Cement Market Overview to 2022:
The global Cement Market is expected to grow at a CAGR of 8% over the forecast period from 2016 to 2022, according to a new report from Market Research Future (MRFR). The global cement market is mainly driven by the growing demand from the construction industry in developing regions, which have seen mass-scale development of infrastructure over the last few years. The global cement market is also likely to be dominated by players looking to seek a technological advantage over other players over the forecast period, as the widespread demand has driven up the stakes in the competition and led to a growing demand for technological updates that increase the resistance of the cement to environmental elements.
The growing global construction industry is likely to be the major driver for the global cement market over the forecast period. The growth of the construction industry in the last few decades has made cement the most widely consumed resource on the planet other than water. Growth of the construction industry has been driven by the economic development and resultant urbanization in countries such as India, China, Japan, Korea, Indonesia, Malaysia, and Australia, which has led to a growing demand for cement, concrete, and other construction materials. The growing disposable income of consumers in these countries is likely to lead to a rise in the demand for residential construction, while infrastructure construction and development has been a prime agenda for governments in these regions over the years.
Growing demand for improved versions of cement is also likely to be a major driver for the global cement market over the forecast period. The technological landscape of the global construction industry has changed at a rapid pace over the last few decades, with cement and concrete additives and processing to improve the overall performance of the building increasing in demand. This is likely to be a major factor in the competitive landscape of the global cement market, as players that manage to develop improved and advanced versions of cement are likely to experience high growth over the forecast period and beyond.
Top 10 Global Key Player:
- Anhui Conch Cement Company Ltd.
- Jidong Development Group Co. Ltd.
- China National Building Material Company Ltd.
- Mitsubishi Materials Corporation
- Shanshui Cement Group Ltd.
- UltraTech Cement Limited
- CEMEX S.A.B. de C.V.
- HeidelbergCement AG
- Holcim Ltd.
The global cement market is segmented by application, type, and region.
By application, the global cement market is segmented into construction and infrastructure.
By type, the global cement market is segmented into rapid hardening cement, low heat cement, high alumina cement, white cement, colored cement, hydrographic cement, and others.
The global cement market is segmented by region into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is expected to dominate the global cement market over the forecast period due to the increasing cement manufacturing activities in the region and the growing construction industry in the region. Manufacturers in the region are becoming increasingly up to date in terms of technological progress, leading to the easy availability of a number of cement products, allowing consumers a significant choice. The increasing demand for residential and commercial construction in the region is likely to be a major driver for the cement market in Asia Pacific, as the rise of urban centers in developing powers in the region has been a major driver for the construction industry in the region.
The growing demand for smart city infrastructure is likely to drive the demand for infrastructure construction over the forecast period, driving the demand from the cement market. Rapid road and bridge building activities in China are also likely to remain a key driver for the cement market in Asia Pacific over the forecast period.
North America and Europe are also likely to retain major shares in the global cement market over the forecast period due to the strong presence of several leading market players in these regions and the availability of advanced research and development options, leading to steady technological innovation.
In January 2019, the Chinese government announced plans to develop the Xiongan New Area by mobilizing the resources of the entire Hebei Province. Such initiatives, taken to increase the economic growth rate of the country, are likely to remain a major driver for the cement market in the region.