Market Size of india cement Industry
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Study Period | 2018 - 2030 |
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Market Volume (2024) | 413.95 Million Tons |
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Market Volume (2030) | 602.68 Million Tons |
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Largest Share by End Use Sector | Residential |
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CAGR (2024 - 2030) | 6.46 % |
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Fastest Growing by End Use Sector | Commercial |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
India Cement Market Analysis
The India Cement Market size is estimated at 413.95 million Tons in 2024, and is expected to reach 602.68 million Tons by 2030, growing at a CAGR of 6.46% during the forecast period (2024-2030).
413.95 Million
Market Size in 2024 (Tons)
602.68 Million
Market Size in 2030 (Tons)
3.38 %
CAGR (2018-2023)
6.46 %
CAGR (2024-2030)
Largest Market by Product
71.62 %
volume share, Blended Cement, 2023
Due to the high demand for blended cement in various applications from residential, commercial, etc., and weather-resistance and durable properties, the segment has dominated the market.
Fastest Market by Product
7.60 %
Projected CAGR, Fiber Cement, 2024-2030
With the rising demand for fiber cement in housing construction for decorative purposes and supportive government policies, the usage of fiber cement in construction increased and is expected to register the fastest growth.
Largest Market by End Use Sector
60.53 %
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.
Fastest Market by End Use Sector
8.55 %
Projected CAGR, Commercial, 2024-2030
Growing investments in construction for IT hubs, coupled with increasing consumption of cement for malls, offices, etc., are expected to drive the demand in the sector during the forecast period.
Leading Company
25.53 %
market share, UltraTech Cement Ltd., 2022
The company holds the largest share, with its cement production capacity of around 137 million tons per year in 2022 in India. The company also has a wide range of products and the largest network in the country.
India's Grade A office space will reach 1.2 billion sq. f by 2030, which is likely to drive the demand for cement
- In 2022, India's cement consumption volume surged by 17.01% compared to the previous year, driven by the robust demand from the residential and infrastructure construction sectors. By 2023, India's cement market is projected to capture approximately 12.82% of the broader Asia-Pacific market.
- With a share of 60.88% in 2022, the residential sector stands as the largest consumer of cement in India. The country's increasing urbanization, coupled with government initiatives and both foreign and domestic investments, are fueling the demand for housing. This trend is expected to drive a significant uptick in residential building construction. Projections indicate that the new floor area for residential buildings will reach 2.66 billion sq. f in 2023 and is set to climb further to 3.27 billion sq. f by 2030. Consequently, the cement market for the residential sector is anticipated to witness a substantial growth of 117 million ton by 2030 compared to 2023.
- India's commercial sector is poised to emerge as the fastest-growing consumer of cement, boasting a robust CAGR of 8.60% during the forecast period. The new floor area for commercial buildings is estimated to expand by 358 million sq. f between 2023 and 2030. This surge is attributed to the escalating demand for shopping malls, office spaces, retail outlets, and other commercial establishments. For instance, India's Grade A office market in its top seven cities is projected to swell to 1 billion sq. f by 2026, further reaching 1.2 billion sq. f by 2030. Consequently, the cement market for India's commercial sector is expected to soar from 39.32 million ton in 2023 to 70.05 million ton in 2030.
India 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.
- In 2022, India's cement consumption volume surged by 17.01% compared to the previous year, driven by the robust demand from the residential and infrastructure construction sectors. By 2023, India's cement market is projected to capture approximately 12.82% of the broader Asia-Pacific market.
- With a share of 60.88% in 2022, the residential sector stands as the largest consumer of cement in India. The country's increasing urbanization, coupled with government initiatives and both foreign and domestic investments, are fueling the demand for housing. This trend is expected to drive a significant uptick in residential building construction. Projections indicate that the new floor area for residential buildings will reach 2.66 billion sq. f in 2023 and is set to climb further to 3.27 billion sq. f by 2030. Consequently, the cement market for the residential sector is anticipated to witness a substantial growth of 117 million ton by 2030 compared to 2023.
- India's commercial sector is poised to emerge as the fastest-growing consumer of cement, boasting a robust CAGR of 8.60% during the forecast period. The new floor area for commercial buildings is estimated to expand by 358 million sq. f between 2023 and 2030. This surge is attributed to the escalating demand for shopping malls, office spaces, retail outlets, and other commercial establishments. For instance, India's Grade A office market in its top seven cities is projected to swell to 1 billion sq. f by 2026, further reaching 1.2 billion sq. f by 2030. Consequently, the cement market for India's commercial sector is expected to soar from 39.32 million ton in 2023 to 70.05 million ton in 2030.
| End Use Sector | |
| Commercial | |
| Industrial and Institutional | |
| Infrastructure | |
| Residential |
| Product | |
| Blended Cement | |
| Fiber Cement | |
| Ordinary Portland Cement | |
| White Cement | |
| Other Types |
India Cement Market Size Summary
The India cement market is experiencing significant growth, driven by robust demand from the residential and infrastructure construction sectors. The residential sector remains the largest consumer of cement, fueled by increasing urbanization and government initiatives that encourage housing development. This trend is expected to continue, with substantial growth anticipated in residential building construction. The commercial sector is also poised for rapid expansion, with a strong demand for shopping malls, office spaces, and retail outlets. This growth is supported by foreign direct investment and the expansion of India's Grade A office market in major cities. The market is moderately consolidated, with key players like Adani Group, Dalmia Bharat Limited, Nuvoco Vistas Corp Ltd., Shree Cement Limited, and UltraTech Cement Ltd. dominating the landscape.
The market size is projected to grow significantly over the forecast period, with substantial increases in both residential and commercial new floor areas. The residential sector is expected to see a notable rise in demand for affordable housing units, driven by urban population growth and favorable government policies. Meanwhile, the commercial sector is set to expand its footprint, with significant increases in new floor areas for office spaces and retail establishments. The market's growth trajectory is supported by strategic expansions and investments by major companies, such as Ambuja Cements Ltd's acquisition of a stake in Sanghi Industries Ltd and Dalmia Bharat's new cement grinding unit in Tamil Nadu. These developments underscore the dynamic nature of the India cement market and its potential for continued expansion.
India 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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India Cement Market Size FAQs
What is the current India Cement Market size?
The India Cement Market is projected to register a CAGR of 6.46% during the forecast period (2024-2030).
Who are the key players in India Cement Market?
Adani Group, Dalmia Bharat Limited, Nuvoco Vistas Corp Ltd., Shree Cement Limited and UltraTech Cement Ltd. are the major companies operating in the India Cement Market.
