The global portland cement market is forecast to reach a volume of 5.9 billion tons by 2024, registering a CAGR of 4.3% during 2019-2024, according to a new report available on ResearchAndMarkets.com. The global market volume stood at 4.6 billion tons in 2018.
The IMARC Group report states that growth of the market is primarily being driven by thriving infrastructure and construction industries, especially in developing nations. Increasing demand for materials such as concrete, mortar, stucco and grout, which utilize portland cement as a key ingredient, is also catalyzing the growth of the industry. Another driver is the rapid urbanization across the globe and increasing infrastructural investments by the governments of various nations. 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 organization 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 utilization of the product. Other factors, including low procurement costs and easy availability of raw material, are also projected to catalyzed the market growth in the coming years.
“Portland Cement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” has also analyzed the competitive landscape of the market and includes profiles of key industry players such as HeidelbergCement, Cemex, LafargeHolcim, and Argos.