Market Size of cement Industry
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Study Period | 2018 - 2030 |
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Market Volume (2024) | 4.39 Billion Tons |
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Market Volume (2030) | 5.96 Billion Tons |
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Largest Share by End Use Sector | Residential |
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CAGR (2024 - 2030) | 5.24 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Cement Market Analysis
The Cement Market size is estimated at 4.39 billion Tons in 2024, and is expected to reach 5.96 billion Tons by 2030, growing at a CAGR of 5.24% during the forecast period (2024-2030).
4.39 Billion
Market Size in 2024 (Tons)
5.96 Billion
Market Size in 2030 (Tons)
0.98 %
CAGR (2018-2023)
5.24 %
CAGR (2024-2030)
Largest Market by Product
69.24 %
volume share, Blended Cement, 2023
Due to its weather-resistance and durable properties, blended cement dominates the market due to high demand in various applications, including industrial and commercial use.
Largest Market by End Use Sector
36.25 %
volume share, Residential, 2023
Due to the increasing usage of cement in major construction applications of apartments, bungalows, villas, and cooperate housing, the residential sector has dominated the market.
Largest Market by Region
72.53 %
volume share, Asia-Pacific, 2023
Due to the growing construction industrial activity in the region, coupled with the increasing demand for cement in countries like China, India, Japan, and South Korea, the region has dominated the market.
Fastest Market by Region
6.95 %
Projected CAGR, Middle East and Africa, 2024-2030
Owing to the development of urban infrastructure, especially in Brazil, coupled with large-scale foreign direct investments, the region is expected to witness the fastest growth during the forecast period.
Leading Company
11.28 %
market share, China National Building Material Group Corporation, 2022
In 2022, the company held the largest share, with its cement production capacity of around 530 million tons per year. The company serves customers across various construction sectors.
The commercial sector's fast-paced growth is leading to higher cement demand
- The demand for cement across the sectors was reduced in 2022 over 2021, resulting in a nearly 3.83% lower demand worldwide due to very low growth and even declines in the new floor area under construction. As the demand across sectors was projected to rise in 2023, the overall increase was estimated to be 0.70% higher than in 2022.
- The residential sector is the largest consumer of cement in the world, as most countries have concrete homes that directly convert to a large volume of cement demand from this sector. The cement market experiences the highest demand from Asia-Pacific. The region accounted for 67% of the world's total cement demand in 2022, owing to its vast population.
- Infrastructure is the sector in which most countries utilize a significant portion of their cement stock. Cement is among the primary raw materials of concrete, which is essential for all types of infrastructure construction, such as roads, dams, ports, etc. Asia-Pacific accounts for the largest cement consumption in this sector, primarily due to China, India, South Korea, and Japan. These countries together constituted 90% of the region's infrastructure sector's cement demand in 2022.
- Construction activities are expected to rise the fastest in the commercial sector. For instance, the new floor area of the commercial sector among all the sectors is poised to grow with the fastest CAGR of around 4.56% during the forecast period (2023-2030). Hence, the cement demand from the commercial sector is expected to increase the fastest globally at a CAGR of 6.18% during the forecast period and is expected to reach USD 764.6 million by 2030.
The demand for cement to rise in the Middle East & Africa owing to investments in construction
- In 2022, global cement demand saw a 3.83% decline in volume compared to 2021, largely driven by a 6.37% drop in the Asia-Pacific region. Projections suggested that cement demand in 2023 would remain relatively steady, with the Asia-Pacific expected to witness a further decline.
- The Asia-Pacific consistently leads in construction project volumes, exemplified by India's dominance with over USD 25 million worth of infrastructure projects in the pipeline as of May 2022, surpassing other nations. China and Australia followed closely in the third and fourth positions, respectively. Consequently, the Asia-Pacific stands as the global cement consumption hub.
- Following the Asia-Pacific, the Middle East & Africa emerge as a significant consumer of cement. Saudi Arabia and the United Arab Emirates take the lead, buoyed by their governments' consistent investments in infrastructure and sector initiatives. Notably, infrastructure investments in the United Arab Emirates surged by 82% from 2021 to 2022. In 2022, Saudi Arabia and the United Arab Emirates accounted for 12% and 3% of the global cement volume, respectively.
- Anticipated data indicates that the Middle East & Africa will witness the highest cement demand growth, registering a CAGR of 7.07% in volume during the forecast period (2023-2030). Notably, Saudi Arabia's recent agreements and MoUs, totaling nearly USD 2.66 billion, focus on establishing investment funds to bolster commercial, tourism, and residential projects, further fueling the cement demand in the region.
Cement Industry Segmentation
Commercial, Industrial and Institutional, Infrastructure, Residential are covered as segments by End Use Sector. Blended Cement, Fiber Cement, Ordinary Portland Cement, White Cement are covered as segments by Product. Asia-Pacific, Europe, Middle East and Africa, North America, South America are covered as segments by Region.
