According to the latest report by IMARC Group, titled “Cement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global cement market size reached US$ 363.2 Billion in 2022. Cement is a widely utilized hydraulic binding material characterized by its finely ground powdered form, typically composed of calcium silicates and other minerals. It is primarily used as a key component in the construction industry, facilitating the creation of concrete, which is a versatile building material known for its exceptional strength and durability. Cement offers excellent resistance to harsh environmental conditions, ensuring the longevity of constructed structures. Its binding properties enable it to securely unite aggregates, reinforcing steel, and other construction elements, providing stability and structural integrity. Cement has exceptional versatility and allows for the formulation of different types of cement tailored to specific construction needs.
Global Cement Market Trends:
The increasing utilization of cement in the construction industry due to the rise in infrastructural development and rapid urbanization are major factors contributing to the market growth. Additionally, the growing infrastructure development initiatives by governments across the globe as investments in large-scale infrastructure projects, such as roads, bridges, airports, and public utilities, increase to support economic growth and enhance connectivity is propelling the market growth. Moreover, the rising popularity of sustainable construction practices as key companies and governments focus on environmentally friendly building materials and techniques, which is providing a thrust to the market growth. In line with this, the widespread adoption of eco-friendly manufacturing processes and the development of blended cement, incorporating supplementary cementitious materials like fly ash and slag, reducing the overall carbon footprint of concrete, is positively impacting the market growth. Furthermore, rapid advancements in cement technology leading to the development of specialized formulations tailored to specific construction needs, such as high-performance, rapid-hardening, and self-healing cement, catering to the requirements of modern infrastructure projects that demand enhanced strength, reduced curing time, and increased durability is favoring the market growth. Besides this, the growing prevalence of public-private partnerships (PPPs) in infrastructure development projects that allows for the mobilization of private sector expertise and funding, accelerating the execution of projects and boosting cement demand in the process. Looking forward, the market value is projected to reach US$ 518.5 Billion by 2028, expanding at a CAGR of 6.22% during 2023-2028.
- Based on the type, the market has been segmented as blended, portland, and others. According to the report, portland represents the largest segment.
- On the basis of the end use, the market has been divided into residential, commercial, and infrastructure. According to the report, residential accounts for the largest market share.
- Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading market, accounting for the majority of the global share.
- The competitive landscape of the market has also been examined, with some of the key players being CNBM International Corporation, Anhui Conch Cement Co., Ltd., Jidong Development Group Co., Ltd., LafargeHolcim Ltd and HeidelbergCement AG.
|Base Year of the Analysis
||Billion Tons, US$ Billion
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Blended, Portland, Others
|End Uses Covered
||Residential, Commercial, Infrastructure
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||CNBM International Corporation, Anhui Conch Cement Co., Ltd., Jidong Development Group Co., Ltd., LafargeHolcim Ltd and HeidelbergCement AG
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