Cement Market

The global cement market is expected to see an upward consumption trend with a forecasted CAGR of +2.9% from 2022 to 2030, reaching a volume of 5,204M tons by 2030. The market value is also projected to increase at a CAGR of +5.2% during the same period, reaching $484B by 2030. Despite a decrease in consumption in 2022, global consumption of cement has been relatively stable over the years. China leads in both consumption and production of cement, with the United States and India following behind. The market is dominated by portland cement, with imports and exports showing a relatively flat trend pattern. Prices vary by product type and country of origin, with the Netherlands and Canada having the highest export prices. Key exporting countries include Turkey, Vietnam, and Germany, while key importing countries include the United States and the Philippines.

Market Forecast

Driven by increasing demand for cement worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market volume to 5,204M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $484B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cement

After three years of growth, consumption of cement decreased by -5.1% to 4,129M tons in 2022. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, global consumption attained the peak volume at 4,351M tons in 2021, and then fell in the following year.

The global cement market revenue shrank to $323.8B in 2022, reducing by -5.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption attained the peak level of $343.4B, and then shrank in the following year.

Consumption By Country

The country with the largest volume of cement consumption was China (2,131M tons), accounting for 52% of total volume. Moreover, cement consumption in China exceeded the figures recorded by the second-largest consumer, India (380M tons), sixfold. The United States (117M tons) ranked third in terms of total consumption with a 2.8% share.

In China, cement consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+3.5% per year) and the United States (+4.0% per year).

In value terms, China ($167.1B) led the market, alone. The second position in the ranking was taken by India ($15.9B). It was followed by the United States.

In China, the cement market expanded at an average annual rate of +2.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+1.7% per year) and the United States (+5.8% per year).

The countries with the highest levels of cement per capita consumption in 2022 were China (1,501 kg per person), Vietnam (1,047 kg per person) and the United States (350 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Vietnam (with a CAGR of +5.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cement

In 2022, production of cement decreased by -5.1% to 4,136M tons for the first time since 2018, thus ending a three-year rising trend. In general, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 6.6% against the previous year. Over the period under review, global production attained the peak volume at 4,358M tons in 2021, and then dropped in the following year.

In value terms, cement production fell to $330.7B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 17%. As a result, production attained the peak level of $355.7B, and then fell in the following year.

Production By Country

China (2,130M tons) constituted the country with the largest volume of cement production, comprising approx. 51% of total volume. Moreover, cement production in China exceeded the figures recorded by the second-largest producer, India (380M tons), sixfold. The third position in this ranking was held by Vietnam (118M tons), with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume in China was relatively modest. In the other countries, the average annual rates were as follows: India (+3.5% per year) and Vietnam (+7.6% per year).

Imports

World Imports of Cement

In 2022, approx. 116M tons of cement were imported worldwide; with a decrease of -8% compared with 2021 figures. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 17% against the previous year. Over the period under review, global imports attained the peak figure at 126M tons in 2021, and then fell in the following year.

In value terms, cement imports totaled $9.8B in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 16% against the previous year. Global imports peaked at $10.4B in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports By Country

The United States was the largest importing country with an import of around 25M tons, which accounted for 22% of total imports. It was distantly followed by the Philippines (7M tons), constituting a 6.1% share of total imports. The following importers - Singapore (4.3M tons), Israel (3.8M tons), France (3.5M tons), the Netherlands (3M tons), Hong Kong SAR (3M tons), China (2.4M tons), Palestine (2.3M tons), Uzbekistan (2.3M tons), Mali (2.1M tons), Libya (2M tons) and Canada (1.9M tons) - together made up 27% of total imports.

From 2012 to 2022, average annual rates of growth with regard to cement imports into the United States stood at +15.0%. At the same time, the Philippines (+82.1%), Uzbekistan (+34.0%), Israel (+19.9%), China (+14.0%), Hong Kong SAR (+7.0%), Mali (+4.0%), Palestine (+3.2%), Canada (+2.9%) and the Netherlands (+1.9%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in the world, with a CAGR of +82.1% from 2012-2022. France experienced a relatively flat trend pattern. By contrast, Singapore (-2.7%) and Libya (-5.5%) illustrated a downward trend over the same period. While the share of the United States (+16 p.p.), the Philippines (+6 p.p.), Israel (+2.7 p.p.) and Uzbekistan (+1.9 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Singapore (-1.5 p.p.) and Libya (-1.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2.1B) constitutes the largest market for imported cement worldwide, comprising 21% of global imports. The second position in the ranking was held by the Philippines ($426M), with a 4.3% share of global imports. It was followed by the Netherlands, with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +14.2%. The remaining importing countries recorded the following average annual rates of imports growth: the Philippines (+64.3% per year) and the Netherlands (+4.1% per year).