- The demand for cement across the sectors was reduced in 2022 over 2021, resulting in a nearly 3.83% lower demand worldwide due to very low growth and even declines in the new floor area under construction. As the demand across sectors was projected to rise in 2023, the overall increase was estimated to be 0.70% higher than in 2022.
- The residential sector is the largest consumer of cement in the world, as most countries have concrete homes that directly convert to a large volume of cement demand from this sector. The cement market experiences the highest demand from Asia-Pacific. The region accounted for 67% of the world's total cement demand in 2022, owing to its vast population.
- Infrastructure is the sector in which most countries utilize a significant portion of their cement stock. Cement is among the primary raw materials of concrete, which is essential for all types of infrastructure construction, such as roads, dams, ports, etc. Asia-Pacific accounts for the largest cement consumption in this sector, primarily due to China, India, South Korea, and Japan. These countries together constituted 90% of the region's infrastructure sector's cement demand in 2022.
- Construction activities are expected to rise the fastest in the commercial sector. For instance, the new floor area of the commercial sector among all the sectors is poised to grow with the fastest CAGR of around 4.56% during the forecast period (2023-2030). Hence, the cement demand from the commercial sector is expected to increase the fastest globally at a CAGR of 6.18% during the forecast period and is expected to reach USD 764.6 million by 2030.
| End Use Sector | |
| Commercial | |
| Industrial and Institutional | |
| Infrastructure | |
| Residential |
| Product | |
| Blended Cement | |
| Fiber Cement | |
| Ordinary Portland Cement | |
| White Cement | |
| Other Types |
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Cement Market Size Summary
The cement industry is poised for significant growth, driven by increasing demand across various sectors, particularly in the Asia-Pacific region, which dominates global consumption. The residential sector remains the largest consumer, with substantial demand stemming from the construction of concrete homes. Infrastructure development is another major contributor, with countries like China, India, South Korea, and Japan leading in cement consumption for projects such as roads and ports. The commercial sector is expected to see the fastest growth in cement demand, fueled by a surge in new construction projects, especially in Asia-Pacific. Despite a decline in global cement demand in 2022, the market is anticipated to recover and expand, supported by government investments and infrastructure initiatives in regions like the Middle East and Africa.
The market landscape is characterized by fragmentation, with major players such as Anhui Conch Cement Company Limited, BBMG Corporation, and Heidelberg Materials holding significant shares. Recent developments include strategic acquisitions and innovations aimed at enhancing production capacity and sustainability. For instance, CEMEX and Synhelion are working on solar-driven cement production, while Ambuja Cements Ltd has expanded its presence in India through a significant stake acquisition. These initiatives reflect the industry's focus on increasing efficiency and meeting the growing demand for cement in emerging markets. As the global construction sector rebounds, the cement market is expected to witness robust growth, with South America and the Middle East & Africa projected to experience the highest demand growth rates.
Cement Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size, forecasts up to 2030 and analysis of growth prospects.)
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1.1 End Use Sector
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1.1.1 Commercial
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1.1.2 Industrial and Institutional
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1.1.3 Infrastructure
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1.1.4 Residential
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1.2 Product
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1.2.1 Blended Cement
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1.2.2 Fiber Cement
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1.2.3 Ordinary Portland Cement
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1.2.4 White Cement
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1.2.5 Other Types
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1.3 Region
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1.3.1 Asia-Pacific
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1.3.1.1 By Country
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1.3.1.1.1 Australia
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1.3.1.1.2 China
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1.3.1.1.3 India
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1.3.1.1.4 Indonesia
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1.3.1.1.5 Japan
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1.3.1.1.6 Malaysia
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1.3.1.1.7 South Korea
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1.3.1.1.8 Thailand
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1.3.1.1.9 Vietnam
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1.3.1.1.10 Rest of Asia-Pacific
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1.3.2 Europe
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1.3.2.1 By Country
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1.3.2.1.1 France
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1.3.2.1.2 Germany
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1.3.2.1.3 Italy
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1.3.2.1.4 Russia
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1.3.2.1.5 Spain
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1.3.2.1.6 United Kingdom
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1.3.2.1.7 Rest of Europe
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1.3.3 Middle East and Africa
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1.3.3.1 By Country
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1.3.3.1.1 Saudi Arabia
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1.3.3.1.2 United Arab Emirates
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1.3.3.1.3 Rest of Middle East and Africa
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1.3.4 North America
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1.3.4.1 By Country
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1.3.4.1.1 Canada
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1.3.4.1.2 Mexico
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1.3.4.1.3 United States
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1.3.5 South America
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1.3.5.1 By Country
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1.3.5.1.1 Argentina
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1.3.5.1.2 Brazil
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1.3.5.1.3 Rest of South America
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Cement Market Size FAQs
What is the current Global Cement Market size?
The Global Cement Market is projected to register a CAGR of 5.24% during the forecast period (2024-2030).
Who are the key players in Global Cement Market?
Anhui Conch Cement Company Limited, BBMG Corporation, China National Building Material Group Corporation, Heidelberg Materials and Holcim are the major companies operating in the Global Cement Market.
