The global concrete and cement market size is estimated to grow by $469.01 billion from 2023 to 2027, according to Technavio market research report.
This growth is expected to occur at a compound annual growth Rate (CAGR) of over 7.1% during the forecast period.
The report noted that the concrete and cement market is experiencing robust growth driven by the construction boom, especially in urban centers.
Demand for materials like concrete pipes, paving blocks, and ready-mix concrete is on the rise due to the planned skyscrapers and high-rise buildings, the report said.
Additionally, rapid hardening cement and low heat cement are gaining traction for their specific applications, while hydrophobic and colored cement cater to diverse needs.
According to the report, despite opportunities, the market faces restraints such as fluctuating raw material costs and regulatory challenges.
However, sustainable construction practices and digitalization are emerging as key drivers, promoting efficiency and reducing environmental impact.
It stated that the adoption of advanced concrete technologies further enhances durability and strength, meeting the demands of modern infrastructure projects.
The report further said that in this dynamic landscape, staying abreast of market trends and leveraging innovations is essential for industry players to thrive.
The report noted that building materials such as stainless steel, hardened steel, cast iron, cement, concrete, bricks, and aggregates are widely used in construction.
According to the report, African countries, such as Nigeria and Namibia, are unable to manage price hikes because of the volatile economic conditions in these countries.
The report said that recent trends indicate a shift towards sustainable practices, with a focus on energy-efficient manufacturing processes and adherence to international standards.
It noted that this shift is driven by increasing regulatory standards and a growing awareness of the importance of sustainability in construction.
