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

Global 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 demand for residential construction has increased as the population has grown. Cement demand has risen dramatically over the world as a result of this. The growing need for public infrastructure and non-residential buildings, such as hospitals and healthcare centers, has created a Cement Market for products. As a result, the present market trend is increased demand from the booming construction industry.

The COVID-19 pandemic had a negative impact on operations and production in a number of countries due to government regulations restricting the movement of both people and goods, the spread of the COVID-19 pandemic has had a severe influence on the market. The epidemic has had a significant impact on numerous countries' production and activities. According to the Ministry of Industry and Information Technology of China, China's cement output was 769 million tonnes from January to May 2020, down 8.2% year on year. The output reached 249 million tonnes in May 2020, a rise of 8.6% year over year and a monthly high. Furthermore, the closure of manufacturing factories in the United States and Germany has had an impact on their operations. Construction output in India is expected to increase in 2019, according to Birlasoft Limited.

In the future years, the global cement market is expected to be driven by an increase in the demand for infrastructures in the education and healthcare sectors. Healthcare sectors in developing nations such as India, Malaysia, and Indonesia are expanding rapidly, which is expected to boost the market's growth in the next years. The massive growth of the residential sector in developing countries is expected to benefit the segment's growth. Whereas, water usage, carbon dioxide emissions, resource depletion, and other industrial operations are all causing environmental challenges in the global cement market.

US Cement Market is poised to grow at a sustainable CAGR for the next forecast year.