Global Cement Market Overview 2018: Size, Growth, Share, Trends and Forecast to 2023
Over the years, the global cement market has been experiencing a steady growth.
Over the years, the global cement market has been experiencing a steady growth. Some of the growth-inducing factors include rapid urbanisation and industrialisation, population growth, wide applications in commercial, residential and infrastructural sectors, etc.
Cement is a grey coloured inorganic powder which is generally used for the purpose of binding and hardening. It exhibits hydraulic binding properties and results in a paste like consistency when mixed with water. On account of its easy availability and low cost, cement represents one of the most popular construction materials used across the globe. It finds numerous applications in construction activities such as in the production of concrete, stucco, mortar, grouts, etc. A new research report by IMARC Group, titled “Cement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global cement market reached a volume of 4.8 Billion Tons in 2017. The report further anticipates the market to reach around 6 Billion Tons by 2023, at a projected CAGR of more than 3% over the forecast period.
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The revival of the construction sector has led to a rise in the construction of residential, commercial and infrastructural projects like bridges, dams and tunnels. This remains one of the significant forces stimulating the growth of the global cement market.
Another factor catalysing the market growth is the fact that cement is used for stabilisation techniques in the managing and discarding of harmful wastes and substandard soils so as to form a base for airport runways, roadways and buildings.
Some of the other factors that have facilitated the growth in the demand for cement include rapid urbanisation, industrialisation, rising global population, an increase in the number of nuclear families and need for accommodation.
However, there are several factors that impede the market growth. For instance, the manufacturing of cement is associated with several health hazards as it releases harmful gas emissions such as carbon dioxide.
Based on end-use, the report finds that residential currently represents the largest end-use segment of cement. It is followed by commercial and infrastructure.
On a geographical front, China enjoys a leading position in the global cement market. China is followed by India, the United States, Brazil, Iran, Vietnam, Russia and Turkey.
The market is fragmented with the presence of both small and large manufacturers who compete in terms of prices and quality. There is a stiff competition in the market which makes it difficult for small players to survive. Some of the leading players operating in the market are:
China National Building Materials (CNBM)
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