Press Release
Press Release
Cement refers to a fine mineral powder prepared by grinding calcined limestone and clay. This powder is then mixed with water and poured to set as a solid mass. Cement exhibits various cohesive & adhesive properties due to which it is extensively used as a bonding material all around the globe. It is available in different grades and currently represents one of the crucial raw materials in the construction industry.
A majority of the cement produced worldwide is consumed for domestic purpose while only 3% of the global production is exported to other countries. According to a new report by Expert Market Research, the global cement market attained a value of USD 383.02 billion in the year 2023. The market is expected to grow at a CAGR of 5.4% between 2024 and 2032 to reach USD 614.88 billion by 2032.
The growth of the market can be accredited to a number of forces. Since the revival of the construction industry, a surge in the infrastructural activities has been witnessed, in both developed and developing countries. Owing to the rising populace coupled with increasing urbanisation rates in developing countries, there has been a huge demand for shelter and improved infrastructure. Moreover, easy availability of the raw materials used for producing cement along with its low-cost have also prompted a number of manufacturers to invest into the cement market, thereby, stimulating the market growth.
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