Cement Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Cement Market is Segmented by Type (Portland, Blended, and Others), Application (Residential, Commercial, Infrastructure, and Industrial and Institutional), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Cement in volume (Kilo Tons) for all the above segments.

Market Snapshot

Cement Market Size
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: >6 %
Cement Market Companies

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Market Overview

The Global Cement Market is projected to register a CAGR of over 6% during the forecast period (2022-2027).

In 2020, the cement market was negatively impacted due to the COVID-19 pandemic, which resulted in decreasing demand across the construction industry and also the closing of various manufacturing facilities. However, the market is recovering gradually and is likely to reach pre-COVID levels soon.

  • Over the short term, the growing residential constructions across the Asia Pacific and the growing infrastructural activities in the Middle East and Africa region are some of the driving factors which are stimulating the market demand.
  • Government regulations on carbon emissions from cement manufacturing plants are hindering the market's growth.
  • The shifting preference towards green construction is likely to provide opportunities to the market studied.
  • Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Scope of the Report

Cement is one of the most important construction materials. Cement is used to make concrete and mortar and has a variety of other applications in the construction sector. The cement market is segmented by type, application, and geography. By Type, the market is segmented into Portland, Blended and Other Types. By Application, the market is segmented into Residential, Commercial, Infrastructure, and Industrial and Institutional. The report also covers the market size and forecasts for the cement market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (Kilo Tons).

Other Types
Industrial and Institutional
South Korea
ASEAN countries
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest Of South America
Middle-East And Africa
Saudi Arabia
South Africa
Rest Of Middle-East And Africa

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Key Market Trends

Growing Residential Construction across Asia Pacific

  • For the construction industry, cement is a very important binding material. It is used for a variety of functions.
  • One of the factors driving demand for the residential construction market of China is the rising pace of urbanization, noting that at the end of 2020, China’s urbanization ratio was around 64% and this ratio is expected to rise over the next five years to 70% to 75%. Between 2000 and 2020, an estimated 415 million new residents settled in China’s cities, and an estimated 208 million will settle by 2040, according to estimates by the United Nations. This is expected to result in more residential constructions.
  • The Indian government has been actively boosting housing construction, as it aims to provide a home to about 1.3 billion people. The country is likely to witness around USD 1.3 trillion of investment in housing over the next seven years and is likely to witness the construction of 60 million new homes in the country.
  • The availability of affordable housing in the country is expected to rise by around 70% by 2024. By the end of 2022, India is expected to contribute about USD 640 billion to the construction industry due to government initiatives such as affordable housing, housing to all, smart city plans, etc.
  • According to Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the number of new housing starts increased for the first time in 3 years in 2021. The number of new housing starts in 2021 was 865,909 units, an increase of 6.6% from 2020. Custom home starts increased to 281,279 units by 6.9% year on year in 2021, while, rental housing increased for the first time in five years to 337,752 units by 9.2% compared to 2020. 
  • Owing to all these factors, the market for cement is likely to grow during the forecast period.
Cement Market Trends

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region has seen significant growth in the cement market, with countries such as China and India accounting for significant consumption of cement.
  • China has one of the world’s largest construction industries. The growing demand for housing is likely to drive residential construction in the country, both in the public and private sectors.
  • China’s central government strongly pushed fiscal stimulus in the form of infrastructure investments in recent years to sustain economic growth. Local governments also gradually relaxed real estate regulations, purchase criteria, and credit availability, resulting in a boost to the domestic real estate market.
  • The government is also looking forward to boosting activities in the construction sector, more specifically in the infrastructure sector, post the recovery from COVID-19, in order to bounce back from the economic impact being faced by the country.
  • The construction industry is the second-largest industry in India with a GDP contribution of about 9% . Various policies implemented by the Indian government, such as the Smart Cities project, Housing for all by 2022, etc., are expected to bring the needed impetus to the construction industry.
  •  Moreover, recent policy reforms, such as the Real Estate Act, GST, REITs, etc., are expected to reduce approval delays and strengthen the construction sector over the next few years.
  • Due to all such factors, the market for cement in the region is expected to have a steady growth during the forecast period.
Cement Market Analysis

Competitive Landscape

The cement market is partially consolidated in nature. Some of the major players in the market include China National Building Material Group Corporation, Anhui Conch Cement Company Limited, HOLCIM, HeidelbergCement, and UltraTech Cement Ltd. among others (not in any particular order).

Recent Developments

  • In June 2022, Ultratech Cement Ltd announced that the company’s board has approved an investment of INR 12,886 crore to add 22.6 million tons per annum cement capacity in total production by 2025.
  • In May 2022, Holcim signed an agreement for the Adani Group to acquire its business in India for cash of CHF 6.6 billion. The acquisition will consist of Holcim’s 63.11% stake in Ambuja Cement and its 4.48% direct stake in ACC.
  • In June 2021, Heidelberg Cement announced plans to turn its Sweedish factory at Slite into the world’s first CO2-neutral cement plant by 2030. The plan would cost at least EUR 100 million and would be able to capture 1.8 million tons of CO2 every year.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Residential Constructions Across Asia Pacific

      2. 4.1.2 Growing Infrastructural Activities In The Middle East And Africa Region

    2. 4.2 Restraints

      1. 4.2.1 Government Regulations On Carbon Emissions From Cement Manufacturing Plants

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Type

      1. 5.1.1 Portland

      2. 5.1.2 Blended

      3. 5.1.3 Other Types

    2. 5.2 Application

      1. 5.2.1 Residential

      2. 5.2.2 Commercial

      3. 5.2.3 Infrastructure

      4. 5.2.4 Industrial and Institutional

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. ASEAN countries

        6. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest Of South America

      5. 5.3.5 Middle-East And Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest Of Middle-East And Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Anhui Conch Cement Company Limited

      2. 6.4.2 Buzzi Unicem SpA

      3. 6.4.3 CEMEX S.A.B. de C.V.

      4. 6.4.4 China National Building Material Group Corporation

      5. 6.4.5 CRH

      6. 6.4.6 HeidelbergCement

      7. 6.4.7 HOLCIM

      8. 6.4.8 InterCement

      9. 6.4.9 Mitsubishi Cement Corporation

      10. 6.4.10 SCG



      13. 6.4.13 TITAN CEMENT

      14. 6.4.14 UltraTech Cement Ltd.

      15. 6.4.15 Votorantim Cimentos

    5. *List Not Exhaustive

    1. 7.1 Shifting Preference Towards Green Construction

**Subject to Availability

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Frequently Asked Questions

The Cement Market market is studied from 2017 - 2027.

The Cement Market is growing at a CAGR of >6% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

China National Building Material Group Corporation , Anhui Conch Cement Company Limited , HOLCIM , HeidelbergCement , UltraTech Cement Ltd are the major companies operating in Cement Market.

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