Cement Market Will Reach USD 511.50 Billion By 2030
The global cement market size was USD 325.80 Billion in 2021 and is expected to register a revenue CAGR of 5.2% over the forecast period, according to the latest report by Reports and Data.
In
light of the increasing need for residential spaces, including apartments and
private bungalows, the rising population will have a significant impact on
market growth. Also, the increasing demand for amenities in residential spaces
is expected to accelerate the market growth. In addition, the market growth is
expected to be bolstered by a growing need for non-residential establishments,
including malls, airports, industries, roads, and office buildings.
The
need for urbanization has been created by greater career opportunities and
improved quality of life. Government initiatives to support construction and
infrastructure activities in developing countries will also increase the
demand. In addition, the increasing demand for precast products will increase
global consumption, boosting the market size. Construction activities are
expected to increase in this country, contributing to the growth of the market.
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Some Key Highlights from the Report
- Asia-Pacific
is expected to continue to dominate throughout the forecast period,
accounting for US$230.67 billion in 2021. This is due to the increasing
demand from developing countries such as China and India as well as
Southeast Asian countries. Growth in construction and infrastructure
activities is the major driver of this market in the region. China is the
most important country contributing to the market growth in this region as
it is the dominant producer and consumer in the world. The country's
dominance stems, among other things, from the region's rapid population
growth and infrastructure development activities. Additionally, increasing
domestic demand for housing will boost the growth of the Chinese market.
- In November
2020, HeidelbergCement invested approximately US$485 million in the
modernization and restructuring of several cement plants in France. This
investment program aims to optimize the effectiveness, structure and
processes of the company's operations in France.
- In December
2020, UltraTech Cement Ltd., a subsidiary of the Aditya Birla Group,
invested approximately US$722 million to expand its annual capacity to
12.8 million tons through a combination of brownfield and greenfield
expansions. did. The expansion includes increasing his 6.7 mtpa production
capacity in Uttar Pradesh, Orissa, Bihar and West Bengal and a cement
plant in Pali, Rajasthan.
- Companies
profiled in the market report include Anhui Conch Cement, LafargeHolcim,
HeidelbergCement, Italcementi, Cemex, China Resources Cement, Eurocement,
Votorantim Group, Taiwan Cement, China National Building Materials (CNBM)
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