Market Research Future Reports has published its new research study on the global cement market which states that it will proliferate at a CAGR of 5.27% approximately by the year 2022.
The revival of the construction industry has undoubtedly motivated the global cement market to expand rapidly over the course of time. As a result of recovery in the construction industry, it resulted in a significant surge in the commercial, residential, and infrastructural projects which include offices, houses, complexes, dams, bridges and more. These structures need utmost usage of cement, which is why the market is expected to expand more in the future.
Cement is referred to as a critical binding substance that is used in building or construction material to hold bricks robustly. Cement is a prime part of the primary mixtures for construction and is also referred to as one of the most used material owing to widespread use in construction activities.
Global Cement Market: Drivers & Trends
The demand for residential properties is mounting owing to increasing urbanization and rising household income. In addition, improving economic conditions is also stimulating the demand for retail and commercial spaces, which are thus providing a fillip to the cement market to expand. Therefore, wide applications of cement for infrastructural activities are mainly contributing to the growth of the cement industry across the globe.
As the population is increasing, favorable housing projects are coming up by the time. The emergence of smart cities is expected to trigger the demand for cement for residential as well as commercial applications. Moreover, some supportive regulations and favorable government policies are also actively dwelling into action and supporting the market of cement in substantial ways.
Furthermore, profound investment in research & development for cement preparations is becoming an essential factor for the cement market to gain its valuation. Other growth-inducing factors for the cement market to thrive, thus include industrialization, rising population and increasing purchasing power of the consumers.
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Global Cement Market Segmentation
In the reports of MRFR, the global cement market has been segmented based on type, application, and region.
By the segmentation of type, this market includes rapid hardening cement, low heat cement, high alumina cement, white cement, colored cement, hydrographic cement and others.
By the segmentation of application, this market includes construction and infrastructure.
In the reports of MRFR, the global cement market has been regionally bifurcated amongst North America, Europe, Asia Pacific and rest of the world. Cement market has mainly relied on construction and building activities, hence, in this Asia Pacific enjoys the foremost position in the global cement market in terms of value. Obtaining higher value mainly attributes to the construction and development of infrastructure in countries such as India, China, Japan and more.
On the other hand, government initiatives are also supported such as the development of smart cities. These are providing a significant boost to the construction sector, which in turn, is proliferating the global cement market positively.
Whereas, North America and Europe are also observing a growing number of limestone discoveries in the east and the ease of transport system have led to the fast growth of the cement industry.
Key Market Players
Market Research Future Reports have listed some of the significant players operating in the market of global cement. Shree Cement (India), InterCement (Brazil), Votorantim (Brazil), Titan Cement (Greece), TAIHEIYO CEMENT CORPORATION (Japan), SCG (Thailand), Sunnsy (China), Mitsubishi Materials Corporation (Japan), Aditya Birla Management Corporation Pvt. Ltd (India), Wonderful Sky Financial Group Limited (China), CEMEX S.A.B. de C.V. (Mexico), and BBMG Corporation (China)Industry News
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Titan America’s Roanoke Cement opened a new silo constructed at its Winston-Salem terminal. The facility will double the storage capacity of the company and digital technology will enable its customers to enjoy fully-automatic loadout. The facility will store Portland cement exclusively.
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