The Cement And Concrete Products Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cement And Concrete Products Global Market Report 2024, The cement and concrete products market size has grown strongly in recent years. It will grow from $386.18 billion in 2023 to $410.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to construction boom, industrialization and economic development, population growth, infrastructure investments, regulatory standards.
The cement and concrete products market size is expected to see strong growth in the next few years. It will grow to $512.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to sustainable construction practices, smart cities initiatives, innovation in materials, infrastructure resilience, population density challenges. Major trends in the forecast period include digitalization in construction, technological advancements in construction, carbon capture and utilization, alternative binders and materials, advanced concrete technologies, digitalization and smart construction.
Governments globally launched initiatives to provide funds and subsidies to make housing affordable, especially for low-income families, which drove the demand for cement and concrete. These subsidies allowed customers to borrow money at low-interest rates to invest in new houses. The government of Australia, for example, provides a grant of $15,000 through the ‘First Home Owners Grant’ scheme for the purchase or construction of homes by first-time buyers. The Indian Government launched the ‘Housing for All by 2022’ mission which provides grants for slum rehabilitation and construction of new houses. Such government initiatives encouraged people to construct new houses and drive growth in the housing market increasing the demand for cement in the historic period.
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The cement and concrete products market covered in this report is segmented –
1) By Type: Cement, Ready-Mix Concrete, Concrete Pipe, Brick, and Block, Other Concrete Products
2) By Product: Rapid Hardening Cement, Low Heat Cement, White Cement, Hydrophobic Cement, Other Products (Colored Cement, Portland Pozzolana Cement)
3) By Application: Residential, Non-Residential
Cement manufacturing plants are increasingly using digital technologies such as the internet of things (IoT) to improve plant efficiencies. IoT is a network of physical devices that communicate over the internet. IoT helps in remote monitoring and predictive maintenance of a cement plant. Remote monitoring is used to oversee operations of big vehicles in the quarries and to report on key metrics such as fuel consumption per ton and operating hours. IoT can also be used to predict potential malfunctions and maintenance needs. In cement plants, predictive maintenance can improve up-time on critical cement equipment such as grinding mills and kilns. Other applications of IoT in the cement industry include tracking and measuring the durability of concrete mixture, reporting on compliance to international standards, and connected logistics to improve quarry production. Zoom link, a ready-mix concrete production equipment manufacturer, is actively testing data-based metrics to improve operations of vehicles used in quarries.
The cement and concrete products market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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