After facing a difficult year in 2022, the world cement industry is projected to grow by 3.3% on an annual basis to reach $354,058.0 million in 2023, according to a new report by Research And Markets. The growth momentum is expected to continue recording a CAGR of 2.9% during 2023-2027, the “Global Cement Industry Market Intelligence Databook Subscription – Q1 2024” said.
The reopening of the Chinese economy, along with the policy measures announced by Beijing to revive the struggling construction and real estate market, will support global cement consumption over the next 12 months. Beyond China, in India, the growing investment from the government in infrastructure development will also support cement consumption in the Asia Pacific region.
To meet the growing demand for cement, many Indian manufacturers have also announced their plans to expand their production capacity over the next three to four years. Beyond India and China, other countries in the Asia Pacific region are projected to reel under the impact of rising inflation and energy prices.
In the Middle East, public works are projected to increase, which will also assist the demand for cement in the region. In Saudi Arabia, mega construction projects such as Neom will lead the cement consumption. In the United Arab Emirates, on the other hand, a strong recovery in the tourism and housing sector will drive the demand for cement over the next 12 months. The fear of recession in Europe and America is projected to dampen cement consumption from the short to medium-term perspective. The impact of the Russia-Ukraine war, along with surging cement prices, will also affect consumption in the region.
This market intelligence report’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.
