Global Portland Cement Market: Snapshot
The global Portland cement market is expected to be propelled by the extensive availability of raw materials that are consumed during the production process. Portland cement could be in high demand owing a substantial consumption in construction and a plethora of other industries. It serves as a pivotal component of concrete, stucco, mortar, and non-specialty grouts. While being used in diverse applications, this type of cement portrays versatility, high dependability, and durability, asides being economical.
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Over the past years, there has been an upswing in the construction industry all over the world. Several countries across the globe have undertaken infrastructure activities, and Portland cement is used in the construction of pavements, buildings, tanks, sidewalks, bridges, and more structures. It is expected to be accounted as one of the single most preeminent types of cement in the industry, amounting to an approximately 90.0% of the overall production of cement globally.
The international Portland cement market is anticipated to reach a revenue of US$332.2 bn by 2020 and is projected to have a healthy CAGR rise.
Demand in Residential Market Skyrockets with Surging Population Growth
On the basis of application, the worldwide Portland cement market may be segmented into commercial, residential, infrastructural, and also cement bricks and farm construction. The market demand for Portland cement among the mentioned segments is the utmost from the residential division. Residential applications could hold high stakes in the cement industry owing expeditious population growth all over the world. The exponential population ascent could lead to a further demand for living space among the masses. The urban population in developing countries is predicted to witness a spiraling requirement of Portland cement, with cities expanding and rural population moving toward metropolitanism.
Portland cement has quite a few desirable characters that could make it a top choice among building materials. Created from abundant and affordable raw materials such as clay, limestone, and sand, Portland cement could prove to be a more competitively priced material used in construction. It demonstrates high durability, versatility, and dependability, along with easy availability. These factors are expected to boost the market growth.
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However, there are a few factors that are predicted to hamper the industry. Severe exposure to Portland cement may lead to health disorders such as lung cancer and chemical burns. The manufacture of cement involves generation of air pollution, causing harm to the environment. There exist some alternatives to Portland cement such as fiber cement. However, their production is complex and substantially expensive compared to Portland cement. Hence, on account of cost-effectiveness and highly competitive characteristics, the market is predicted to overcome these slight impediments. Over the forecast period, the international market for Portland cement is foretold to embrace an aggressive growth on account of such key driving factors.
Increased Urbanization Improving Construction Demand Propels Growth in Asia Pacific
The international Portland cement market, on the basis of geography, may be divided into Europe, North America, Asia Pacific, and Rest of the World. Among the mentioned regions, Asia Pacific is projected to be considerably advantageous to the global market revenue. Burgeoning economies such as China and India are going through urbanization at a breakneck rate, and are expected to offer a lion’s share in terms of market demand. Both countries are witnessing massive construction and infrastructure demands; China has already allotted a vast area for residential spaces. Countries such as Indonesia and Malaysia are also prognosticated to be in the pipeline of the rise of construction projects.
North America could also be a lucrative region for the Portland cement industry. Other notable geographies such as Saudi Arabia, Latin America, Spain, and Italy are foreseen to showcase a considerable growth in the business. For instance, Rest of the World could rake in some demand for Portland cement on the back of popular events such as the upcoming 2022 FIFA World Cup to be hosted by Qatar.
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