Report Overview

2023

Base Year

2021-2023

Historical Year

2024-2025

Forecast Year

Cement Price Forecast

The cement industry is projected to perform moderately in global markets over the coming months. The outlook presents a complex landscape, with stagnant demand projected globally but regional variations. Markets in the Middle East, India, and Africa are bright spots driven by growing infrastructure investments, while Turkey, China, and Europe are anticipated to be weak. However, Europe and the USA show promise with surging profit margins driven by higher cement prices due to rising production costs and CO2 expenses.

Market Dynamics

The Indian cement market steadily picked up in the first quarter of 2024, showcasing a substantial demand increase after a slow start in January, with further growth projected in the coming months. However, selling prices fluctuated within a narrow range due to competition among top companies vying for market share. The astounding downstream demand provides ample capacity for growth, but with ambitious expansion plans, the top companies sustain their market share and consolidate the market. The EU's proposed carbon border adjustment mechanism aims to levy charges on carbon-intensive imports like steel and cement entering Europe, sparking criticism from several developing nations. India's infrastructure output increased by 5.2% year-on-year in March.

Annual Outlook for Cement Industry

In 2024, Saudi Arabia's cement industry is set to solidify its global market position by embracing circular economy principles and digital innovation, with advanced technologies in most plants driving digital maturity and de-carbonization over the next two to five years. Despite challenges like rising sea freight costs, geopolitical tensions, and increased energy prices, Saudi cement plants maintain production costs around 15% below the global average due to operational efficiencies and advanced technologies. However, reduced government investment is expected to slow large-scale projects, impacting domestic demand. In Q1 2024, domestic sales and exports took a slight dip, but Saudi Arabia remains the region's largest cement producer, with major firms like Al Yamama Cement leading the market. The industry's competitive pricing, supported by carbon border taxes, suggests the potential for increased exports, with a strong focus on sustainability and green product production likely driving the sector's evolution.

In January-March, Indian cement producers saw increased margins due to lower petroleum coke and thermal coal prices, resulting in increased profits for all major cement companies. While cement prices fell in key markets, demand is expected to grow faster than capacity additions at an annual growth rate of 8-9% over the next few years. Looking ahead, lower-priced coke bought in early 2024 is expected to offset weak cement prices in the April-June period influenced by India's general elections, as the benefit of reduced fuel prices typically lags by up to three months.

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+1-415-325-5166

63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124