Press release
Portland Cement Market to Reach USD 106.8 B by 2032 at 4.6% CAGR
Portland Cement Market
According to Fortune Business Insights, the global Portland Cement market-valued at USD 74.45 billion in 2024-is forecast to reach USD 106.77 billion by 2032, growing at a CAGR of 4.6% from 2025 to 2032 . Complementary estimates value the market at USD 4.37 billion in 2023, with a projected rise to USD 6.92 billion by 2033 (CAGR ~4.7%)
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Market Overview & Key Drivers
2023-2024: Market size spanned roughly USD 74-77 B; forecast to reach between USD 106-107 B by 2032-33 .
CAGR: Ranges from 4.6% to 4.7%, supported by robust global construction and infrastructure investment
Drivers: Urbanization, public infrastructure projects, and growth in residential/commercial segments sustain demand
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Competitive Landscape
Key players shaping the market include LafargeHolcim, HeidelbergCement, CEMEX, UltraTech Cement, and Anhui Conch . Competition centers on capacity expansion, green production, and efficiency improvements.
Regional Analysis & Demand
Asia‐Pacific: Dominated 45.7% of the market in 2024 (USD 34.04 B) and remains the fastest-growing region . China is expected to grow at CAGR of ~8.3% from 2023 to 2033 .
North America: Value stood at USD 115.8 B in 2024 with projected growth (~4% CAGR) due to infrastructure spending
Europe: Growth driven by renovation and mixed cement demand, with countries like Germany and the UK growing ~3.9% CAGR
Country-Specific Insights
Infrastructure Growth in Vietnam
Vietnam's infrastructure expansion boosts demand for OPC and blended cements; emerging projects emphasize concrete for roadways and buildings.
Construction Trends in Thailand
Thai construction is adopting OPC (~49% share globally) and blended cements, with segment prioritization toward infrastructure projects .
Consolidation & Innovation in Japan
Japan's market, forecast at ~3.2% CAGR to 2033, relies on Type 1 OPC for urban and industrial growth .
Updation in South Korea
South Korea modernizes cement infrastructure with high-grade cements (Grade 43) under smart city and green building policies
Benchmarking in Singapore
Singapore imports high-performance OPC and cement mixes to support dense urban construction and green infrastructure initiatives.
Aggregation & Capacity in the United States
U.S. players (e.g., LafargeHolcim, CEMEX) expand via acquisitions to support large-scale precast and smart infrastructure projects under the Infrastructure Investment and Jobs Act
Production Surge in China
China, top global cement manufacturer, leads APAC with ~8.3% CAGR and active expansion on urban and infrastructure fronts
Sustainable Compliance in Europe
Europe implements blended cements (lime, fly ash) to meet eco-regulations; Germany and UK leadership in green cement solutions .
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Portland Cement Market Segment Analysis:
by Cement Type
Clinkers Cement
Portland Cement
Aluminous Cement
White Cement
Hydraulic Cement
by Packaging Type
10 KG
15 KG
25 KG
Others
by Type
Type 1
Type 2
Type 3
Type 4
Type 5
Mergers & Acquisitions Highlights
Sector-wide consolidation as major firms acquire regional cement plants to enhance capacity and address local demand dynamics.
Key Recent Developments
Eco-innovation: Companies invest in low-carbon cement and carbon capture technologies to align with sustainability goals .
Additives: Increased use of fly ash (~34.7% share) and 43-grade cements (~38.6%) to improve strength and environmental profile
Digitalization: Adoption of automation and digital tools cut operational costs and enhance production efficiency
Strategic Outlook
Spurring from sustainable infrastructure and construction demands, the Portland cement market is set to balloon to USD 106.8 B by 2032 at 4.6% CAGR. Asia‐Pacific leads growth, North America follows via infrastructure investments, and Europe focuses on green compliance. Industry moves include consolidation, eco-innovation, and capacity scaling abroad.
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Cement is a fine mineral powder manufactured with very precise processes. Mixed with water, this powder transforms into a paste that binds and hardens when submerged in water. Because the composition and fineness of the powder may vary, cement has different properties depending upon its makeup.
Cements…
