Cement Market
Cement Market size was valued at USD 371.1 billion in 2024 and is projected to reach USD 728.5 billion by the end of 2037, rising at a CAGR of 5.3% during the forecast period, i.e., 2025-2037. In 2025, the industry size of cement is assessed at USD 389.3 billion.
The global cement market is rising steadily due to evolving sustainability goals and expanding infrastructure development worldwide. Production of cement accounted for about 1.5% of global CO₂ emissions in 2021, hence putting tremendous pressure on the industry for innovative and sustainable practices. As a result, companies are actively seeking out technologies to meet these demands. For instance, in August 2023, Cemex and Synhelion jointly manufactured clinkers using only solar heat, which was a game-changing milestone in carbon-neutral manufacturing. At the same time, governments are strengthening investments in infrastructure, thereby increasing the demand for cement in residential, commercial, and industrial projects across the globe.
Additionally, decarbonization pressure for building materials is another critical driver of market expansion. For instance, UltraTech Cement teamed up with the University of California Los Angeles to deploy the Zero Carbon Lime technology in October 2024, capable of reducing CO2 emanations from limestone decomposition by up to 98.0% due to its compliance with world sustainability goals and a prospective to position the sector in an advantageous long-term perspective end. Government initiatives, such as investment in road transport, further amplify infrastructure development and create ample opportunities for cement manufacturers.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5.3% |
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Base Year Market Size (2024) |
USD 371.1 billion |
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Forecast Year Market Size (2037) |
USD 728.5 billion |
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Regional Scope |
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Type (Blended, Portland)
Blended segment is estimated to hold cement market share of over 54.9% by the end of 2037. A combination of conventional cement with supplementary materials like fly ash and slag reduces CO2 emission and is also stronger. In May 2024, Cemex partnered with the Mission Possible Partnership to decarbonize its Balcones cement plant, further highlighting how the industry is moving in the direction of sustainable materials. Blended cement's growing adoption is a reflection of its ability to meet regulatory requirements while offering improved durability and cost efficiency-all cornerstones of sustainable construction practices.
Application (Residential, Non-Residential)
In cement market, residential segment is projected to dominate revenue share of over 55.7% by 2037 due to rapid urbanization and increasing demand for homes in many parts of the world. As cities are expanding, this means that the demand for cement, among other multi-durable but affordable building materials, is high, especially in developing economies. In June 2023, PT Semen Baturaja, a subsidiary of SIG, announced a production increase in Indonesia to supply the growing demand for residential infrastructure. This growth of the segment is further supported by government-backed affordable housing initiatives that continue to define the course of the cement industry.
Our in-depth analysis of the global cement market includes the following segments:
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Type |
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Application |
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Asia Pacific Market Analysis
Asia Pacific cement market was valued at USD 206.4 billion in 2024 and is projected to reach USD 416.24 billion by 2037, expanding at a CAGR of 5.5% from 2025 to 2037. Large-scale urbanization, infrastructure development, and an increase in construction are some of the forces moving the region, particularly in countries such as India and China. The ongoing impetus for decarbonization of the cement industry further fosters progress toward sustainable production technology. Partnerships such as the 2024 Global Cement and Concrete Association collaboration with the China Cement Association emphasize the region’s commitment to greener practices.
India also plays a critical role in Asia Pacific market, witnessing significant expansion during the forecast period. According to India Brand Equity Foundation (IBEF), the country accounts for more than 8.0% of the global installed capacity, propelled by rapid urbanization and infrastructure development. India's focus on renewable energy and sustainable construction is in line with global efforts toward decarbonization of the industry, placing it as a leader in both production and innovation within the region.
China remains a major player in Asia Pacific cement market during the forecast period. However, domestic demand has fallen and is expected to fall below 2 billion tons over the next three years, according to an article in World Cement in 2023. This reflects the country's focus on transitioning toward a more sustainable and balanced construction sector. The cooperation between the China Cement Association and the Global Cement and Concrete Association marked a historic agreement in 2024 to accelerate decarbonization in industries further.
North America Market Analysis
North America cement market is anticipated to rise from USD 61.2 billion in 2024 and reach USD 121.3 billion by 2037, growing at a CAGR of 5.4% over the forecast period of 2025-2037. A huge amount of construction activities generally boosts demand for the consumption of cement. Government initiatives, majorly the Infrastructure Investment and Jobs Act, have continued supporting the demand for cement across various public infrastructure projects such as bridges, highways, and transport systems.
The U.S. leads North America cement market due to huge investments in public and private construction. Non-residential building spending surged 19.8% year-over-year in 2023, propped up by significant government spending to upgrade infrastructure. This, in turn, has contributed to federal drives for modernizing transport networks and energy-efficient structures that help keep cement demand going. A strong growth trend for sustainable construction, together with the introduction of new low-carbon cement products, is anticipated to propel the market in the U.S.
The cement market in Canada is lucrative, with strong infrastructural development and investments in housing projects within urban areas. Emphasis on transportation infrastructure and wider residential construction has created consistent demand within the cement market. Furthermore, significant investment in green building materials and sustainable city planning also plays to the country's goals on climate change. Also, the priority on infrastructure modernization turns the cement market in Canada into an essential contributor to further development within its construction industry.
Some of the major players in the global cement market include Holcim, Cemex, UltraTech Cement Ltd., Shree Cement, Mitsubishi UBE Cement Corporation, and China National Building Material Group Corporation. These players deploy innovation, sustainability initiatives, and strategic investments in order to remain competitive. Furthermore, they also address the challenges of carbon emissions and resource efficiency through their focus on advanced technologies and sustainable practices. Moreover, collaboration and partnerships will be paramount in the market expansion due to rising demand for eco-friendly cement solutions.
In December 2024, Material Evolution launched the UK's first ultra-low carbon cement production plant in Wrexham, leading the way to set standards for sustainable cement. This Mevo A1 Production Facility will have an annual capacity of 120,000 tonnes for the manufacturing of MevoCem. This innovative cement product can lower carbon emissions by as much as 85.0% when compared to traditional Portland cement. It employs patented alkali-fusion processing without kilns or heat, thus radically reducing energy use. These novel approaches point to both the decarbonization path of the cement industry and also place material evolution in the lead, boosting the sustainable manufacture of cement.
Here are some leading players in the cement market:
Author Credits: Rajrani Baghel
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