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

Cement Market size was valued at USD 326.81 billion in 2019 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).

The cement manufacturers are located all over the world. It's resulting in a more diverse market structure. Producers in North America and Europe are striving to expand their presence in China and other Asian Pacific countries in order to boost their Cement Market positions and propel their businesses forward. The market's major players have built significant regional presences, distribution systems, and product offerings. Key players' implemented tactics, such as acquisition, new product development, and zero-carbon construction materials activities, are likely to grow their Cement Market presence and efficiently satisfy their customers' needs. By 2050, HeidelbergCement, for example, expects to make CO-neutral concrete. 'LafargeHolcim Ltd.', 'Anhui Conch Cement Co., Ltd.', 'China National Building Material Company Limited (CNBM)', 'HeidelbergCement AG', 'CEMEX S.A.B. de C.V.', 'China Resources Cement Holdings Limited', 'Buzzi Unicem SpA', 'Eurocement Holding AG', 'Taiheiyo Cement Corporation', 'Dangote Cement Plc', 'UltraTech Cement Limited', 'Vicat S.A.', 'CRH plc', 'Taiwan Cement Corporation', 'Italcementi S.p.A. (a subsidiary of HeidelbergCement AG)', 'Shree Cement Limited', 'JK Cement Limited', 'Ambuja Cements Limited (a subsidiary of LafargeHolcim Ltd.)', 'ACC Limited (a subsidiary of Ambuja Cements Limited)', 'Siam Cement Public Company Limited (SCG)'

Surging Construction Activities is Bolstering the Cement Market Growth: This is because of the increased need for residential spaces such as apartments and private bungalows, and the increasing population. Furthermore, the industry is predicted to rise faster as the demand for amenities in residential areas grows. In addition, the growing need for non-residential enterprises such as malls, airports, industries, roadways, and office buildings is predicted to fuel Cement Market expansion. The necessity for urbanization has arisen as a result of increased job opportunities and improved quality of life. Government measures to encourage construction and infrastructure development in developing countries will drive up demand even more. Moreover, the growing demand for precast items such as blocks, panels, and roof tiles will give a boost to product consumption.

Increasing green cement adoption will boost growth prospects. Cement Market expansion will be aided by the increasing use of green cement in the construction of environmentally friendly and sustainable structures. The product is created utilizing a carbon-negative manufacturing technology that minimizes pollution during unit operations as part of an effort to mitigate the harm presented by emissions.

In 2021, Asia Pacific held the most dominating share in the 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.