Cement Market Size, Share, Growth Analysis, By Type(Portland, Blended, Others), By Application(Residential, Non-Residential), By Region - Industry Forecast 2024-2031

In 2021, Asia Pacific held the most dominating share in the global cement industry and this is likely to continue during the projection period. This is due to rising demand from developing countries such as China and India, as well as Southeast Asian countries. Construction and infrastructure activity growth is a major driver of this industry in the region. China, being the world's largest producer and consumer, is the most important contributor to regional market growth. The country's supremacy is linked to a number of causes, including the region's high population expansion and infrastructural building initiatives. Furthermore, the country's soaring demand for residential space will aid market expansion in China.

Other aspect influencing the growth of Cement Market in North America is the rising demand for public infrastructure. As a result of increased urbanization, Latin America will experience market growth. Other significant drivers that will drive the expansion of this market around the world are government efforts like housing schemes, the building of hospitals and educational facilities, and the development and maintenance of transportation infrastructure.

The Middle East and Africa are expected to rise significantly. This expansion is linked to rising infrastructural activity in the region, which has increased demand for the product. Another element propelling the Cement Market in the Middle East and Africa is its application in mining and oil exploration. The European market is expected to increase at a significant CAGR in the upcoming period.