According to the latest report by IMARC Group, titled “Cement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global cement market size reached 5.2 Billion Tons in 2019. Cement is a construction material made by grinding a mixture of clay and limestone. Depending on its capability to set in the presence of water, it is categorized as hydraulic and non-hydraulic. Non-hydraulic cement reacts with the carbon dioxide in the environment to set and offers optimal resistance against chemicals. On the other hand, hydraulic cement hardens quickly due to a chemical reaction between water and the dry ingredients. Today, different types of cement are produced to meet the varied physical and chemical requirements of specific situations, such as durability and strength.
Global Cement Market Trends:
Cement is the backbone of the infrastructure sector since it is utilized for mass constructions, such as civil works, industrial estates and dwellings. Owing to this, there has been a consistent increase in the demand for cement across the globe. Besides this, the rising environmental concerns and depletion of fossil fuel reserves have prompted cement manufacturers to introduce improved production methods and formulations. This is being done by capturing thermal energy, recycling it into the process, and sourcing power from renewable sources that help in lowering CO2 emissions from the manufacturing process. As a result, governments across the world have also undertaken various initiatives to promote the use of green cement, which aids in reducing the consumption of natural raw materials, such as water. On account of the aforementioned factors, the market is projected to reach a volume of 6.4 Billion Tons by 2025, expanding at a CAGR of 3.4% during 2020-2025.
- Based on the type, the market has been segmented into blended, Portland and others. Blended cement currently represents the most popular product type.
- The market has been categorized on the basis of the end use into the residential, commercial and infrastructure sectors. Amongst these, the residential sector dominates the market, accounting for the majority of the overall market share.
- Region-wise, Asia Pacific exhibits a clear dominance in the market. Other regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined in the report, with some of the key players being China National Building Material Co., Ltd. (CNBM), LafargeHolcim Ltd., Anhui Conch Cement Co., Ltd., Jidong Development Group Co., Ltd. and Heidelberg Cement AG.
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