The global concrete and cement market is poised for significant growth, with a projected increase of $438.3 billion from 2024 to 2028, according to a report by Technavio. The market is expected to expand at a compound annual growth rate (CAGR) of over 6.36% during the forecast period, driven by the growing global construction market and rapid urbanization.

The report highlights that economic advancements in countries like India, Vietnam, Malaysia, China, and Qatar have led to increased consumer disposable incomes and rapid urbanization, resulting in a rise in purchasing power and spending on residential and non-residential infrastructure projects. The growing demand for infrastructure projects in these regions is expected to drive the global construction market.

Concrete is a popular choice for construction due to its durability and resistance to weathering, and its demand is poised to increase significantly with the anticipated urban population growth. However, the market faces challenges such as the increase in overall construction cost, availability and pricing of building materials, and regulatory standards.

The report notes that the construction industry relies heavily on various building materials, including cement, concrete, steel, bricks, and aggregates, and the availability and pricing of these materials can significantly impact construction costs. The production of white cement, a premium type of cement, requires 40% more energy than regular gray cement, leading to higher operating costs.

The cement and concrete market also faces challenges in supplying essential building materials for urban development, including aggregate sources, cement production, and international standards for concrete quality. Threats include regulatory standards and competition from alternative building materials, while drivers include the construction boom, infrastructure investments, and urbanization in developing markets.