The global cement industry size was valued at USD 405.99 billion in 2023 and is projected to grow from USD 423.24 billion in 2024 to USD 592.38 billion by 2032, exhibiting a CAGR of 4.3% during the forecast period.Fortune Business Insights™ has elucidated these insights in its latest research report, titled, “Cement Market, 2022-2029.”
Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue and volume. It has also delved into Porters’ Five Force Analysis SWOT analysis. Quantitative and qualitative assessments have been used to provide a holistic view of the market. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals.
Segmentations
In terms of the type, the market is segmented into blended, portland and others.
Based on the application, the industry is segregated into non-residential and residential.
On the geographical ground, the market covers Europe, North America, Asia Pacific, Latin America and the Middle East & Africa.
Drivers and Restraints
Green Cement Trend & Surged Demand from Construction Sector Boost Growth
Stakeholders are poised to explore opportunities in environmentally friendly and sustainable buildings in the ensuing period. Cement market growth will be pronounced following the penetration of sustainable solutions to address environmental concerns. It is worth noting that the United Nations Environment Program (UNEP) recommends the production and use of new environmentally sustainable and cost-effective products. Furthermore, an exponential rise in the construction of apartments, office buildings, airports, malls and industries will augur well for the industry outlook. Bullish demand for precast products, including roof tiles, panels and blocks, will act as a growth enabler in the ensuing period.
However, stringent government regulations on carbon emissions from manufacturing plants could challenge leading companies gearing to expand their portfolios.
Regional Insights
Asia Pacific to Observe Investments Galore with Surging Investments in Infrastructure Activities
Leading companies are likely to bank on the expansion of construction activities across China, India and Australia. For instance, China is likely to lead from the front against the backdrop of soaring population and expansion of commercial buildings. Asia Pacific market size stood at USD 230.67 billion in 2021 and will witness a similar trend in the wake of investments in residential spaces.
North America cement market share will grow substantially during the assessment period in the light of robust government policies, including housing schemes. Moreover, bullish construction of school facilities and hospitals will bode well for the regional outlook. The industry outlook will be robust with the presence of leading companies across the U.S. and Canada.
Stakeholders envisage the Middle East & Africa to provide promising growth opportunities on the heels of bullish infrastructural activities in Saudi Arabia. A notable surge in mining and oil exploration activities will boost the regional outlook. Leading companies could expand their footprint across the region, partly due to investments in construction activities.
Competitive Landscape
Prominent Players Prioritize Organic and Inorganic Strategies to Tap into Markets
Leading companies are likely to invest in technological advancements, mergers & acquisitions, product rollouts and R&D activities. Moreover, focusing on product offerings could foster a geographical footprint over the next few years.
Source Link-https://www.fortunebusinessinsights.com/industry-reports/cement-market-101825
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