Global Cement Market Overview, 2024-29
The Global Cement Market is segmented into By Type (Blended, Portland, Others (White Cement)), By End User (Residential, Commercial, Infrastructure)
- Bonafide Research
- 29-02-2024
- Pages : 90
- Figures : 18
- Tables : 18
- Region : Global
- Category : Manufacturing & Industry
- Construction & Building Materials
The Global Cement market to cross USD 520.90 Billion by 2029, increasing from USD 345.09 Billion in 2023, driven by robust infrastructure and construction activities
- Historical Period2018-2023
- Base Year2023
- Forecast Period2024-2029
- Market Size (2023) USD 345.09 Billion
- Market Size (2029) USD 520 Billion
- CAGR (2023-2029) 7.2%
- Largest MarketAsia-Pacific
- Fastest Market South America
- Format
Featured Companies
- 1. The Holcim Group
- 2. Heidelberg Materials AG
- 3. China National Building Material Co., Ltd.
- 4. CRH plc
- 5. The Siam Cement Public Company Limited
- 6. Votorantim S.A.
- 7. Buzzi Unicem S.p.A.
- 8. UltraTech Cement Limited
- 9. Dangote Cement Plc
- More...
Cement Market Market Analysis
The global cement industry stands as a cornerstone of modern civilization, providing the fundamental building blocks for infrastructure, housing, and economic development worldwide. Cement, with its remarkable versatility, durability, and strength, forms the backbone of construction projects ranging from towering skyscrapers and expansive highways to intricate bridges and resilient dams. Spanning across continents and cultures, the global cement industry reflects the dynamic interplay of technological innovation, market dynamics, and societal needs. From the ancient Roman concrete structures that still stand today to the cutting-edge production facilities of the 21st century, cement has evolved into a vital component of modern construction, enabling humanity to shape and reshape the built environment. As populations grow, urbanisation accelerates, and economies expand, the demand for cement continues to surge, driving innovation and investment in the industry. Cement is a globally traded commodity, with significant volumes of cement being imported and exported between countries and regions. Trade in cement allows countries to meet domestic demand, access specialised products, and take advantage of cost disparities in production. Cement production and consumption patterns vary significantly across regions and countries due to differences in population growth, urbanisation rates, economic development, construction practices, and regulatory environments. While some regions experience rapid growth in cement demand, others face challenges such as overcapacity or declining consumption. According to the research report, “Global Cement Market Overview, 2029” published by Bonafide Research, the market is anticipated to cross USD 520 Billion by 2029, increasing from USD 345.09 Billion in 2023. The market is expected to grow with 7.20% CAGR by 2024-29. The need for housing, infrastructure, and commercial projects is driven by the world's expanding population and increasing urbanisation. The need for cement rises as more people migrate into cities and metropolitan regions and require more housing, roads, bridges, hospitals, schools, and other amenities. Around the world, governments fund infrastructure projects to raise living standards, promote economic growth, and increase connectivity. Large-scale projects that require a lot of cement include building power plants, water supply systems, telecommunications infrastructure, airports, seaports, and transportation networks. Industrialization and economic growth stimulate construction activity and drive demand for cement. Emerging economies, in particular, experience rapid industrialization, leading to increased demand for industrial facilities, manufacturing plants, and industrial infrastructure that require cement for construction. Furthermore, the growth of the real estate sector fuels demand for cement globally. Private sector investments in hospitality projects drive construction activity and cement consumption. Real estate development encompasses a wide range of projects, including residential buildings, office complexes, shopping malls, hotels, and mixed-use developments, all of which require cement. Mega projects and events, such as international sports competitions, exhibitions, and large-scale infrastructure projects, drive demand for cement. These projects often involve the construction of stadiums, airports, hotels, transportation facilities, and other infrastructure that requires substantial quantities of cement. Technological advancements in construction materials, techniques, and processes influence cement demand. Innovations in cement production, such as the development of low-carbon cements, alternative fuels, and sustainable practices, drive demand as industries and governments prioritise environmental sustainability.
