Global Cement Market – Overview
According to Market Research Future (MRFR), the global cement market is expected to grow at a 5.10% CAGR rate during the forecast period of 2021-2027. Also, the market is expecting the final production capacity of the market to stand at USD 119965.52 Million tons by the end of the forecast period in 2027. The report summarizes the crucial factors that are likely to boost or hinder the global cement market growth significantly. The study also sheds light on the possible effect of Covid-19 on the growth of the global cement market.
Market Research Future (MRFR) analyzes several factors that can boost the market prospect in the coming years. Among these, the use of reusable products to lessen the count of waste, low requirement of natural resources, need of less water, and others are expected to make a better scope for the market to expand its business. The product is eco-friendly and countries with strict laws to protect the environment are expected to boost the global market. Its rise will be substantial in North America and Europe. Cement is a binding agent used to bind or hold various materials, usually fine inorganic powders with main components such as limestones, calcium silicate, chalk, shells, and others. The production of cement is carried out by combining these main components in a rotary kiln at a temperature of 1450 C, which results in the production of clinker, a granular intermediate which is ground in mills to yield cement powder. Cement powder can be classified as hydraulic and non-hydraulic cement, to which hydraulic cement contributes more than 95% to the global cement market. Portland cement, an example of hydraulic cement, is the largest contributor to the global cement industry.
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Global Cement Market – Prominent Players
Shree Cement (India),InterCement (Brazil),Votorantim (Brazil),Titan Cement (Greece),TAIHEIYO CEMENT CORPORATION (Japan),SCG (Thailand),Sunnsy (China),Mitsubishi Materials Corporation (Japan),Aditya Birla Management Corporation Pvt. Ltd (India),Wonderful Sky Financial Group Limited (China),CEMEX S.A.B. de C.V. (Mexico),BBMG Corporation (China),HeidelbergCement AG (Germany),Anhui Conch Cement Company Limited (China),LafargeHolcim (France).
Cement Market Dynamics
Cement can be described as a binding agent derived from components like chalk, shells, calcium silicate, limestones, and others. It is powder in form and can be categorized by hydraulic and non-hydraulic cement. The Portland cement, quite popular among builders, is hydraulic cement. Major reasons providing traction to this cement industry are a hike in investment in the construction sector to build better infrastructure, rapidly growing industrialization, government initiatives covering housing plans, better per capita income standard, and others. However, the cement industry overview provides a glimpse of restraining factors like high CO2 emission rate that can be a hurdle for the global market.
The rising population, which contributes to an increasing need for the housing and infrastructure sector with rapid industrialization, assisted by the government, are key factors driving the global cement market. The expansion of urbanization in different regions, due to the improvement of the gross domestic product (GDP) per capita, is driving the growth of the global cement industry.
Sustaining material and energy resources while reducing the rate of CO2 emissions is a growing challenge facing the cement industry worldwide.
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Cement Market – Segments:
The segmental investigation of the cement market is carried out on the basis of type, end-use, and regions. The type segment of the cement market consists of Portland cement and others. The widespread use of Portland cement in all generic types of construction purposes is a notable driver for the segment. The Portland cement segment can be divided further based on its physical and chemical properties. The end-user segment of the cement market is segmented into commercial construction, residential construction, and infrastructure. The commercial construction segment is likely to control the global cement market in the forecast period. The regional segment of the cement market comprises of the Asia Pacific, the Middle East, Europe, Latin America, North America, and Africa.
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Global Cement Market -Regional Analysis
By region, the global cement market has been segmented into the Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Due to the presence of the largest and second-largest cement-producing countries in the world, namely China and India, the Asia Pacific region remained the largest share of the global cement market in 2018 and is projected to be the fastest-growing region in the forecast period. Rapid industrialization and urbanization, supported by the regional government, are the driving force behind the growth of cement in the region. In addition, government policies such as ‘Make in India,' which allow for an increase in foreign direct investment (FDI), have boosted commercial construction in the region, thus, boosting cement growth in the regional market. For example, as per the India Brand Equity Foundation (IBEF), the FDI investment in cement and gypsum production companies was valued at USD 5.28 billion from April 2000 to December 2018.
North America had the second-largest share of the global cement market in 2018. Due to the active commercial and infrastructural sector, there is a high demand for cement in the region, with the US becoming the third in cement consumption.
Europe has a large share of the global cement market due to the strictly legal, regulatory, and environmental standards that promote cement as a binder for various purposes, as cement is less hazardous to the environment and cost-effective than other binding agents.
Latin America contributes a significant share to the global cement industry, with countries such as Brazil and Mexico driving the regional market due to the existence of a quality reserve of limestone and proximity to more critical markets such as the United States and Canada, thereby boosting the growth of cement in the regional market.
Industry/ Innovation/ Related News:
Mar 2021 Lemi National Cement Industrial Complex, a novel private industrial park, is ready to be built in the Amhara region of Ethiopia by private backers. The USD 2.2bn complex is anticipated to feature many different factories, such as10,000tpd cement plant. The other factories to be constructed at the park consist of board, gypsum, and glass manufacturing. The novel park is possessed by East Africa Holdings, the company which also manages National Cement. China’s West International Holding is also a project partner and the construction is anticipated to last between 5-7 years.
In April 2020, Navrattan Group announced that they are about to launch their green cement in the Indian market. This step will help them to cover substantial grounds in the coming years as the rising awareness regarding eco-friendly products are expected to provide tailwinds. The product has no limestone owing to which there is no requirement for the energy-extensive calcination process. The product also uses reusable materials as major components, which boosts its presence as an eco-friendly material.
September 27, 2019 —- Lehigh Hanson Inc. (the US), a subsidiary of HeidelbergCement, supplying Cement and other building materials, announced the acquisition of a Giant Cement’s Keystone facility in Pennsylvania for USD 151 MN cash free and debt free amount. It supplies bulk and bagged Portland cement in Pennsylvania, New Jersey, and New York markets.
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