New York, United States , Aug. 09, 2024 (GLOBE NEWSWIRE) -- The Global Cement Market Size is to Grow from USD 402.89 Billion in 2023 to USD 612.12 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.27% during the projected period.
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A cement is an adhesion or organic substance used in building that sets, hardens, and adheres to other materials to keep them together. Cement is produced by grinding and crushing calcareous and argillaceous materials at temperatures above 1500o C to create a homogeneous powder. The primary advantage is its capacity to harden and bind various materials, resulting in long-lasting constructions. It has a high compressive strength and is used to make piles, buildings, and other load-bearing structures. Furthermore, cement is divided into three types: Portland cement, blended cement, and specialty cement, each with unique qualities that make it appropriate for a wide range of uses. However, the biggest challenge facing the cement business is reducing CO2 emissions, which might impede market expansion.
Browse key industry insights spread across 218 pages with 110 Market data tables and figures & charts from the report on the " Global Cement Market Size, Share, and COVID-19 Impact Analysis, By Type (Portland Cement, Blended Cement, and Specialty Cement), By Application (Residential and Non-Residential) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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Portland cement is the most dominating segment throughout the forecast period.
Based on type, the global cement market is divided into Portland cement, blended cement, and specialty cement. Among these, Portland cement is the most dominating segment throughout the forecast period. Portland cement is the most popular worldwide because of its amazing ability to withstand cracking and shrinking. It is extensively utilized in reinforced concrete constructions such as buildings, bridges, and highways, as well as in soil-rich locations. It is also utilized in a wide range of concrete masonry buildings and in any situation where the heat generated during cement hydration is acceptable. Characteristics like as condensed water requirement, increased functionality and pumpability, and reduced crack development due to thermal stress can all contribute to market expansion.
The non-residential segment has biggest market share during the forecast period.
Based on application, the global cement market is divided into residential and non-residential. Among these, the non-residential segment has biggest market share during the forecast period. Owing to rising infrastructure spending, the non-residential segment can account for the majority of market share. Cement is utilized in the market for a range of applications, including road and dam building, commercial establishments, industrial structures, stadium construction, and transportation hub development. The demand for building work in the non-residential building construction sector is highly influenced by the broader economic climate. The increasing rate of suburbanization and infrastructural development has raised demand for the product.
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Asia-Pacific is expected to hold the largest share of the cement market over the forecast period.
Asia-Pacific is expected to hold the largest share of the cement market over the forecast period. Cement revenues are likely to rise in various regional markets. This comes after increasing government investment in infrastructure projects in the medium term. Firms attempt to enhance market share by expanding their global footprint. The China Cement Association (CCA) and the Global Cement and Concrete Association (GCCA) have also partnered to minimize carbon emissions in the cement and concrete industries. The Indian cement market is constantly developing as a result of increased government infrastructure spending, rapid suburbanization, and an increase in demand for commercial space throughout India.
Middle East and Africa is expected to expand the quickest in the cement market throughout the forecast period. The authorities in the region are committing large resources to infrastructural initiatives. These projects, which include airports, seaports, transit, and trains, show a proactive commitment to extending and improving transportation networks. The Riyadh Metro in Saudi Arabia and the Neom projects highlight the scope and ambition of these investments. The rapid growth of cities has a dramatic impact on the region, stimulating the building of residences, companies, and mixed-use complexes.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the cement market include Dangote Cement Plc, UltraTech Cement Limited, Vicat S.A., CRH plc, Taiwan Cement Corporation, Italcementi S.p.A, Shree Cement Limited, JK Cement Limited, Ambuja Cements Limited, ACC Limited Siam Cement Public Company Limited, LafargeHolcim Ltd., Anhui Conch Cement Co., Ltd., China National Building Material Company Limited, HeidelbergCement AG, CEMEX S.A.B. de C.V., China Resources Cement Holdings Limited, Buzzi Unicem SpA, Eurocement Holding AG, Taiheiyo Cement Corporation, and Others.
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Recent Developments
- In January 2023, Improved infrastructure investment boosts the economy significantly. The capital spending in 2022-23 (BE) climbed by 35.4% from 5.5 lakh crore in the previous year (2021-22) to 7.5 lakh crore, with around 67 percent invested between April and December 2022.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cement market based on the below-mentioned segments:
Global Cement Market, By Type
- Portland Cement
- Blended Cement
- Specialty Cement
Global Cement Market, By Application
- Residential
- Non-Residential
Global Cement Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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