Pune, India, July, 2023 /press release/- Market Research Future Published a Half-Cooked Research Report on Cement Market Research Report.
Market Research Future (MRFR) expects the cement market to jump from USD 334.97 Billion in 2022 to USD 505.34 billion by 2030, at a 5.27% rate between 2022 and 2030.
Top Drivers and Primary Barriers
Given the ever-increasing demand for residential areas like apartments and private bungalows, the growing population will have a significant impact on market growth. Additionally, it is anticipated that the market size would increase due to the rising demand for amenities in residential areas. Additionally, the increasing need for non-residential structures such malls, airports, businesses, roadways, and office complexes are anticipated to drive market expansion.
Development of the cement industry will be aided by the increasing use of green cement in the construction of sustainable and eco-friendly structures. The production process can be altered to significantly reduce emissions as part of an effort to lessen the threat that emissions pose. This product is produced using a low-pollution unit operation method that is carbon-negative in manufacture. It is a sustainable solution that, by lowering production-related carbon emissions, addresses important environmental concerns.
Cement types are Portland, Blended, and Others. In 2021, the Portland category held the lion's share, accounting for 62% to 64% of the total revenue generated by the cement industry. The market for new homes is growing, which is mostly to blame.
Residential construction, commercial construction, and industrial are the key applications of cement. During the forecast period, 2022–2030, the Commercial Construction sector, which dominated the market in 2021, is anticipated to develop at a higher rate.
Cement sales in the Asia-Pacific, which touched USD 0.105 billion in 2021, will attain a 4.88% CAGR. The rising rate of urbanization, which at the end of 2020 stood at about 64% and is anticipated to climb over the next five years to 70% to 75%, is one of the factors influencing demand for the residential construction industry in China. According to projections by the United Nations, 415 million more citizens are expected to have moved into China's cities between 2000 and 2020, and another 208 million are expected to do so by 2040. There will likely be more residential construction as a result.
In order to provide a place to live for the estimated 1.3 billion people on the planet, the Indian government has been actively promoting housing development. Over the next seven years, the nation is expected to invest over USD 1.3 trillion in housing, which would likely result in the building of 60 million new dwellings. By 2024, it's anticipated that there will be a 70% increase in the amount of affordable housing available nationwide. India is anticipated to contribute over USD 640 billion to the construction industry by the end of 2022 as a result of government programs like affordable housing, housing for everyone, smart city plans, etc.
The number of new homes started climbing in 2021 for the first time in three years, according to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) of Japan. 865,909 new housing units were started in 2021, a 6.6% increase over 2020. In 2021, the number of custom homes started climbed by 6.9% annually to 281,279 units, while the number of rental housing units increased for the first time in five years to 337,752 units by 9.2% compared to 2020.
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) are the some of the major cement manufacturers in the worldwide market.
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