Cement Market Report and Forecast 2023-2028

According to the report, the global cement market reached a value of USD 363.4 billion in 2022. Aided by the increasing demand for infrastructure and housing development and the expanding applications of cement in various industries, the market is projected to further grow at a CAGR of around 5.4% between 2023 and 2028 to reach a value of USD 498.23 billion by 2028.

Cement, a key component in concrete production, plays a fundamental role in construction activities. It is widely employed in infrastructure, residential and commercial buildings, roads, bridges, and other structures due to its durability and strength. Apart from its structural properties, cement is used as a binding material, offering excellent hardening, setting, and cementing capabilities.

The accelerating global urbanisation and the subsequent demand for infrastructure and housing are driving the global cement market growth. With the swelling population and the consequent migration towards cities, there has been a significant surge in the need for residential buildings, public infrastructure, and commercial spaces, leading to a spike in demand for cement. Moreover, advancements in construction technologies and the growing adoption of smart cities have further fuelled the demand.

The expanding applications of cement across different industries also play a pivotal role in propelling the cement market expansion. For instance, in the automotive industry, cement is used as a binder in the production of asbestos brake linings. In agriculture, it is used for constructing irrigation channels, and farm buildings, among others.

The rapid infrastructural development, especially in emerging economies, continues to contribute to the overall market growth. Cement is used in the manufacturing of precast concrete products, such as blocks, pipes, and staircase units, which find application in both residential and commercial construction. Furthermore, the increasing emphasis on sustainable construction has led to a shift towards eco-friendly cement products. The development of green cement, which significantly reduces carbon emissions associated with traditional cement production, has emerged as a key trend in the industry, thereby promoting the cement market development.

Lastly, advancements in cement manufacturing technologies, such as the introduction of alternative fuels and raw materials, and the adoption of carbon capture and storage (CCS) techniques, have optimised cement production, making it more efficient and less harmful to the environment. This, in turn, has provided a significant impetus to the cement market growth.

Market Segmentation

The market can be divided based on type, end use, and region.

Market Breakup by Type

• Blended
• Portland
• Others

Market Breakup by End Use

• Residential
• Commercial/Institutional/Industrial
• Infrastructural

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cement companies. Some of the major key players explored in the report are as follows:

• Holcim Limited
• China National Building Material Group Co., Ltd.
• Ultratech Cement Limited
• Grasim Industries Limited
• HeidelbergCement AG
• The Siam Cement Group
• Shree Cement Limited
• CRH plc
• CEMEX S.A.B. de C.V.
• Adani Group
• Buzzi Unicem SpA
• Titan Cement International SA
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.