Global Cement Market to Reach Volume of 6.2 Billion Tons by 2024

Global Cement Market to Reach Volume of 6.2 Billion Tons by 2024

“Global Cement Market Impelled by Introduction of Green Cement – IMARC Group”
The global cement market has witnessed stable growth over the past few years. Factors such as improving institutional infrastructure in developing regions coupled with the introduction of green cement are driving the market growth.

According to the latest report by IMARC Group, titled “Cement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cement market reached a volume of more than 5 Billion Tons in 2018. Cement is a high-quality, economical construction material used widely across the world. It is a fine powder made by grinding a mixture of clay and limestone which is then heated at a high temperature. It is mixed with water and used as a binding material in the construction industry. 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. Whereas, hydraulic cement hardens quickly due to a chemical reaction between water and the dry ingredients.

Market Trends:

Developing countries like India, Malaysia and Indonesia are investing in institutional construction activities in line with their goals for expanding the healthcare and education sectors. Similarly, developed regions are also exhibiting an escalating demand for improved infrastructure as well as increasing refurbishment activities in the residential sector. These are some of the primary factors driving the cement industry. However, the market is facing several hindrances, such as increasing environmental concerns, scarcity of raw materials and depletion of fossil fuel reserves. Due to this, manufacturers are introducing sustainable building materials such as green cement which meets the functional performance capabilities of ordinary Portland cement while reducing the overall CO2 emissions generated during production. On account of these factors, the market is expected to reach a volume of 6.2 Billion Tons by 2024, at a projected CAGR of 3.5% during 2019-2024.

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Global Cement Market Summary:

Market by Type

1. Blended
2. Portland
3. Others

On the basis of types, the market is segmented into blended and Portland cement. Currently, blended cement represents the most popular product type.

Market by End-Use

1. Residential
2. Commercial
3. Infrastructure

Based on end-users, the market is segregated into residential, commercial and infrastructure. Amongst these, the residential sector accounts for most of the demand for cement across the globe.

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Performance of Key Regions

1. Asia Pacific
2. North America
3. Europe
4. Latin America
5. Middle East and Africa

On a geographical front, Asia Pacific represents the largest market, holding the majority of the total share. This can be attributed to increasing investments in mega infrastructure projects across the region. The other major markets include North America, Europe, Latin America, and Middle East and Africa.

Competitive Landscape

The competitive landscape of the world cement market has also been examined with some of the major players being CNBM, Lafarge Holcim, Anhui Conch, Jidong Development and Heidelberg Cement.

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