Cement Market Size, Share, Growth Analysis, By Type (Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC)), By Application (Residential, Commercial), By Region - Industry Forecast 2024-2031

Global Cement Market size was valued at USD 326.81 billion in 2022 and is poised to grow from USD 343.48 billion in 2023 to USD 537.43 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

Residential construction demand is on the rise due to population growth, significantly boosting global cement consumption. This surge is further fueled by the increasing need for public infrastructure and non-residential buildings, including hospitals and healthcare facilities. However, the COVID-19 pandemic severely disrupted operations and production, with countries like China reporting an 8.2% decline in cement output early in 2020. Despite these setbacks, recovery began with an 8.6% increase in May 2020. Looking ahead, the global cement market is poised for growth driven by rising infrastructure demands in education and healthcare, particularly in emerging economies like India, Malaysia, and Indonesia. Nevertheless, the industry faces environmental challenges, including carbon emissions and resource depletion, which need to be addressed as it expands.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cement market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Cement Market Segmental Analysis

Global Cement Market is segmented by Type, Application and region. Based on Type, the market is segmented into, Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), White Cement, Portland Blast Furnace Slag Cement (PBFSC), Blended Cement (Low Carbon Blended Cement, Other Blended Cement), Others. Based on Application, the market is segmented into Residential, Commercial & Industrial, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Cement Market

The Global Cement Market is experiencing significant growth driven by an upsurge in construction activities fueled by an increasing need for residential spaces, including apartments and private homes, amid a rising population. As the demand for amenities in residential areas escalates, the cement industry is anticipated to expand rapidly. Additionally, the rising need for non-residential constructions, such as shopping malls, airports, factories, roadways, and office complexes, is expected to further propel market growth. Urbanization driven by job opportunities and improved living standards, along with government initiatives supporting construction and infrastructure development in emerging economies, will likely enhance demand for cement. Further, the increasing requirement for precast products like blocks, panels, and roof tiles is set to contribute positively to global cement consumption.

Restraints in the Global Cement Market

The global cement market faces significant constraints due to stringent government regulations aimed at controlling carbon emissions. The production of cement involves raw materials like limestone, chalk, shale, clay, and silica sand, but it also has detrimental effects on both the environment and human health. The inhalation of dust from the manufacturing process can cause respiratory issues, while the industry is a major contributor to pollution, ranking as the third-largest industrial polluter in the U.S. by the Environmental Protection Agency. Consequently, the implementation of various environmental regulations seeks to mitigate these adverse effects, ultimately hindering the growth of the cement market.

Market Trends of the Global Cement Market

The Global Cement market is witnessing a significant trend towards the adoption of green cement, driven by increasing demand for environmentally friendly and sustainable construction practices. This shift is bolstered by innovative carbon-negative manufacturing technologies that reduce emissions during production, aligning with global sustainability goals. As governments and construction firms prioritize eco-friendly solutions, the adoption of green cement is expected to enhance market growth prospects. This focus on sustainability not only mitigates pollution but also appeals to a growing consumer base that values environmentally responsible building materials, positioning green cement as a crucial segment in the future of the cement industry.