Market Size of india cement Industry
| Icons | Lable | Value |
|---|---|---|
|
Study Period | 2018 - 2030 |
|
Market Volume (2024) | 413.95 Million Tons |
|
|
Market Volume (2030) | 602.68 Million Tons |
|
Largest Share by End Use Sector | Residential |
|
|
CAGR (2024 - 2030) | 6.46 % |
|
|
Fastest Growing by End Use Sector | Commercial |
Major Players |
||
|
||
|
*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.
Understand The Key Trends Shaping This Market
