Dublin, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The "Cement and Concrete Products Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The global cement and concrete products market is projected to witness substantial growth, with a compound annual growth rate (CAGR) of 7.4%, reaching a total market valuation of $531.99 billion by 2028, up from $345.67 billion in 2023.
Key Market Drivers
- Government Housing Initiatives: Governments worldwide are launching programs that provide cash incentives and subsidies to make housing more affordable, particularly for low-income households. These initiatives have led to increased demand for cement and concrete products, as customers take advantage of low-interest rates and grants. For example, the Australian government's "First Home Owners Grant" program offers a $15,000 grant to first-time homebuyers.
- Increase in Infrastructure Spending: Global economic expansion and stable growth have led to increased investments in infrastructure projects, both in developed and developing nations. Governments are allocating significant budgets to upgrade aging infrastructure to accommodate growing populations. This surge in infrastructure spending is driving the demand for cement and concrete products.
- Innovations in Cement Production: The cement production industry is evolving with the use of alternative raw materials such as clay, shale, and limestone, which improve product quality while reducing environmental impact. Innovations include using waste materials and byproducts from other industrial processes. Partnerships like the one between Dalmia Cement and FLSmidth & Co. in 2022 are driving research and development in cement production.
- Rapid Urbanization: The global urban population is rapidly increasing, particularly in Asian countries like China, India, Vietnam, and the Philippines. This urbanization trend drives the demand for infrastructure and, consequently, cement and concrete products.
- IoT in Cement Manufacturing: The adoption of the Internet of Things (IoT) is enhancing plant efficiency in cement manufacturing. IoT enables remote monitoring and predictive maintenance of cement production facilities, increasing uptime and efficiency.
- Adoption of Cement in Road Construction: Concrete roads are becoming preferred over traditional asphalt roads due to their durability, low maintenance requirements, and superior skid resistance. This trend has led to increased use of cement in road construction.
Key Market Challenges
- Emissions Regulations: Strict emissions regulations imposed on cement manufacturing plants by governments worldwide are expected to impact the market. Compliance with these regulations may result in higher operational and compliance costs for cement manufacturers, potentially impeding market growth.
Market players
Major market players in the global cement and concrete products market are Heidelberg Cement, Lafarge Holcim, CRH plc, The Siam Cement Group, Titan Cement Company S.A., Aditya Birla Ultratech, Mitsubishi Cement Corporation, CNBM International Corporation, Drake Cement LLC, and Taiheiyo Cement Corporation.
Report Scope:
In this report, the Global Cement and Concrete Products Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Cement and Concrete Products Market, By Type:
- Cement
- Ready-Mix Concrete
- Concrete Pipe
- Brick and Block
- Other Concrete Products
Cement and Concrete Products Market, By Product:
- Rapid Hardening Cement
- Low Heat Cement
- White Cement
- Hydrophobic Cement
- Other Products
Cement and Concrete Products Market, By Application:
- Residential
- Non-Residential
Cement and Concrete Products Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- South America
- Brazil
- Argentina
- Colombia
- Middle East
- Saudi Arabia
- South Africa
- UAE
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 170 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $345.67 Billion |
| Forecasted Market Value (USD) by 2028 | $531.99 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/2e32f8
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