Cement Market Overview, 2024-29

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 report “Global Cement Market Outlook, 2029”, 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.

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.

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.

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.

The global cement market has a competitive landscape, with several significant competitors fighting for market share through tactics such as mergers and acquisitions, regional expansions, product innovations, and collaborations. Regional players play an important role, especially in rising markets like Asia-Pacific, South America, and the Middle East & Africa, where local skills and market knowledge provide a competitive edge. Sustainability, digitization, and innovation are emerging as significant variables in creating the competitive landscape as businesses strive to differentiate themselves and meet changing customer needs while navigating regulatory pressures and environmental concerns.

• 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.

Considered in this report

• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report

• Cement market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product type

• Blended
• Portland
• Others (White Cement)

By Application

• Residential
• Commercial
• Infrastructure

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases.

After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Cement industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.


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