Imports By Type

Portland cement, other than white, whether or not artificially coloured dominates imports structure, accounting for 99M tons, which was approx. 85% of total imports in 2022. Cement of hydraulic kinds (9.1M tons) ranks second in terms of the total imports with a 7.9% share, followed by portland cement, white, whether or not artificially coloured (5.9%).

Portland cement, other than white, whether or not artificially coloured experienced a relatively flat trend pattern with regard to volume of imports. At the same time, cement of hydraulic kinds (+6.9%) and portland cement, white, whether or not artificially coloured (+1.9%) displayed positive paces of growth. Moreover, cement of hydraulic kinds emerged as the fastest-growing type imported in the world, with a CAGR of +6.9% from 2012-2022. Cement of hydraulic kinds (+3.5 p.p.) significantly strengthened its position in terms of the global imports, while portland cement, other than white, whether or not artificially coloured saw its share reduced by -4.5% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, portland cement, other than white, whether or not artificially coloured ($7.5B) constitutes the largest type of cement imported worldwide, comprising 76% of global imports. The second position in the ranking was held by cement of hydraulic kinds ($924M), with a 9.4% share of global imports. It was followed by portland cement, white, whether or not artificially coloured, with a 9.1% share.

For portland cement, other than white, whether or not artificially coloured, imports remained relatively stable over the period from 2012-2022. With regard to the other imported products, the following average annual rates of growth were recorded: cement of hydraulic kinds (+5.4% per year) and portland cement, white, whether or not artificially coloured (+2.2% per year).

Import Prices By Type

The average cement import price stood at $85 per ton in 2022, rising by 15% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was aluminous cement ("ciment fondu"), whether or not coloured or in the form of clinkers ($449 per ton), while the price for portland cement, other than white, whether or not artificially coloured ($76 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by portland cement, white, whether or not artificially coloured (+0.3%), while the other products experienced a decline in the import price figures.

Import Prices By Country

In 2022, the average cement import price amounted to $85 per ton, growing by 15% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($138 per ton), while Uzbekistan ($41 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cement

In 2022, after two years of growth, there was significant decline in overseas shipments of cement, when their volume decreased by -7.4% to 123M tons. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 13%. The global exports peaked at 132M tons in 2021, and then declined in the following year.

In value terms, cement exports rose to $9.5B in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 14% against the previous year. The global exports peaked at $10B in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, Turkey (20M tons) and Vietnam (14M tons) represented the major exporters of cementacross the globe, together accounting for approx. 28% of total exports. It was distantly followed by Germany (6.3M tons), committing a 5.1% share of total exports. Japan (5.5M tons), Canada (4.3M tons), Spain (4.2M tons), Greece (3.7M tons), Thailand (3.2M tons), Mexico (2.6M tons), Belgium (2.6M tons), Malaysia (2.4M tons), Slovakia (2.4M tons) and Pakistan (2.2M tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +27.7%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest cement supplying countries worldwide were Turkey ($1.2B), Vietnam ($650M) and Germany ($584M), with a combined 26% share of global exports.

Vietnam, with a CAGR of +23.6%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Portland cement, other than white, whether or not artificially coloured dominates exports structure, finishing at 108M tons, which was near 88% of total exports in 2022. Cement of hydraulic kinds (7.7M tons) took a 6.3% share (based on physical terms) of total exports, which put it in second place, followed by portland cement, white, whether or not artificially coloured (4.9%).

Portland cement, other than white, whether or not artificially coloured experienced a relatively flat trend pattern with regard to volume of exports. At the same time, cement of hydraulic kinds (+4.1%) displayed positive paces of growth. Moreover, cement of hydraulic kinds emerged as the fastest-growing type exported in the world, with a CAGR of +4.1% from 2012-2022. Portland cement, white, whether or not artificially coloured experienced a relatively flat trend pattern. While the share of cement of hydraulic kinds (+1.8 p.p.) increased significantly, the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, portland cement, other than white, whether or not artificially coloured ($7.6B) remains the largest type of cement supplied worldwide, comprising 80% of global exports. The second position in the ranking was held by portland cement, white, whether or not artificially coloured ($761M), with an 8% share of global exports. It was followed by cement of hydraulic kinds, with a 7.5% share.

For portland cement, other than white, whether or not artificially coloured, exports remained relatively stable over the period from 2012-2022. With regard to the other exported products, the following average annual rates of growth were recorded: portland cement, white, whether or not artificially coloured (+0.5% per year) and cement of hydraulic kinds (+1.0% per year).

Export Prices By Type

The average cement export price stood at $77 per ton in 2022, picking up by 10% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The global export price peaked at $78 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was aluminous cement ("ciment fondu"), whether or not coloured or in the form of clinkers ($478 per ton), while the average price for exports of portland cement, other than white, whether or not artificially coloured ($70 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by portland cement, white, whether or not artificially coloured (+0.9%), while the other products experienced a decline in the export price figures.

Export Prices By Country

The average cement export price stood at $77 per ton in 2022, picking up by 10% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $78 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Canada ($109 per ton), while Japan ($38 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+2.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform