Portland Cement Industry Projected to Reach a Value of $6.1 Billion by 2034
The global Portland Cement Market is set to experience significant growth over the next decade, according to recent industry forecasts. In 2024, the market was valued at around USD 410.1 billion and is projected to grow at a compound annual growth rate (CAGR) of 4.7%, reaching approximately USD 649.2 billion by 2034 [4].
One of the key regions driving this growth is the Asia-Pacific region, which accounted for a market value of USD 1.8 billion in 2024. The cement industry in this region is predicted to grow from USD 279.66 billion in 2025 to USD 384.54 billion by 2034, with a CAGR of 3.60% during this period [1].
Ordinary Portland Cement, a significant portion of the cement market, holds a global market share of 38.3% [4]. Key growth drivers for the Portland Cement Market include urbanization and infrastructure development, residential and commercial construction, and regional focus on infrastructure missions.
Urban expansion in emerging economies, particularly in Asia-Pacific countries like India, Vietnam, and the Philippines, is driving strong demand for cement due to large infrastructure projects such as roads, flyovers, metro systems, airports, and public housing [1][4]. Population growth, rising income levels, and changing lifestyles contribute to increased residential and commercial building activities, further boosting demand [1]. National infrastructure initiatives aimed at creating smart cities, expressways, water treatment facilities, and mass housing projects also rely heavily on cement-based materials, reinforcing consistent market expansion [1].
Notable players in the Portland Cement Market are making strides in sustainability and carbon reduction. Anhui Conch Cement, for instance, has invested in carbon capture (CCUS) projects and waste heat recovery systems, while also testing hydrogen-based fuel for kilns [2]. Shree Cement has launched Bangur PowerMaxx Cement for high-performance construction and adopted AI-driven energy optimization to cut costs [3]. Cemex has introduced Vertua low-carbon cement, reducing CO2 emissions, and Terra CO2 has raised $82 million in Series B funding to advance its sustainable cement technology [5].
In India, UltraTech Cement, the country's largest cement producer, expanded its capacity to 150 MTPA with new plants in Rajasthan and Odisha in 2024 [6]. Furno, a startup focused on low-carbon cement production, recently secured $6.5 million in an oversubscribed seed funding round [7]. Queens Carbon also secured $10 million in seed funding to develop its low-carbon cement solutions [8].
In addition to these efforts, major players like LafargeHolcim are making significant strides in sustainability. The company plans to have 500+ carbon-neutral sites and has launched ECOPlanet, its green cement range, cutting CO2 emissions. LafargeHolcim has also acquired Firestone Building Products to expand its roofing solutions [9].
In conclusion, the global Portland Cement Market is expected to grow robustly at around a 4.7% CAGR between 2025 and 2034, driven chiefly by urbanization, infrastructure development, and expanding construction activities across residential and commercial sectors worldwide [1][4]. Companies are increasingly focusing on sustainability and carbon reduction to meet the growing demand for cement while minimizing environmental impact.
The weather conditions in these regions often play a crucial role in the production and demand for Portland Cement, as extreme weather can impact construction projects and the transportation of cement products.
The use of sustainable practices and carbon reduction technologies in the Portland Cement industry, such as carbon capture projects and AI-driven energy optimization, are not only beneficial for the environment but also help to manage the production costs in varying weather conditions.
