BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India cement market size at USD 26.85 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India cement market size to grow at a significant CAGR of 9.05% reaching a value of USD 49.24 billion by 2029. Major growth drivers for the India cement market include the growing need for cement from construction and infrastructure sectors and rising governmental initiatives and investments in expansive infrastructure ventures encompassing highways, railways, airports, and public edifices. Positive real estate trends drive construction demand, influenced by a growing population’s need for housing, education, and healthcare infrastructure. Advancements in sustainable cement formulations and environmental awareness further shape demand. In India, affordable cement prices contribute to increasing consumption, particularly in rural housing. The industrial sector’s recovery post-COVID-19 is a pivotal demand driver, supporting a promising long-term outlook. Investments from international players, including Lafarge-Holcim, Heidelberg Cement, and Vicat, and abundant raw materials, such as limestone and coal, fortify India’s position as a thriving hub for cement production. Government policies, exemplified by the development of smart cities, further boost the industry. Also, in October 2021, Prime Minister, Mr. Narendra Modi, launched the ‘PM Gati Shakti – National Master Plan (NMP)’ for multimodal connectivity. Gati Shakti aims to create a world-class, seamless multimodal transport network in India. This significant initiative is expected to have a substantial impact on the India cement market. The surge in industrialization and commercial construction, along with the implementation of Gati Shakti, will further boost the demand for cement in the future. As industrial operations expand and the need for well-equipped facilities increases, coupled with the growth of commercial spaces, the cement market is expected to record significant growth. However, government regulations on carbon emissions from cement manufacturing plants and high energy costs are anticipated to restrain the overall market growth.
India Cement Market – Overview
Cement stands as a vital adhesive material extensively applied in both construction and engineering contexts. It primarily comprises calcium, silicon, aluminum, and iron oxides, intricately synthesized through the intricate chemical process known as calcination, which involves subjecting limestone and clay to high-temperature conditions. This procedure yields clinker, which is subsequently finely pulverized to yield the powdered substance recognized as cement. Its significance lies in its central role in the creation of concrete, the most universally employed construction material on a global scale. Upon mixing with water, cement initiates a chemical reaction known as hydration, leading to the formation of a paste that effectively binds various aggregates, such as sand and gravel. Cement, however, extends its utility beyond concrete and finds application in the production of mortars for masonry, rendering, and plastering, among other uses. India stands as the world’s second-largest cement producer, representing more than 8% of the global installed capacity. This prominence underscores the substantial growth potential within India’s infrastructure and construction sector, where the cement industry is expected to reap significant benefits.
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Impact of COVID-19 on India Cement Market
COVID-19 pandemic adversely affected the India cement market. Lockdowns and restrictions disrupted construction activities, leading to a temporary drop in demand. The closure of industrial units and logistics challenges hampered cement production and distribution. Additionally, the uncertainty surrounding the economy and construction projects led to delays and cancellations. Despite these challenges, the government’s push for infrastructure development and the gradual resumption of construction activities gradually revitalized the market. With stringent safety measures in place, the India cement market has since recovered, regaining its growth trajectory and meeting the demands of the construction and infrastructure sectors.
India Cement Market – By End User
On the basis of end user, the India cement market is divided into Residential, Commercial, and Infrastructure segments. The residential segment holds the highest share in the India cement market by end user. As population grows, urbanization accelerates, and economic conditions improve, the need for housing rises. Cement, a crucial element in building robust structures, plays a pivotal role in the construction of residential units. It ensures the structural strength and longevity of homes, from foundations to roofing. Its versatility enables various architectural designs, including single family homes, high-rise apartments, and sustainable housing. In earthquake-prone areas, cement’s durability and seismic resistance ensure safety. Additionally, cement’s thermal mass properties contribute to energy-efficient designs. As economies grow and living standards improve, there is a heightened demand for modern, aesthetically pleasing, and technologically advanced residential spaces
Competitive Landscape
Major players operating in the India cement market include Ambuja Cements Ltd, Birla Corporation Limited (MP Birla Group), Dalmia Bharat Limited, Deccan Cement Limited, India Cements Ltd, JK Lakshmi Cement Ltd, Orient Cement Ltd, Shree Cement Limited, The Ramco Cements Limited, and UltraTech Cement Limited. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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