Market Size of asia-pacific cement Industry
| Icons | Lable | Value |
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Study Period | 2018 - 2030 |
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Market Volume (2024) | 3.18 Billion Tons |
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Market Volume (2030) | 4.32 Billion Tons |
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Largest Share by End Use Sector | Infrastructure |
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CAGR (2024 - 2030) | 5.22 % |
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Largest Share by Country | China |
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Market Concentration | Medium |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Cement Market Analysis
The Asia-Pacific Cement Market size is estimated at 3.18 billion Tons in 2024, and is expected to reach 4.32 billion Tons by 2030, growing at a CAGR of 5.22% during the forecast period (2024-2030).
3.18 Billion
Market Size in 2024 (Tons)
4.32 Billion
Market Size in 2030 (Tons)
0.04 %
CAGR (2018-2023)
5.22 %
CAGR (2024-2030)
Largest Market by Product
70.55 %
volume share, Blended Cement, 2023
Due to the high demand for blended cement in various applications from residential, commercial, etc., and weather-resistance and durable properties, the segment has dominated the market.
Largest Market by End Use Sector
39.32 %
volume share, Infrastructure, 2023
Due to significant growth and escalating demand for infrastructure in developing economies coupled with increasing consumption of cement in major infrastructure projects, the infrastructure sector holds the largest share.
Largest Market by Country
69.23 %
volume share, China, 2023
With the continuous development of its provinces, followed by the construction of huge residential complexes, the demand for cement increased, making China the largest consumer in the region.
Fastest Market by Country
7.34 %
Projected CAGR, Vietnam, 2024-2030
Due to growth in the infrastructure sector, coupled with foreign companies' preference for China and one strategy likely to favor Vietnam, the country is likely to register the fastest growth.
Leading Company
20.15 %
market share, China National Building Material Group Corporation, 2022
In 2022, the company held the largest share, with its cement production capacity of around 530 million tons per year in the region. The company serves customers across various construction sectors.
Infrastructure spending in Asia-Pacific is expected to reach USD 1.74 trillion and is likely to drive the demand for cement
- In 2022, the cement consumption volume in the region saw a 6.37% decline from the previous year. This drop was primarily driven by reduced new floor area constructions in the commercial, residential, and industrial & institutional sectors. Notably, the industrial & institutional, and residential sectors saw a 5.63% and 5.39% decrease in new floor area, respectively, in 2022, compared to 2021. By 2023, Asia-Pacific accounted for approximately 72.53% of the global cement market.
- The infrastructure sector emerged as the region's largest cement consumer, representing about 39.48% in 2022. With increased investments in infrastructure projects, this sector's cement demand is expected to rise. For instance, India has set its sights on a USD 4.5 trillion infrastructure investment by 2030. Projections indicate that infrastructure spending in the region will hit USD 1.74 trillion by 2030, propelling the cement sector to a 16.03% growth from 2023 to 2030.
- The commercial sector is poised to be the region's fastest-growing cement consumer, with a projected CAGR of 6.48% during the forecast period. The region is poised to experience a significant uptick in demand for commercial spaces, including shopping malls and offices. In 2025, the region is projected to witness a notable surge, adding 178 million sq. ft of new commercial floor area, compared to the previous year. For example, Indonesia has six shopping mall projects slated for completion by 2025, adding up to a total of 292 thousand sq. meters. These trends indicate that the cement market for the commercial sector in the region is set to reach 523 million tons in 2030, up from around 336 million tons in 2022.
Understand The Key Trends Shaping This Market
Vietnam is the fastest-growing country, while China is expected to maintain its leading position in Asia-Pacific during the forecast period
- In 2022, the demand for cement in Asia-Pacific dropped by 6.4% compared to the previous year, primarily driven by an 11.3% decline in demand from China, which is the region's dominant player. Several countries in the region were expected to see a slight dip in demand in 2023, and the overall growth was projected to be negative, at -0.4%, compared to 2022.
- China, with its consistently high construction output, stands as the largest cement consumer in Asia-Pacific. Notably, in 2022, its infrastructure sector alone accounted for 79% of the region's total cement demand in that sector. However, China's cement demand is anticipated to decline during the forecast period (2023-2030) due to challenges in the real estate industry and a decrease in new infrastructure projects.
- Following China, India emerges as the second-largest consumer of cement in Asia-Pacific. The residential sector in India holds the major share of cement demand, representing 61% of the total demand across sectors in 2022. Unlike some of its regional counterparts, India predominantly relies on concrete for its buildings, driving up the demand for cement.
- Among the countries in the region, Vietnam is projected to witness the highest growth in the demand for cement, and it is expected to register a CAGR of 7.46% by volume during the forecast period. This surge in demand is likely to be attributed to new land policies that bolster real estate development and the government's ambitious plan to construct 1 million affordable housing units by 2030.
