Global Cement Market Outlook 2023-2028: Growth Projections and Regional Trends

• Global cement consumption is expected to reach 4.3 billion tons by 2028
• Cement demand in Asia ex-China and Middle East to rise 4.9% and 3.0% annually until 2028
• China’s cement consumption forecasted to decrease to 0.9 billion tons by 2050

Ridgefield (CT), USA, June 13, 2024 – CW Group, a leading provider of market intelligence and consulting services, announces its latest report on the Global Cement Volume Forecast Report 1H2024. The report reveals a steady growth trajectory in global cement consumption, bolstered by robust demand outside China, which is expected to grow significantly over the forecast period.

“The report highlights the resilience and expansion potential of the global cement market, especially in regions outside China where we see higher growth prospects. With infrastructure projects booming, the demand for cement is expected to rise steadily in many key regions” said Prashant Singh, Director at CW Group.

Global Demand Trends

The global cement market is poised for substantial growth, driven by increasing urbanization, infrastructure development, and economic recovery post-pandemic. With cement consumption forecasted to reach 4.3 billion tons by 2028, the industry is set to benefit from sustained construction activities across emerging and developed markets alike. This growth trajectory underscores the pivotal role of cement in supporting global infrastructure needs and economic expansion. 

Regional Insights

Asia ex-China and the Middle East are the fastest-growing regions, with estimated CAGRs of 4.9% and 3.0% respectively until 2028. Despite a decline in China's consumption, global ex-China growth is poised to outpace previous forecasts significantly.

Long-term Forecasts

CW Research's long-term forecast indicates a decline in China's cement consumption to 0.9 billion tons by 2050. Conversely, global ex-China cement consumption is expected to increase to 5.1 billion tons by 2050, highlighting robust demand trends.

About the Report

CW Group, a leading consulting, research, and business intelligence boutique firm based in the US and active worldwide, released the Global Cement Volume Forecast Report 1H2024. The report offers in-depth analysis and insights into the global cement market, providing valuable data for stakeholders. This report is part of our bi-annual updates, with the quantitative update released in June focusing on the numerical sections of the report, and the extended update in November including detailed market assessments and supply-demand analyses. This essential report is designed for stakeholders seeking to understand and capitalize on emerging opportunities in the cement market.

For further information or media inquiries, please contact: 

Liviu Dinu, Market Services and Marketing Consultant
Email: [email protected]
Tel: 0040754625768