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Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally
Download SampleMarket Dynamic
Major Drivers • Real Estate Sector Growth: The growth of the real estate sector serves as a significant driver of the global cement market. The real estate sector encompasses a wide range of projects, including residential, commercial, industrial, and hospitality developments. As populations grow, urbanisation accelerates, and economies expand, there is an increasing demand for housing, office spaces, retail outlets, factories, hotels, and other real estate assets. Cement is a fundamental building material used in the construction of structures such as buildings, roads, bridges, and infrastructure required to support real estate development. The expansion of the real estate sector drives construction activity, which, in turn, fuels demand for cement globally. • Mega Projects and Events: Mega projects and events play a pivotal role in driving demand for cement on a global scale. These large-scale projects include infrastructure developments such as airports, seaports, highways, railways, and energy facilities, as well as iconic structures like stadiums, convention centres, and landmarks. Mega events such as international sports competitions, world expositions, and global summits also require extensive infrastructure, including stadiums, hotels, transportation networks, and venues. Cement is a primary building material used in the construction of megaprojects and events, owing to its strength, durability, and versatility. The planning and execution of megaprojects involve significant cement consumption, driving demand for cement on a large scale. Major Challenges • Overcapacity and Market Competition: Overcapacity and market competition pose significant challenges for the cement industry. Overcapacity occurs when the production capacity of cement manufacturers exceeds the demand for cement in the market. This imbalance leads to intense competition among manufacturers, driving down prices and squeezing profit margins. Overcapacity can result from factors such as excessive investment in production capacity, economic downturns, or changes in market dynamics. Cement companies struggle to maintain profitability and market share in a competitive environment, leading to consolidation, plant closures, and layoffs. • Technological Disruption and Innovation: Technological disruption and innovation present both challenges and opportunities for the cement industry. Rapid advancements in construction materials, manufacturing processes, and building technologies are reshaping the industry landscape. Cement manufacturers must adapt to emerging technologies, such as digitalization, automation, and advanced materials, to remain competitive and meet evolving customer demands. However, integrating new technologies into existing operations can be complex and costly, requiring investments in research and development, infrastructure, and workforce training.
Cement Market Segmentation
| By Type | Blended | |
| Portland | ||
| Others (White Cement) | ||
| By End User | Residential | |
| Commercial | ||
| Infrastructure | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Europe | Germany | |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Russia | ||
| Asia-Pacific | China | |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| South America | Brazil | |
| Argentina | ||
| Colombia | ||
| MEA | United Arab Emirates | |
| Saudi Arabia | ||
| South Africa | ||
Based on the product types, they are segmented into blended, Portland, and others. Among them in Portland is a growing segment. Portland cement is the most widely used type of cement globally due to its versatility and standardization. It can be used in a wide range of construction applications, from residential buildings to infrastructure projects, making it a preferred choice for contractors, engineers, and architects worldwide. Additionally, Portland cement is standardised according to international standards, ensuring consistent quality and performance, which enhances its appeal and adoption in the global market. Portland cement offers excellent performance characteristics, including high compressive strength, durability, and resistance to environmental conditions. Its reliability and performance have been demonstrated in countless construction projects worldwide, earning the trust of construction professionals and developers. As a result, Portland cement continues to be the preferred choice for critical applications where performance and longevity are paramount. The global demand for infrastructure development, driven by population growth, urbanization, and economic expansion, fuels the growth of Portland cement. Infrastructure projects such as roads, bridges, airports, and utilities require vast quantities of cement, with Portland cement being the primary type used for construction. As governments and private sector entities invest in infrastructure projects worldwide, the demand for Portland cement continues to grow. Based on the end users, they are segmented into residential, commercial, and infrastructure. Infrastructure is growing with the demand for cement, the world's population continues to grow, and with it, the need for infrastructure to support expanding urban centers. Urbanisation leads to increased demand for housing, transportation networks, utilities, and social infrastructure such as schools and hospitals, all of which require significant amounts of cement for construction. Economic growth and industrialization drive investments in infrastructure projects such as roads, bridges, ports, airports, railways, and energy facilities. These projects are essential for facilitating trade, transportation, and economic activity, thereby stimulating demand for cement as a primary construction material. Furthermore, governments worldwide prioritise infrastructure development as a means to promote economic growth, create jobs, and improve living standards. Stimulus programmes and public-private partnerships often focus on infrastructure investments to address infrastructure deficits, enhance connectivity, and support sustainable development goals. In many regions of the world, ageing infrastructure has to be renewed, renovated, and modernised in order to satisfy present and future demands. As old structures are strengthened, enlarged, or replaced with more resilient and long-lasting materials, infrastructure upgrades, maintenance, and retrofitting projects use a lot of cement. Emerging markets, particularly in Asia, Africa, and Latin America, are experiencing rapid urbanisation and megaprojects aimed at creating smart cities, economic zones, and transportation hubs. These megaprojects often involve the construction of iconic landmarks, skyscrapers, mixed-use developments, and advanced infrastructure systems, driving demand for cement as the primary building material.
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Cement Market Market Regional Insights
Based on the report, the five regions covered in the report include North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Europe significantly contributes to the market; significant infrastructure development is taking place in Europe as a result of efforts to construct new energy facilities, public amenities, and transportation networks in addition to modernising existing infrastructure. The construction of roads, bridges, railroads, airports, ports, and utilities necessitates large amounts of cement, which is why infrastructure development is a major factor in Europe's cement consumption. Urbanisation and population growth in Europe lead to increased demand for housing, commercial buildings, and urban infrastructure. As more people move to cities and urban areas, there is a need for residential complexes, office buildings, shopping malls, schools, hospitals, and other facilities, all of which require cement for construction. Europe is at the forefront of renewable energy development, with countries investing in wind farms, solar parks, hydroelectric dams, and other renewable energy projects to reduce carbon emissions and transition to sustainable energy sources. Cement is used in the construction of renewable energy infrastructure, such as turbine foundations, solar panel supports, and hydroelectric dams, contributing to cement demand in Europe. Furthermore, Europe has a significant stock of ageing infrastructure, including bridges, tunnels, and public buildings, which require modernization, retrofitting, and maintenance. Cement is used in repair and rehabilitation projects to strengthen structures, improve durability, and enhance resilience against natural hazards, contributing to cement demand in Europe.
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Key Development
• In May 2023, Heidelberg Materials has announced a new state of art cement facility in Mitchell, Indiana. The company has invested USD 600 million to build the second-largest cement plant in North America, aiming to reduce CO2 emissions and energy consumption significantly. • In April 2023, CEMEX Philippines (CHP) achieved the milestone of a 50% reduction in carbon dioxide emissions generated by two of its cement subsidiaries, APO Cement Corporation and Solid Cement Corporation. Cemex Philippines has reduced 18% of its carbon dioxide emission with the ambition of less than 430 kg of CO2 per ton of cement signifies a 67 percent reduction by 2030. • On May 24, 2023, China National Building Material (CNBM) Group launched a high-performance carbon fiber project with an annual output of 25,000 tons.
Companies Mentioned
- The Holcim Group
- Heidelberg Materials AG
- China National Building Material Co., Ltd.
- CRH plc
- The Siam Cement Public Company Limited
- Votorantim S.A.
- Buzzi Unicem S.p.A.
- UltraTech Cement Limited
- Dangote Cement Plc
- CEMEX S.A.B. de C.V.
Table of Contents
- 1. Executive Summary
- 2. Market Dynamics
- 2.1. Market Drivers & Opportunities
- 2.2. Market Restraints & Challenges
- 2.3. Market Trends
- 2.3.1. XXXX
- 2.3.2. XXXX
- 2.3.3. XXXX
- 2.3.4. XXXX
- 2.3.5. XXXX
- 2.4. Covid-19 Effect
- 2.5. Supply chain Analysis
- 2.6. Policy & Regulatory Framework
- 2.7. Industry Experts Views
- 3. Research Methodology
- 3.1. Secondary Research
- 3.2. Primary Data Collection
- 3.3. Market Formation & Validation
- 3.4. Report Writing, Quality Check & Delivery
- 4. Market Structure
- 4.1. Market Considerate
- 4.2. Assumptions
- 4.3. Limitations
- 4.4. Abbreviations
- 4.5. Sources
- 4.6. Definitions
- 5. Economic /Demographic Snapshot
- 6. Global Cement Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Region
- 6.3. Market Size and Forecast, By Geography
- 6.4. Market Size and Forecast, By Types
- 6.5. Market Size and Forecast, By End User
- 7. North America Cement Market Outlook
- 7.1. Market Size By Value
- 7.2. Market Share By Country
- 7.3. Market Size and Forecast, By Types
- 7.4. Market Size and Forecast, By End User
- 8. Europe Cement Market Outlook
- 8.1. Market Size By Value
- 8.2. Market Share By Country
- 8.3. Market Size and Forecast, By Types
- 8.4. Market Size and Forecast, By End User
- 9. Asia-Pacific Cement Market Outlook
- 9.1. Market Size By Value
- 9.2. Market Share By Country
- 9.3. Market Size and Forecast, By Types
- 9.4. Market Size and Forecast, By End User
- 10. South America Cement Market Outlook
- 10.1. Market Size By Value
- 10.2. Market Share By Country
- 10.3. Market Size and Forecast, By Types
- 10.4. Market Size and Forecast, By End User
- 11. Middle East & Africa Cement Market Outlook
- 11.1. Market Size By Value
- 11.2. Market Share By Country
- 11.3. Market Size and Forecast, By Types
- 11.4. Market Size and Forecast, By End User
- 12. Competitive Landscape
- 12.1. Competitive Dashboard
- 12.2. Business Strategies Adopted by Key Players
- 12.3. Key Players Market Share Insights and Analysis, 2022
- 12.4. Key Players Market Positioning Matrix
- 12.5. Porter's Five Forces
- 12.6. Company Profile
- 12.6.1. The Holcim Group
- 12.6.1.1. Company Snapshot
- 12.6.1.2. Company Overview
- 12.6.1.3. Financial Highlights
- 12.6.1.4. Geographic Insights
- 12.6.1.5. Business Segment & Performance
- 12.6.1.6. Product Portfolio
- 12.6.1.7. Key Executives
- 12.6.1.8. Strategic Moves & Developments
- 12.6.2. Heidelberg Materials AG
- 12.6.3. China National Building Material Co., Ltd.
- 12.6.4. CRH plc
- 12.6.5. The Siam Cement Public Company Limited
- 12.6.6. Votorantim S.A.
- 12.6.7. Buzzi Unicem S.p.A.
- 12.6.8. UltraTech Cement Limited
- 12.6.9. Dangote Cement Plc
- 12.6.10. CEMEX S.A.B. de C.V.
- 13. Strategic Recommendations
- 14. Annexure
- 14.1. FAQ`s
- 14.2. Notes
- 14.3. Related Reports
- 15. Disclaimer
Table 2: Influencing Factors for Cement Market, 2023
Table 3: Top 10 Counties Economic Snapshot 2022
Table 4: Economic Snapshot of Other Prominent Countries 2022
Table 5: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 6: Global Cement Market Size and Forecast, By Geography (2018 to 2029F) (In USD Billion)
Table 7: Global Cement Market Size and Forecast, By Types (2018 to 2029F) (In USD Billion)
Table 8: Global Cement Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 9: North America Cement Market Size and Forecast, By Types (2018 to 2029F) (In USD Billion)
Table 10: North America Cement Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 11: Europe Cement Market Size and Forecast, By Types (2018 to 2029F) (In USD Billion)
Table 12: Europe Cement Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 13: Asia-Pacific Cement Market Size and Forecast, By Types (2018 to 2029F) (In USD Billion)
Table 14: Asia-Pacific Cement Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 15: South America Cement Market Size and Forecast, By Types (2018 to 2029F) (In USD Billion)
Table 16: South America Cement Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 17: Middle East & Africa Cement Market Size and Forecast, By Types (2018 to 2029F) (In USD Billion)
Table 18: Middle East & Africa Cement Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Cement Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Cement Market Share By Region (2023)
Figure 6: North America Cement Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: North America Cement Market Share By Country (2023)
Figure 8: Europe Cement Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Europe Cement Market Share By Country (2023)
Figure 10: Asia-Pacific Cement Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Asia-Pacific Cement Market Share By Country (2023)
Figure 12: South America Cement Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 13: South America Cement Market Share By Country (2023)
Figure 14: Middle East & Africa Cement Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 15: Middle East & Africa Cement Market Share By Country (2023)
Figure 16: Competitive Dashboard of top 5 players, 2023
Figure 17: Market Share insights of key players, 2023
Figure 18: Porter's Five Forces of Global Cement Market
Cement Market Market Research FAQs
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