Asia-Pacific Cement Industry Segmentation
Commercial, Industrial and Institutional, Infrastructure, Residential are covered as segments by End Use Sector. Blended Cement, Fiber Cement, Ordinary Portland Cement, White Cement are covered as segments by Product. Australia, China, India, Indonesia, Japan, Malaysia, South Korea, Thailand, Vietnam are covered as segments by Country.
- In 2022, the cement consumption volume in the region saw a 6.37% decline from the previous year. This drop was primarily driven by reduced new floor area constructions in the commercial, residential, and industrial & institutional sectors. Notably, the industrial & institutional, and residential sectors saw a 5.63% and 5.39% decrease in new floor area, respectively, in 2022, compared to 2021. By 2023, Asia-Pacific accounted for approximately 72.53% of the global cement market.
- The infrastructure sector emerged as the region's largest cement consumer, representing about 39.48% in 2022. With increased investments in infrastructure projects, this sector's cement demand is expected to rise. For instance, India has set its sights on a USD 4.5 trillion infrastructure investment by 2030. Projections indicate that infrastructure spending in the region will hit USD 1.74 trillion by 2030, propelling the cement sector to a 16.03% growth from 2023 to 2030.
- The commercial sector is poised to be the region's fastest-growing cement consumer, with a projected CAGR of 6.48% during the forecast period. The region is poised to experience a significant uptick in demand for commercial spaces, including shopping malls and offices. In 2025, the region is projected to witness a notable surge, adding 178 million sq. ft of new commercial floor area, compared to the previous year. For example, Indonesia has six shopping mall projects slated for completion by 2025, adding up to a total of 292 thousand sq. meters. These trends indicate that the cement market for the commercial sector in the region is set to reach 523 million tons in 2030, up from around 336 million tons in 2022.
| End Use Sector | |
| Commercial | |
| Industrial and Institutional | |
| Infrastructure | |
| Residential |
| Product | |
| Blended Cement | |
| Fiber Cement | |
| Ordinary Portland Cement | |
| White Cement | |
| Other Types |
| Country | |
| Australia | |
| China | |
| India | |
| Indonesia | |
| Japan | |
| Malaysia | |
| South Korea | |
| Thailand | |
| Vietnam | |
| Rest of Asia-Pacific |
Need A Different Region Or Segment?
Asia-Pacific Cement Market Size Summary
The Asia-Pacific cement market is poised for significant growth, driven by increasing infrastructure investments and a rising demand for commercial spaces. The region, which accounted for a substantial portion of the global cement market, experienced a decline in cement consumption in 2022 due to reduced construction activities in various sectors. However, the infrastructure sector remains the largest consumer of cement, with countries like India planning massive investments to boost their infrastructure, thereby increasing cement demand. The commercial sector is expected to be the fastest-growing segment, with a notable rise in demand for shopping malls and office spaces. This growth is supported by foreign direct investments and the expansion of retail spaces, particularly in countries like Indonesia and India.
China, as the dominant player in the region, has historically been a major consumer of cement, especially in its infrastructure sector. However, challenges in the real estate industry and a slowdown in new infrastructure projects are anticipated to impact its cement demand. In contrast, India and Vietnam are expected to see robust growth in cement consumption, driven by urbanization, government policies, and the need for affordable housing. The residential sector in India, in particular, is a significant contributor to cement demand, with a focus on constructing new housing units. The market is moderately consolidated, with major players like Anhui Conch Cement Company Limited and UltraTech Cement Ltd. leading the industry. Recent acquisitions and expansions by key companies indicate a strategic focus on enhancing production capacity and market presence in the region.
Asia-Pacific Cement Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size, forecasts up to 2030 and analysis of growth prospects.)
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1.1 End Use Sector
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1.1.1 Commercial
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1.1.2 Industrial and Institutional
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1.1.3 Infrastructure
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1.1.4 Residential
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1.2 Product
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1.2.1 Blended Cement
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1.2.2 Fiber Cement
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1.2.3 Ordinary Portland Cement
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1.2.4 White Cement
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1.2.5 Other Types
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1.3 Country
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1.3.1 Australia
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1.3.2 China
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1.3.3 India
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1.3.4 Indonesia
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1.3.5 Japan
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1.3.6 Malaysia
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1.3.7 South Korea
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1.3.8 Thailand
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1.3.9 Vietnam
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1.3.10 Rest of Asia-Pacific
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Asia-Pacific Cement Market Size FAQs
What is the current Asia-Pacific Cement Market size?
The Asia-Pacific Cement Market is projected to register a CAGR of 5.22% during the forecast period (2024-2030).
Who are the key players in Asia-Pacific Cement Market?
Anhui Conch Cement Company Limited, BBMG Corporation, China National Building Material Group Corporation, China Resource Cement Holdings and UltraTech Cement Ltd. are the major companies operating in the Asia-Pacific Cement Market.
