Asia Pacific Cement Market Size was valued at USD 251.5 Billion in 2022. The cement industry is projected to grow from USD 260.55 Billion in 2023 to USD 345.760 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.60% during the forecast period (2023 - 2032). One of the main market drivers boosting market expansion is rising infrastructure investment. The market is also expected to be driven in the upcoming years by the increased need for institutional building development in the healthcare and education sectors.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Population expansion will raise the need for residential areas, such as private bungalows and flats, which will affect market growth. Furthermore, the growing demand for amenities in residential areas is expected to accelerate the market's growth. The industry is also expected to increase as a result of the rising need for non-residential structures such industries, airports, offices, malls, and highways. Furthermore, because job opportunities and quality of life have increased, urbanisation is now required. The government's initiatives to support construction and infrastructure projects in emerging countries will drive up demand even further. Moreover, the increasing demand for precast products, such as panels, roof tiles, blocks, and others, will lead to an increase in product consumption globally. China is the world's largest producer and consumer. Therefore, the expansion of the building industry in this nation will increase market size.
Another significant development in the industry is the growing demand for green cement. The main driver of the global market's expansion is the rise in building and construction activity. The need for green cement is driving up the price of alternative fuels made from waste, including fly ashes, solid recovered fuels, foundry sand, used oils, sewage sludge, animal ashes, and filter cakes. Additionally, the urgent need to reduce carbon dioxide emissions promotes the use of alternative fuels. Governments that encourage green architecture can enter the market soon and ensure sustainable building. When compared to OPC for a less alkaline mixture, green cement's endurance for a range of building projects is expected to have a substantial impact on the market's growth. It is anticipated that upcoming infrastructure projects including building bridges and pavements, nuclear power plants, and other projects will create a strong demand for profitable prospects in the market. Moreover, green cement's reduced water usage is also the primary driver of its rising demand in the building industry. Green cement provides superior fire resistance as well as great thermal insulation. The market will therefore be driven over the forecast period by the rising demand for green cement. Thus, driving the cement market revenue.
The Asia Pacific Cement market segmentation, based on type includes Portland, Blended, and Others. The blended category led the market in 2022. This product is made by incorporating one or more additives in different amounts during the grinding process. Therefore, to improve its qualities for various uses, blended cement is a homogeneous mixture of portland cement with blending ingredients such fly ash, slag, limestone, and silica fumes. Because it may enhance concrete's workability, strength, durability, and chemical resistance, this substance is becoming more and more popular. It is also easier to work with and shape because it uses less water.
The Asia Pacific Cement market segmentation, based on application, includes Residential and Non-Residential. The non-residential category generated the most income because infrastructure spending is growing. Infrastructure improvements and growing urbanization have raised demand for the good. In addition, it is anticipated that the industry would increase as a result of the expanding need for schools and hospitals.
Figure 1: Asia Pacific Cement Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Asia Pacific cement market is anticipated to grow at a significant rate over the forecast period. The countries of China, Japan, India, Australia, South Korea, and Indonesia control the majority of the Asia Pacific market. Growing industrialization, quick urbanization, and expanding infrastructure development are the main drivers of the market growth. Since some of the top industrial and export-oriented nations are located in Asia Pacific, the region is now leading the industry. Rapid economic expansion in a number of Asia Pacific nations is fostering the industrial sector and accelerating urbanization. Asia Pacific market is expanding thanks in large part to the efforts of China, India, Japan, and Australia. Population expansion in Asia Pacific will further support cement demand over the projection period. The government of India's Smart City Mission has accelerated the nation's infrastructural development. Throughout the forecast period, the country's continuing infrastructure projects will be the main driver of cement demand. Cement is needed for these projects, and during the projected period, Asia Pacific cement industry will develop at the fastest rate possible.
Figure 2: ASIA PACIFIC CEMENT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the cement market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, cement industry must offer cost-effective items.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 251.5 Billion |
| Market Size 2023 | USD 260.55 Billion |
| Market Size 2032 | USD 345.760 Billion |
| Compound Annual Growth Rate (CAGR) | 3.60% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Region Covered | Asia Pacific |
| Countries Covered | China, Japan, India, Australia, South Korea, Indonesia, Thailand, Vietnam, Malaysia, Singapore, and Rest of Asia-Pacific |
| Key Companies Profiled | CNBM International Corporation, Anhui Conch Cement Co., Ltd., Jidong Development Group Co., Ltd., LafargeHolcim Ltd and HeidelbergCement AG |
| Key Market Opportunities | ·      Increased Government Programs and Funding for Infrastructure Projects |
| Key Market Dynamics | ·      Growing Need from Construction Projects ·      Growing Demand for Green Cement |
Asia Pacific Cement Market Highlights:
Frequently Asked Questions (FAQ) :
The Asia Pacific Cement market size was valued at USD 251.5 Billion in 2022.
The market is projected to grow at a CAGR of 3.60% during the forecast period, 2023-2032.
The key players in the market are CNBM International Corporation, Anhui Conch Cement Co., Ltd., Jidong Development Group Co., Ltd., LafargeHolcim Ltd and HeidelbergCement AG.
The blended category dominated the market in 2022.
Which application had the largest market share in the cement market?
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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