GCC Cement Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 92.51 Million tons |
| Market Volume (2029) | 117.17 Million tons |
| CAGR (2024 - 2029) | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
GCC Cement Market Analysis
The GCC Cement Market size is estimated at 92.51 Million tons in 2024, and is expected to reach 117.17 Million tons by 2029, growing at a CAGR of greater than 4.5% during the forecast period (2024-2029).
The GCC cement market was negatively impacted by the COVID-19 pandemic as the nationwide lockdowns in the region resulted in decreasing demand across the construction industry and the closing of various manufacturing facilities. However, post-pandemic, the market is recovering gradually.
- Over the medium term, the increase in regional residential constructions and growing infrastructural activities drive the market's growth.
- On the flip side, government regulations on carbon emissions from cement manufacturing plants are expected to hinder the market's growth.
- However, shifting preference toward green construction will likely act as an opportunity for the market.
- Saudi Arabia dominates the market across the region, with the most substantial consumption from the country's construction industry.
GCC Cement Market Trends
Residential Construction Application to Dominate the Market
- The residential sector is one of the most significant cement demand sectors. The market studied will likely be driven by increased construction of new residential buildings as middle-class disposable income rises.
- Cement is becoming more popular in the residential sector due to increased building standards and legislation regulating energy-efficient structures.
- Residential construction accounts for a significant share of the overall construction sector in the region. Saudi Arabia and the United Arab Emirates are the leading residential construction markets in the area, with significant ongoing residential construction projects.
- In Saudi Arabia, the USD 8,000 million worth of Kind Salman Park In Riyadh includes 12,000 units of residential facilities along with hotels, commercial complexes, and others.
- Amaala: The Riviera Of The Middle East project worth USD 6 billion is another ongoing construction project in Saudi Arabia that includes the construction of 943 residential villas and is expected to be completed by 2027.
- Qiddiya City In Riyadh is a USD 5 billion project that includes constructing 11,000 residential units and is expected to be fully completed by 2030.
- Owing to all these factors, the cement market will likely grow during the forecast period.
Saudi Arabia to Dominate the Market
- Saudi Arabia is the region's largest country and construction market.
- The country is the largest cement producer in the region. The country is home to some of the largest cement manufacturing companies in the region.
- The construction industry contributes nearly 6-7% of the country's GDP. Saudi Arabia’s Vision 2030 aims to bring change by focusing on sustainability commitments, improving the quality of life for citizens, and building a thriving economy in the country. The announcement of Vision 2030 and the associated National Transformation Plan (NTP) have increased investments in various sectors, such as healthcare, education, and infrastructure.
- Under its Budget 2023, the Saudi government announced a SAR 34 billion (~USD 9.06 billion) expenditure for its infrastructure and transportation sector. The country has also launched various Giga project programs, the most extensive civil infrastructure engineering program in the world, covering industrial, residential, and tourism development development.
- The investments in Saudi Arabia’s real estate and infrastructure projects crossed the USD 1 trillion mark in 2023. In 2016, they reached USD 1.1 trillion since the ‘National Transformation Plan’ launch.
- In June 2022, the country launched 93 projects to upgrade its utility infrastructure. These projects, which will cost SAR 8.5 billion, will support water and environmental sustainability and improve the operational efficiency of waterway transportation and distribution.
- The Saudi government works on various mega projects to boost infrastructure. This, in turn, would positively impact the cement market during the forecast period. For instance, the government is building a prime tourist destination named Amaala, which involves the construction of airports to cater to luxury travelers. The project's first phase is projected to be completed by the end of 2024 and consists of an investment of about USD 15 billion.
- Thus, all these factors are expected to propel the growth of the cement market during the forecast period.
GCC Cement Industry Overview
The GCC cement market is partially fragmented. The major players (not in any particular order) include Southern Region Cement Company, Saudi Cement, Najran Cement Company, Yanbu Cement Company (YCC), and Qatar National Cement Company.
GCC Cement Market Leaders
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Southern Region Cement Company
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Saudi Cement
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Najran Cement Company
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Yanbu Cement Company (YCC)
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Qatar National Cement Company
*Disclaimer: Major Players sorted in no particular order
GCC Cement Market News
- January 2024: Qassim Cement Company announced that it signed an agreement to acquire all shares of Hail Cement Company through a securities exchange offer.
