The global portland cement reached a volume of 4.6 Billion Tons in 2018. Portland cement is a grey-colored binding and adhesive agent that serves as a key component in the construction industry. It is an inorganic substance which contains large quantities of iron oxide, chromium, manganese and manganese oxide. It also consists of small amounts of chalk, bauxite, shell, clay, marl, slate and shale which are heated at high temperatures. The resulting fine powder is mixed with water, sand and gravel, which solidifies into a hard stone-like substance and is used in masonry. Cement is highly economical, durable product that requires low maintenance, owing to which it finds extensive applications in the construction of bridges, dams, high-rise buildings, and residential and industrial complexes.
The growth of the market is primarily being driven by thriving infrastructure and construction industries, especially in the developing nations. Furthermore, increasing demand for materials such as concrete, mortar, stucco and grout, which utilize portland cement as a key ingredient, is also catalyzing the growth of the industry. These products are used to manufacture plasters, screeds, building foundations and roadbeds. Additionally, rapid urbanization across the globe and increasing infrastructural investments by the governments of various nations are further providing a thrust to the market. Some of these initiatives include public housing projects and the construction of roads for better connectivity to remote areas. Moreover, the infrastructure sector in several countries is receiving significant thrust due to the organization of international entertainment and sporting events such as the FIFA World Cup 2022. Hosting such events requires the construction of housing facilities, stadiums and other amenities that increase the utilization of the product. Other factors, including low procurement costs and easy availability of raw material, are also projected to catalysed the market growth in the coming years. Looking forward, IMARC Group expects the market to reach a volume of 5.9 Billion Tons by 2024, registering a CAGR of 4.3% during 2019-2024.
Historical, Current and Future Market Trends
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The report has also analysed the competitive landscape of the market with some of the key players being Mitsubishi Cement Corporation, Alamo Cement Company, Lafarge, Martin Marietta, Heidelberg Cement, National Cement Company, American Cement Company, Holcim, Argos, Essroc, China National Building Material, Salt River Materials Group, Italcementi, Anhui Conch Cement, Ash Grove Cement Company, Tanzania Portland Cement Company, Quikrete, CalPortland Company, Capitol Aggregates, CEMEX, GCC of America, Lehigh Hanson, NationalCement Company of Alabama, Ultratech Cement, BuzziUnicem USA, etc.
Key Questions Answered in This Report:
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