The global cement market volume reached 5.2 Billion Tons in 2019. Cement refers to a binding material widely used for construction purposes that is manufactured by grinding a mixture of clay and limestone. Numerous other materials, such as shale, clay, slate, chalk, silica sand, iron ore and blast furnace slag, are heated at high temperatures to form a rock-like substance that is grounded into fine powder to form cement. Characterized by a grey color, it is mixed with water to form a hard mass that is used as an adhesive for masonry. Depending upon its ability to set in the presence of water, cement is largely bifurcated into two kinds – hydraulic and non-hydraulic. While hydraulic cement sets due to the chemical reaction between water and the dry ingredients, non-hydraulic cement offers optimal resistance against chemicals by reacting with the carbon dioxide in the environment.
Global Cement Market Drivers:
The market for cement is primarily driven by a significant rise in construction activities across the globe. Owing to rapid population expansion, there has been a substantial rise in the need for residential spaces, which has facilitated the construction of housing complexes. The development of mega infrastructure projects around the world, especially in emerging economies, is acting as another major growth-inducing factor. For instance, prominent infrastructural projects, such as the construction of Al Maktoum International Airport in Dubai and the South-North Water Transfer Project in China, are expected to significantly bolster the sales of cement. In line with this, governments of various countries across the globe are investing heavily to enhance the existing infrastructure, which is projected to further contribute to the market growth. Growing environmental concerns, coupled with technological advancements in the production process, is also driving the market toward growth. For instance, the inclusion of thermal energy in the manufacturing of cement ensures a low carbon footprint, owing to which it is being widely adopted by the manufacturers. Additionally, an enhanced focus toward sustainable development has resulted in shifting preference toward green construction. Escalating demand for green buildings has led to an increase in the sales of sustainable and green cement as it minimizes CO2 emissions generated during their production. The increasing purchasing power of the consumers and industrialization are some of the other factors that are expected to create a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a volume of 6.4 Billion Tons by 2025, growing at a CAGR of 3.4% during the forecast period (2020-2025).
Breakup by Type:
Among these, blended cement represents the most preferred type.
Breakup by End Use:
At present, the residential segment exhibits a clear dominance in the market.
Currently, Asia Pacific holds the leading position in the market, accounting for the majority of the total market share.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players are:
Key Questions Answered in This Report:
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