Cement Market Size Analysis - Market Share, Forecast Trends and Outlook Report 2025-2034

The global cement market reached a value of USD 403.70 Billion in the year 2024. The market is expected to grow at a CAGR of 5.40% between 2025 and 2034 to reach USD 683.07 Billion by 2034.

Cement Market Growth Rate

Cement is one of the vital commodities for emerging economies. Today, different types of cement are produced to meet different physical and chemical requirements of specific situations, such as durability and strength. The product is generally used for mass constructions, such as houses, civil works, and industrial estates.

Rising infrastructure spending, particularly in the non-residential segment, is a significant driver of cement market development, as cement is used in various applications such as road construction, dam construction, commercial establishments, industrial structures, stadium construction, and transportation hub construction.

Key Trends and Developments

Rising demand for eco-friendly cement and increasing infrastructure development in residential sectors are the factors boosting the cement market value.

February 2024

Cemex developed an innovative approach to reduce CO2 emissions in cement production. The process, called micronisation, reduces the size of clinker particles and lower the clinker factor per ton of cement, minimizing the carbon footprint. This enhances efficiency and strength of the final product.

May 2024

Heidelberg Materials has secured up to USD 500 million in funding for its largest carbon capture, utilisation, and storage (CCUS) project to date. The project for its cement plant in Indiana, United States aims to significantly reduce the company's carbon emissions.

May 2024

Heidelberg Materials acquired the largest supplier of pulverised fly ash in Malaysia and an integrated cement plant in Central Java, Indonesia through its subsidiary ‘Indocement.’ These acquisitions strengthened its market presence.

April 2024

Holcim, a leading manufacturer of concrete systems has signed an agreement to acquire Tensolite, a prominent manufacturer of precast and pre-stressed concrete construction systems. This can expand its product portfolio in Argentina and strengthen its presence in the Latin American markets.

Rising demand for sustainable and eco-friendly cement

LafargeHolcim, a leading cement producer, has introduced ECOPact, a low-carbon concrete product that reduces CO2 emissions by up to 30% compared to traditional concrete mixes. This trend is driven by increasing government regulations and consumer demand for more environmentally friendly construction materials.

Expansion into high-growth regions

Another key trend is the focus of major cement producers located in North America and Europe to increase their presence in high-growth regions, particularly China and other Asia-Pacific countries. CEMEX, a global building materials company, has been expanding its operations in Asia to capitalise on the region's growing construction market.

Emphasis on infrastructure and residential construction

Governments in various regions are investing heavily in the development and maintenance of transportation infrastructure, hospitals, and schools through. For instance, Smart Cities Mission and the Pradhan Mantri Awas Yojana initiatives by Indian government is fuelling the demand for cement.

Cement Industry Trends

Additionally, the growing need for hospitals and schools is also contributing to the market growth. Urbanisation and infrastructure developments are increasing the demand for cement, and the industry is expected to rise due to the growing need for residential spaces in developing countries in the Asia-Pacific, the Middle East, and Africa. Furthermore, government efforts like housing schemes, the building of hospitals and educational facilities, and the development and maintenance of transportation infrastructure are also driving the cement market development.

In the healthcare sector, cement is witnessing heightened applications to improve the quality of hospitals and ambulatory surgical centres. The anticipated increase in standards of healthcare units is escalating the application of cement in cyclotron and patient diagnostic and treatment areas to control radiation, facilitating the growth of the market share cement industry. Growing demand for concrete to increase wall thickness for greater privacy of patients is further shaping the demand for the product.

Cement Industry Segmentation

The report titled “Cement Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Blended
• Portland
• Others

Market Breakup by End-Use

• Residential
• Commercial/Institutional/Industrial
• Infrastructural

Market Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Cement Market Share

Portland cement is high in demand due to rising demand for cement in the construction of railway

Portland cement accounts for a heathy portion of the market share, owing to its increasing incorporation in urban cities to facilitate the construction of bridges, pavements, sidewalks, and reinforced concrete buildings, among others. In addition, the rising demand for cement in the construction of railway structures is contributing to the global cement market expansion.

Blended cement, on the other hand, is a mix of ordinary Portland cement (OPC) and supplementary materials like fly ash, slag, or silica fume. It offers enhanced workability, strength, durability, and chemical resistance to concrete structures. Emerging markets in the Asia-Pacific region, including India, Vietnam, Malaysia, the Philippines, and Nigeria, are witnessing a surge in demand for blended cement due to their robust construction activities.

Residential segment holds a significant market share due to rise in number of houses to accommodate increasing population

Cement is widely used to build strong, durable, and versatile structures as well as to bolster the productivity of various end use sectors. As per cement market analysis, the rapid expansion of industrial, institutional, and commercial sectors across the emerging economies is fuelling world cement production.

In terms of end-use, the residential segment is likely to account for a decent cement market share. Apart from structural applications, cement can augment the aesthetics of a residential structure by providing a smooth finish to floors, staircases, and walls.

Meanwhile, the increasing prevalence of natural calamities, such as earthquakes and tsunamis, is compelling various governments to emphasise more on high-quality cement and concrete to enhance the stability of roads, schools, dams and ports, and driveways, among other commercial and institutional structures.

Leading Manufacturers in the Cement Market

Market players are implementing various strategies, such as acquisitions, development of zero-carbon construction materials, and collaborations, to expand their market share

Holcim Limited

Founded in 1833 and headquartered in Switzerland, United Kingdom, is a global leader in innovative and sustainable construction solutions. Holcim's operations include producing cement, processing and distributing aggregates, and supplying ready-mix concrete and asphalt to residential, commercial, and infrastructure customers.

China National Building Material Group Co., Ltd.

Established in 1984 and based in Beijing, China, is a prominent player in the construction materials industry. The company has a diversified portfolio that includes cement, iron ore, concrete, and glass fibre.

Ultratech Cement Limited

Founded in 1983 and headquartered in Mumbai, India, is the country's largest manufacturer of grey cement, Ready Mix Concrete (RMC), and white cement. The company operates across India, UAE, Bahrain, and Sri Lanka, offering a wide range of cement-related products.

Other key players in the global cement market report include Heidelberg Materials AG, CRH plc, CEMEX S.A.B. de C.V., Buzzi SpA, Dangote Industries Limited (Dangote Cement Plc), Anhui Conch Cement Company Limited, BBMG Corporation, GCC, S.A.B. de C.V., and Votorantim Cimentos, among others.

Cement Market Analysis by Region

Asia-Pacific leads the market due to high cement production levels and large number of cement plants in emerging economies of the region

Asia-Pacific is one of the fastest growing regions in the cement market. Within the Asia-Pacific region, India has been witnessing upward trajectory because of the expanding cement plants and production capacities. As per industry reports, there are 210 cement plants in India, with 77 located in the states of Andhra Pradesh, Rajasthan, and Tamil Nadu.

On the other hand, the North American region escalated cement market expansion due to the presence of leading manufacturers of cement aggregates and ready-mixed concretes. The market is expected to be propelled by strong supply chains of cement due to large supplies of limestone, and gypsum, among other raw materials in areas like Alpena.

Africa and Europe are the regions which have picked up steady growth, fuelled by the growing research and innovations by the market players aimed towards reducing the carbon footprint in the construction sector while sustaining the volume of production.

Meanwhile, strong economic growth of East African nations such as Rwanda and Uganda are expanding the overall cement market size. Over the forecast period, strong urban development, and expanded growth opportunities for white cement, across countries like Tanzania, is likely to boost the growth of East Africa white cement market.