Global cement consumption is expected to record sustained growth during 2015-2018, but at a less robust pace than previously expected, according to a recent report released by the Portland Cement Association (PCA).
Cement consumption is expected to grow 2.2 percent in 2015, 3.7 percent in 2016 and remain near 4 percent growth in 2017 and 2018. Global cement consumption grew an estimated 4.6 percent in 2014 from 4.0 billion metric tons in 2013 to 4.3 billion metric tons.
“Most of the gains in developed world cement consumption are attributed to North America,” said Edward J. Sullivan, chief economist and group vice-president at PCA. “With an expected growth of more than 7.4 million metric tons, the North American region is expected to continue to expand at a faster pace than most other developed countries due to continued national economic growth.”
A slowdown in Asian economic growth will reduce cement consumption growth rates compared to previous years. Although China will continue to grow, with a 7 percent economic growth rate in 2015, this is much less than then the double-digit rates it experienced in 2010 and 2011.
Modest growth will materialize in Europe in 2015 followed by stronger gains in 2016 and beyond. This scenario reflects the gradual healing of distressed housing and nonresidential sectors, especially among several Eurozone economies.