The global portland cement market is tipped to reach a volume of 5.9 billion tonnes by 2024, registering a CAGR (compound annual growth rate) of 4.3% during 2019-2024. The global market volume stood at 4.6 billion tonnes in 2018.
The forecasted growth of the portland cement market, which stood at 4.6 billion tonnes in 2018, is predicted by ResearchandMarkets.com’s new study titled ‘The ‘Portland Cement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024’.
ResearchandMarkets.com (R&M.com), a leading global business market research consultancy, says that growth in global portland cement volumes is primarily being driven by thriving infrastructure and construction industries, especially in the developing nations.
Furthermore, increasing demand for materials such as concrete, mortar, stucco and grout, which utilise portland cement as a key ingredient, is also catalysing the growth of the industry. These products are used to manufacture plasters, screeds, building foundations and roadbeds.
Additionally, R&M.com says rapid urbanisation across the globe and increasing infrastructural investments by the governments of various nations are further providing a thrust to the market. Some of these initiatives include public housing projects and the construction of roads for better connectivity to remote areas.
Moreover, the infrastructure sector in several countries is receiving significant thrust due to the organisation of international entertainment and sporting events such as the FIFA World Cup 2022. Hosting such events requires the construction of housing facilities, stadiums and other amenities that increase the utilisation of the product.
Other factors, including low procurement costs and easy availability of raw material, are also projected to catalyse market growth in the coming years.
The new study includes profiles of key portland cement industry companies including Mitsubishi Cement Corporation, Alamo Cement Company, Lafarge, Martin Marietta, Heidelberg Cement, National Cement Company, American Cement Company, Holcim, Salt River Materials Group, Italcementi, Anhui Conch Cement, Ash Grove Cement Company, CEMEX, Ultratech Cement and BuzziUnicem USA.
For more information about the report visit https://www.researchandmarkets.com/r/oebmx1
This article first appeared on our sister title Aggregates Business.