- January 2024: Yamama Cement announced the expansion of a production line and shifted its old plant site south of Riyadh to its new site at Northern Halal in the Al-Kharj governorate. The expansion and shifting of the project will increase the capacity from 10,000 tons/day to 12,500 tons/day.
GCC Cement Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increase in Residential Constructions Across the Region
4.1.2 Growing Infrastructural Activities In The Region
4.1.3 Other Drivers
4.2 Market Restraints
4.2.1 Government Regulations On Carbon Emissions From Cement Manufacturing Plants
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Supplier
4.4.2 Bargaining Power of Buyer
4.4.3 Threat of New Entrant
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competitive
5. MARKET SEGMENTATION (Market Size In Volume)
5.1 Type
5.1.1 Portland
5.1.2 Blended
5.1.3 Other Types (Rapid Hardening Cement, Quick Setting Cement, Expansive Cement, Hydrographic Cement, and Colored Cement)
5.2 Application
5.2.1 Residential
5.2.2 Commercial
5.2.3 Infrastructure
5.2.4 Industrial and Institutional
5.3 Geography
5.3.1 Saudi Arabia
5.3.2 United Arab Emirates
5.3.3 Qatar
5.3.4 Oman
5.3.5 Kuwait
5.3.6 Bahrain
6. COMPETITIVE LANDSCAPE
6.1 Merger and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Cemex, S.A.B. de C.V.
6.4.2 Emirates Steel Arkan
6.4.3 Hoffmann Green Cement Technologies
6.4.4 HOLCIM
6.4.5 Kuwait Cement Company
6.4.6 Najran Cement Company
6.4.7 Qassim Cement
6.4.8 Qatar National Cement Company
6.4.9 Raysut Cement Company
6.4.10 Saudi Cement
6.4.11 Southern Region Cement Company
6.4.12 Yamana Cement
6.4.13 Yanbu Cement Company (YCC)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Shifting Preference Toward Green Construction
7.2 Other Opportunities
GCC Cement Industry Segmentation
Cement, a crucial building component, is a binding agent that sets and hardens to cling to building units such as stones, bricks, and tiles. It is a fine powdery substance composed primarily of limestone (calcium), sand or clay (silicon), bauxite (aluminum), and iron ore. It may also include shells, chalk, marl, shale, clay, blast furnace slag, and slate.
The GCC cement market is segmented by type, application, and geography. The market is segmented into Portland, blended, and other types (rapid hardening cement, quick setting cement, expansive cement, hydrographic cement, and colored cement). The market is segmented by application into residential, commercial, infrastructure, industrial, and institutional. The report also covers the size and forecasts for the cement market in six regional countries. Market sizing and forecasts were made for each segment based on volume (tons).
| Type | |
| Portland | |
| Blended | |
| Other Types (Rapid Hardening Cement, Quick Setting Cement, Expansive Cement, Hydrographic Cement, and Colored Cement) |
| Application | |
| Residential | |
| Commercial | |
| Infrastructure | |
| Industrial and Institutional |
| Geography | |
| Saudi Arabia | |
| United Arab Emirates | |
| Qatar | |
| Oman | |
| Kuwait | |
| Bahrain |
GCC Cement Market Research FAQs
How big is the GCC Cement Market?
The GCC Cement Market size is expected to reach 92.51 million tons in 2024 and grow at a CAGR of greater than 4.5% to reach 117.17 million tons by 2029.
What is the current GCC Cement Market size?
In 2024, the GCC Cement Market size is expected to reach 92.51 million tons.
Who are the key players in GCC Cement Market?
Southern Region Cement Company, Saudi Cement, Najran Cement Company, Yanbu Cement Company (YCC) and Qatar National Cement Company are the major companies operating in the GCC Cement Market.
What years does this GCC Cement Market cover, and what was the market size in 2023?
In 2023, the GCC Cement Market size was estimated at 88.35 million tons. The report covers the GCC Cement Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the GCC Cement Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
GCC Cement Industry Report
Statistics for the 2024 GCC Cement market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. GCC Cement analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
