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The concrete and cement market size is estimated to grow at a CAGR of 7.1% between 2022 and 2027. The size of the market is forecast to increase by USD 469.01 billion. The growth of the market depends on several factors, including the growing global construction market, the growing adoption of smart concrete, and rapid urbanization in APAC.
This report extensively covers market segmentation by product (cement and concrete), end-user (residential and non-residential), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing adoption of smart concrete is notably driving the market growth, although factors such as an increase in overall construction cost may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Concrete And Cement Market Driver
The growing adoption of smart concrete is notably driving the market growth. Concrete is widely used as a composite material in the construction of various types of structures. Concrete mixtures are using admixtures with Portland cement powder as the binding agent for aggregates. However, concrete cannot sustain heavy strain or tension, which can result in cracks in structures. Modern concrete technology has led to the increasing adoption of self-sensing concrete or smart concrete. Smart concrete is reinforced by carbon fibers with 0.2%-0.5% by volume to increase its ability to resist strain or stress. By adding short carbon fibers into the concrete mixer, the electrical resistance of concrete can be increased with a response to strain or stress. Smart concrete can capture tiny structural flaws before they assume significance. This can be used to monitor the internal condition of structures following an earthquake. Thus, smart concrete can drive the growth of the market during the forecast period.
Significant Concrete And Cement Market Trend
Rising demand for green cement is the primary trend in the market. The demand for green cement is driving the growth of alternative fuels derived from waste materials such as solid recycled fuels, foundry sand, used oil, sewage sludge, animal meal, filter cake, and fly ash. The urgent need to reduce carbon dioxide emissions encourages the use of alternative fuels. Governments promoting green architecture can gain quick footholds in the market to ensure sustainable construction. The resistance offered by green cement to less alkaline compounds compared to ordinary portland cement (OPC) for various construction projects is expected to play a major role in the growth of the market.
The main reason for the rise in the demand for green cement in construction activities is attributed to its less water consumption. Green cement provides thermal insulation and fire resistance, which enables structures built with green cement to withstand temperatures up to 2,400 degrees F. All such factors will increase the demand for green cement, which, in turn, will drive the growth of the market during the forecast period
Major Concrete And Cement Market Challenge
An increase in overall construction cost is the major challenge impeding market growth. Construction materials such as stainless steel, hardened steel, cast iron, cement, concrete, bricks, and aggregates constitute a major part of the overall construction cost. The price of cement constitutes almost 10% of the total construction material cost. The price of steel constitutes about 9% of the total construction cost, and the share of other materials is about 27% of the construction costs. The availability of these materials leads to variable pricing, where an increase in the price of one building material increases the total cost of the project, leading to the need for additional investment in the total cost of construction.
White cement is a type of cement that is widely used to provide clean, colorful, and uniform designs. However, white cement is more expensive than gray cement, because the production of white cement usually requires 40% more energy than the normal production of gray cement. Such high costs restrain the growth of the global white cement market, which in turn affects the growth of the market during the forecast period.
Key Concrete And Cement Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Concrete and Cement Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Sumitomo Osaka Cement - The company offers cement and concrete along with other building products.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the cement segment will be significant during the forecast period. Cement is a vital binding component in any construction activity, and it is utilized as a part of the concrete mix with materials, such as bricks and stones. The cement hardens and binds other materials to form building blocks for construction. By composition, there are many types of cement. Various types of cement include portland cement, blended cement, white cement, and specialty cement. Portland cement is the most commonly used cement across the world. It is the most widely produced cement and is suitable for all general constructions.
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The cement segment was valued at USD 450 billion in 2017 and continued to grow until 2021. The market will show a positive growth rate during the forecast period, owing to the restoration of the global real estate market, infrastructure advancements, favorable policies in emerging countries, and industrial developments.
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APAC is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In APAC, the increasing number of construction projects is expected to drive the growth of the regional construction market during the forecast period. The construction industry in countries such as India, Vietnam, Indonesia, and Thailand is likely to grow at a rate of 4%-5% during the forecast period, which is higher than the predicted average growth rate of the regional construction industry. The increase in the number of infrastructural and construction activities in countries such as India, China, Japan, Thailand, Indonesia, and the Philippines is expected to drive the growth of the APAC market.
Amid the COVID-19 pandemic and the associated lockdowns, construction activities in many countries across APAC were halted. However, the governments in APAC countries are making appropriate efforts to improve the construction industry. For instance, urban constructions are predicted to house 40% of India's population and contribute to 75% of India's GDP by 2030.
The reports categorize the global concrete and cement market as a part of the global construction materials market within the global materials market. The parent global construction materials market covers products and companies engaged in the manufacturing of construction materials, including sand, clay, gypsum, lime, aggregates, cement, concrete, bricks, and other materials. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The concrete and cement market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (Cement and Concrete), End-user (Residential and Non-residential), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
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Concrete And Cement Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.1% |
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Market growth 2023-2027 |
USD 469.01 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.81 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 56% |
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Key countries |
US, China, India, Indonesia, and Russia |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adani Group, Adelaide Brighton Ltd., BGC (Australia) PTY Ltd., Buzzi Unicem SpA, Cementir Holding NV, CEMEX SAB de CV, China National Building Material Co. Ltd., CRH Plc, Fletcher Building Ltd., Fomento de Construcciones y Contratas SA, HeidelbergCement AG, Holcim Ltd., JK Cement Ltd, Mitsubishi Cement Corp., NIPPON STEEL CEMENT Co Ltd, PPC Ltd., Sumitomo Osaka Cement Co. Ltd., Taiheiyo Cement Corp., Titan Cement Group, and UltraTech Cement Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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