nuclear family is driving up demand for residential spaces like studio flats and private bungalows, which is favourably affecting the housing market.
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Key Companies in the Cement market includes
- Shree Cement (India)
- InterCement (Brazil)
- Votorantim (Brazil)
- Titan Cement (Greece)
- TAIHEIYO CEMENT CORPORATION (Japan)
- SCG (Thailand)
- Sunnsy (China)
- Mitsubishi Materials Corporation (Japan)
- Aditya Birla Management Corporation Pvt. Ltd (India)
- Wonderful Sky Financial Group Limited (China)
- CEMEX S.A.B. de C.V. (Mexico)
- BBMG Corporation (China)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 505.34 billion |
| CAGR | 5.27% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing need for the housing and lodging sector with the rapid industrialization |
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The introduction of cutting-edge technologies into the cement manufacturing process is also boosting industry expansion. A favourable market outlook is also being produced by the growing use of green cement in the construction of eco-friendly and sustainable buildings to minimise harmful emissions and enhance environmental health. Precast material makers are benefiting financially from the rising demand for products like blocks, roof panels, and tiles. In addition, governments from different nations are spending more money to improve the current infrastructure. To improve access to rural locations, they are concentrating on building flyovers, highways, railway tracks, and public housing projects.
Additionally, governments from different nations are spending a lot of money on improving the current infrastructure, which is fostering market expansion.
The industry is also being driven by rising environmental concerns and technological developments in the manufacturing process. For instance, producers of various End-use industries frequently employ thermal energy in the production of cement since it ensures a minimal carbon footprint. Additionally, the increased emphasis on sustainable development has caused a change in preferences for green building. This reduces CO2 emissions produced during their production, which is helping to boost sales of sustainable and green cement along with the rising demand for green structures. As a result, the revenue growth of the cement industry is being driven by the rising demand in construction.
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Segmentation
Cement Type, the market is segmented into Portland, Blended, and Others.
Cement Application, the market is segmented into Residential, Construction, Commercial Construction, Industrial, and Others.
The market is divided into North America, Europe, Asia Pacific, Latin America, and MEA according to region in the report. In 2021, the Asia-Pacific Cement market held a dominant share of USD 0.105 billion and is predicted to grow at a rate of 4.88% CAGR. This is explained by the expansion of the infrastructure. During the projection period, large-scale initiatives like China's One Belt and One Road (OBOR) infrastructure programme are likely to boost cement consumption. For instance, work on the East Coast Rail Link project to connect Malaysia's east and west regions began in August 2017. The project, which is a component of OBOR, is expected to cost close to USD 13.0 billion.
Cities are steadily expanding as a result of rising urbanisation, which is seen to be a factor in the segment's growth. In addition, the element is anticipated to give residential building a major boost.
Due to the rising demand for cement applications, such as commercial building, the European cement market holds the second-largest market share. Additionally, the UK cement industry was expanding at the quickest rate in the European region, while the Germany cement market had the biggest market share. From 2022 to 2030, the Asia-Pacific Cement Market is anticipated to expand at a CAGR of 4.88%. This is due to the region's growing population as well as the rising demand for cement from developing countries like China and India.
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Additionally, the Asia-Pacific region's cement markets with the highest market shares were China and India, respectively. For instance, the infrastructure initiatives make India's cement market the preferred location for cement manufacturers. China, on the other hand, is well known for its road building. Asia-Pacific is therefore expected to experience the fastest growth over the projected period of 2022–2030.
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