Cement Market-Overview
The universal demand for cement has grown steadily in the past decades as global construction activities gain momentum. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. Cement Market is projected to be worth USD 494.61 Billion by 2030, registering a CAGR of 6.20% during the forecast period (2021 - 2030) The development of infrastructural plans in several developing countries is estimated to create optimistic traction for the Global Cement Market share. Moreover, robust investment schemes directed at the expansion of the cement production capacity is predicted to further promote global cement market development.
Segmental Analysis
The segmental investigation of the cement market is carried out on the basis of type, end-use, and regions. The type segment of the cement market consists of Portland cement and others. The widespread use of Portland cement in all generic types of construction purposes is a notable driver for the segment. The Portland cement segment can be divided further based on its physical and chemical properties. The end-user segment of the cement market is segmented into commercial construction, residential construction, and infrastructure. The commercial construction segment is likely to control the global cement market in the forecast period. The regional segment of the cement market comprises of the Asia Pacific, the Middle East, Europe, Latin America, North America, and Africa.
Detailed Regional Analysis
The regional examination of the cement market comprises of the Asia Pacific, the Middle East, Europe, Latin America, North America, and Africa. The presence of China and India as major cement producers in the Asia Pacific region led the region to hold the largest segment for the international cement market in 2018 and is anticipated to be the speediest mounting region in the forecast period. As there is an elevated demand for cement in the region with the US contributing heavily to the use of cement in the region, the North American region controlled the second major segment owing to an active infrastructural and commercial segment. The presence of excellent limestone reserves and proximity to more important markets such as Canada and the US sare encouraging the cement regional market growth. The speedy industrialization and urbanization reinforced by the government of the region are compelling factors for the advancement of cement in the region. The European underwater cement due to the stringent standards relating to regulatory, legal, and environmental aspects that back the approval of cement as a binder for dissimilar purposes owing to cement being less damaging to the environment and cost-effective over the other binding agents. The cement market of the Latin American region contributes a strong share in the global market, with countries such as Mexico and Brazil that are leading the charge for regional market progress.
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Competitive Analysis
The scale of innovation being observed in the market is another reason that is adding to the advancement of the global market in the future. The detrimental impact on the environment by the business practices is estimated to be a key component in the future growth strategies of the market. The funding scenario in the market is estimated to be optimistic and conducive to the development of the stakeholders in the market. The advancement of the market is spurred by the initiatives of the leaders in the global market, who are dedicating resources to the development of the overall market. The government policies in several regions are very conducive to the development of the market in the upcoming period. The advancement of production technology and processes is estimated to augment the global market. The establishment of clear long-term objectives by market titans is estimated to set the tone for the continuing expansion of the market. The identification of areas for sustainable enhancement in the supply chain is estimated to further fortify the market.
The central contenders in the cement market are HeidelbergCement AG (Germany), CEMEX S.A.B. de C.V. (Mexico), Titan Cement (Greece), Votorantim (Brazil), Wonderful Sky Financial Group Limited (China), LafargeHolcim (France), BBMG Corporation (China), Anhui Conch Cement Company Limited (China), sunnsy (China), Mitsubishi Materials Corporation (Japan), SCG (Thailand), Aditya Birla Management Corporation Pvt. Ltd (India), InterCement (Brazil), TAIHEIYO CEMENT CORPORATION (Japan), and Shree Cement (India).
Industry Updates:
Mar 2021 Lemi National Cement Industrial Complex, a novel private industrial park, is ready to be built in the Amhara region of Ethiopia by private backers. The USD 2.2bn complex is anticipated to feature many different factories, such as10,000tpd cement plant. The other factories to be constructed at the park consist of board, gypsum, and glass manufacturing. The novel park is possessed by East Africa Holdings, the company which also manages National Cement. China’s West International Holding is also a project partner and the construction is anticipated to last between 5-7 years.
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