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Published- Jan 2022
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The global cement market was valued at USD XX Billion in 2021 and is projected to reach USD $XX Billion by 2027, exhibiting a CAGR of 3.2% during the forecast period.
Cement is an essential building block of development. Manufactured from limestone and other materials, it is often mixed into concrete to provide housing, roads, and pipes that supply water to communities.
The world consumes over 4 billion tons of cement annually. The cement sector has a large economic impact due to its long and diverse supply chain and it contributes to about 5.4 percent of global gross domestic product (GDP) and 7.7 percent of world employment.
While the US economic cycle is expected to reach maturity in 2020-21, its construction market is forecast to remain relatively robust. As a result, modest growth is projected for the cement sector in the short term.
One cement plant was idled in April because of decreased demand resulting from restrictions put in place to mitigate the spread of the COVID-19 pandemic. However, the U.S. cement industry has shown no prolonged or widespread negative effects from the pandemic.
The United States economy and construction market are expected to remain relatively strong during 2020-21. However, the economy is entering a mature stage in the business cycle with slower growth rates. During the early stages of recovery, fueled by the release of pent-up demand characterized the economy, Hence, slightly moderate growth is anticipated for 2020 in the short term.
This implies that the US cement market is likely to grow from 2021, the average annual growth rate in cement consumption exceeding with moderating economic expansion. Cement demand in the US is expected to be moderate in 2022. As economic growth inches down in 2022, slightly higher advances are anticipated for construction activity and cement consumption.
The US is the key player in the North American cement market. Demand for cement in the US is on the rise. However, a major portion of increased sales in the US is being fulfilled through imports. The country needs to expand its domestic production facilities to take advantage of future demand growth.
The Cement Manufacturing industry is expected to rebound as the immediate effects of the coronavirus pandemic subsides. As the overall economy recovers, construction activity is expected to grow, in turn fueling increased demand for cement. Greater government funding for highways, rising value of utilities construction and strong demand from nonresidential and commercial construction markets are forecast to drive renewed growth.
The majority of plants are privately owned and operated, and while the top 10 players account for about 45 percent of global capacity, the industry overall is quite fragmented. As global demand has stagnated over the last decade, historical capacity expansion has given way to regional overcapacity with a global average utilisation of about 70 percent.
Heidelberg Cement has limited the amount of net investments to around €1.2 billion per year. Net investments refer to the balance of investment and divestment in the area of property, plant and equipment.
US-based company GCP Applied Technologies has received a European patent for increasing the efficiency of cement grinding by using sustainable raw materials.
Despite the disruption of the COVID-19 pandemic the CRH invested $0.4 billion (2019: $0.7 billion) on 17 bolt-on acquisitions in 2020.
LafargeHolcim revealed a € 145M investment plan to reduce its CO2 emissions in Europe by 3Mt/yr., equivalent to 15% of its carbon footprint, by 2022. The investment will target advanced equipment and technology to increase the use of low-carbon fuels and materials.
In January 2021, LafargeHolcim signed an agreement to acquire Firestone Building Products, a leader in commercial roofing and building envelope solutions based in the United States, with estimated 2020 net sales of USD 1.8 billion and EBITDA of USD 270 million.
Another challenge stems from the intensive capital investment required, and many cement companies struggle to generate returns beyond their investment.
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