Cement and Concrete Products Global Market Report 2024

The cement and concrete products market size has grown strongly in recent years. It will grow from $386.18 billion in 2023 to $410.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth observed in the historical period can be attributed to a construction boom, industrialization, and economic development, population growth, infrastructure investments, and adherence to regulatory standards.

The cement and concrete products market size is expected to see strong growth in the next few years. It will grow to $512.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to sustainable construction practices, smart cities initiatives, innovation in materials, infrastructure resilience, and challenges related to population density. Key trends during the forecast period include digitalization in construction, technological advancements in construction, carbon capture and utilization, alternative binders and materials, advanced concrete technologies, and the integration of digitalization and smart construction.

Governments have initiated programs to offer funds and subsidies, making housing more affordable, particularly for low-income families, thereby driving the demand for cement and concrete. These initiatives involve providing low-interest loans to facilitate new home construction or purchases. For instance, Australia's government offers a $15,000 grant through the 'First Home Owners Grant' scheme, while the Indian Government's 'Housing for All by 2022' mission supports slum rehabilitation and new house construction. Such endeavors stimulate the construction of new homes, fostering growth in the housing market and increasing the demand for cement.

The ongoing trend of urbanization is anticipated to further propel the growth of the cement and concrete products market. Urbanization, characterized by the migration of populations from rural areas to urban centers, results in increased demand for residential and commercial structures, infrastructure, and amenities. Cement and concrete play crucial roles in constructing houses, skyscrapers, roads, bridges, and other urban infrastructure. As reported by the World Economic Forum in April 2022, over 55% of the world's population, exceeding 4.3 billion people, lived in urban settings, a figure expected to rise to 80% by 2050. This urbanization trend is a key driver for the growth of the cement and concrete products market.

Throughout the forecast period, coal supply shortages posed a significant constraint on the cement manufacturing industry. Given the energy-intensive nature of cement manufacturing, coal is a primary energy source, especially in developing countries. Global coal supply reductions during the historic period, attributed to logistical challenges and decreased investments in coal extraction, negatively impacted the cement manufacturing industry. The resultant rise in coal costs increased production expenses for cement manufacturers, hampering the growth of the cement and concrete market.

Cement manufacturing plants are increasingly adopting digital technologies, such as the internet of things (IoT), to enhance operational efficiencies. IoT facilitates remote monitoring and predictive maintenance, improving overall plant performance. It is applied in overseeing quarry vehicle operations, monitoring key metrics such as fuel consumption, and predicting potential malfunctions. Predictive maintenance is particularly valuable for critical cement equipment such as grinding mills and kilns. Other applications of IoT in the cement industry include assessing concrete mixture durability, ensuring compliance with international standards, and employing connected logistics for improved quarry production. Manufacturers such as Zoom link are actively testing data-based metrics to optimize vehicle operations in quarries.

Major companies in the cement and concrete products market are innovating with new products such as concrete raised floors to expand their customer bases, boost sales, and increase revenue. Concrete raised floors, used in commercial and data center environments, consist of individual panels or tiles, typically made of concrete or composite materials. Geoplast S.p.A., an Italy-based provider of sustainable construction solutions, introduced Matrix in April 2022 - a product for concrete raised floors with integrated mechanical, electrical, and plumbing engineering (MEP) systems. Matrix's innovative design combines excellent load-bearing capacity with straightforward MEP arrangement, making it suitable for large structures such as airports, hospitals, or retail malls. The product surpasses traditional metal pedestal floors and entire concrete slabs by providing a sturdy, fire-resistant, acoustically improved, and flexible base for various top finishes (laminate, marble, wood).

Major companies operating in the cement and concrete products market report are CRH PLC, Titan Cement Group International, China National Building Material Group Co.Ltd., LafargeHolcim Ltd., Anhui Conch Cement Company Limited, Siam Cement Public Company Limited, Cemex SAB de CV, Grasim Industries Limited, UltraTech Cement Limited, Taiheiyo Cement Corporation., Sinoma International Engineering Co. Ltd., Buzzi Unicem SpA, China Resources Cement Group Limited, Dangote Cement PLC, Ambuja Cements Limited, Taiwan Cement Corporation, Heidelberg Cement AG, Dalmia Bharat Ltd., JK Cement Ltd., The India Cements Limited, Cementir Holding N.V., Orient Cement Ltd., Birla Corporation Limited, Ramco Group, Votorantim S.A., Eurocement Group, Nippon Cement Co. Ltd., Shuangma Cement Holding Group, Jidong Cement Company Limited, Binani Industries Ltd.

The Asia-Pacific was the largest region in the cement and concrete products market in 2023. Western Europe was the second-largest region in the cement and concrete products market. The regions covered in the cement and concrete products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cement and concrete products market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The primary types of cement and concrete products include cement, ready-mix concrete, concrete pipes, bricks and blocks, and various other concrete products. Ready-mix concrete is produced in a batch plant and utilized in construction projects. Different types of cement products include rapid-hardening cement, low-heat cement, white cement, hydrophobic cement, and other variations such as colored cement and Portland pozzolana cement. These products find applications in both residential and non-residential construction.

The cement and concrete products market research report is one of a series of new reports that provides cement and concrete products market statistics, including cement and concrete products industry global market size, regional shares, competitors with a cement and concrete products market share, detailed cement and concrete products market segments, market trends and opportunities, and any further data you may need to thrive in the cement and concrete products industry. This cement and concrete products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cement and concrete products market consists of sales of bridge girders, structural components, and wall panels. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.