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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