Cement Market With US Tariff Impact | USD 649.2 Bn

Overview

New York, NY – April 29, 2025 – The global Cement Market is a key player in the construction industry, driven by rising infrastructure development, urbanization, and housing demand. In 2024, the market was valued at USD 410.1 billion and is projected to reach USD 649.2 billion by 2034, growing at a steady CAGR of 4.7% from 2025 to 2034.

In 2024, Ordinary Portland Cement (OPC) solidified its position as the market leader, capturing a substantial 38.3% of global cement revenue. The ready-mix concrete segment commanded a leading 43.3% market share in 2024, fueled by its unmatched convenience and adaptability for projects ranging from homes to highways. The residential sector emerged as the largest cement consumer in 2024, accounting for 39.1% of the market. Rapid urbanization, population growth, and increasing disposable incomes have spurred housing demand, particularly in emerging economies.

US Tariff Impact on Market

On April 2, 2025, the U.S. imposed a 25% tariff on cement imports from Canada and Mexico, effective April 5, 2025. This policy is anticipated to increase costs, delay infrastructure projects, and threaten energy security.

The Portland Cement Association (PCA) reports that Canada and Mexico supply 27% of U.S. cement imports, equating to roughly 7% of total U.S. cement consumption. In 2023, the U.S. imported 5 million metric tons (MMT) from Canada and 2 MMT from Mexico. These tariffs are likely to strain cement availability, especially in import-dependent states like Texas and Arizona, leading to higher construction costs, project delays, and potential shortages in Border States.

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Globally, the tariffs may reshape cement trade flows, elevate international prices, and intensify competition among producers. Countries exporting cement to the U.S. could face economic challenges, while global suppliers may need to adjust pricing strategies to navigate the disrupted market dynamics.

Key Takeaways

• The global cement market was valued at USD 410.1 billion in 2024.
• The global cement market is projected to grow at a CAGR of 4.7% and is estimated to reach USD 649.2 billion by 2034.
• Among types, ordinary Portland cement accounted for the largest market share of 38.3%.
• Among applications, ready-mix concrete accounted for the majority of the market share at 43.3%.
• By end-use, residential accounted for the largest market share of 39.1%.
• Asia Pacific is estimated as the largest market for cement with a share of 53.3% of the market share.

Analyst Viewpoint

The U.S. cement industry faces a pivotal moment in 2025 with the introduction of tariffs on cement imports from Canada and Mexico, respectively, in 2023, accounting for U.S. cement imports and consumption (Portland Cement Association). For investors, this presents opportunities in domestic cement producers like Eagle Materials or Summit Materials, which could see increased demand as imports become costlier.

The tariffs could also trigger a rise in global cement consumption (excluding China), pushing international prices higher and creating opportunities for U.S. exporters if they can scale production efficiently. Consumer sentiment is shifting as higher cement prices ripple through construction, with homebuyers in states like Texas facing steeper costs due to a housing market already undersupplied. This could dampen demand for new homes, indirectly pressuring cement companies.

Technologically, firms investing in low-carbon cement production are gaining traction, driven by tightening environmental regulations and consumer preference for sustainable materials. However, adopting these technologies requires significant capital, posing risks for smaller players. The regulatory landscape is also tightening, with Buy American mandates potentially boosting domestic producers but increasing costs for projects reliant on federal funding.

Report Scope

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Key Market Segments

By Type: Ordinary Portland Cement Leads the Way

• In 2024, Ordinary Portland Cement (OPC) solidified its position as the market leader, capturing a substantial 38.3% of global cement revenue. Its widespread use in residential, commercial, and infrastructure projects stems from its versatility, durability, and cost-effectiveness, making it the go-to choice for contractors worldwide. OPC’s ability to deliver consistent strength across diverse applications, coupled with well-established supply chains, ensures its dominance.

By Application: Ready-Mix Concrete Takes the Lead

• The ready-mix concrete segment commanded a leading 43.3% market share in 2024, fueled by its unmatched convenience and adaptability for projects ranging from homes to highways. Its popularity is driven by consistent quality, faster project timelines, and lower labor costs, appealing to builders facing tight deadlines. As urbanization accelerates and sustainable construction gains traction, ready-mix concrete is expected to see sustained growth, supported by its alignment with eco-friendly practices and rising demand for large-scale developments.

By End-Use: Residential Sector Drives Demand

• The residential sector emerged as the largest cement consumer in 2024, accounting for 39.1% of the market. Rapid urbanization, population growth, and increasing disposable incomes have spurred housing demand, particularly in emerging economies. Cement’s critical role in foundations, walls, and structural components underpins this segment’s dominance. As housing markets expand globally, the residential sector is projected to remain the primary driver of cement demand, reinforcing its pivotal role in the industry’s growth.

Regional Analysis

• The Asia-Pacific region solidified its leadership in the global cement market, commanding an impressive 53.3% of the total market share. This dominance is fueled by rapid economic growth in countries like China, India, and Southeast Asian nations, where urbanization and infrastructure development are accelerating. As cities expand and modernize, the demand for high-quality construction materials, particularly cement, continues to surge, driven by the region’s dynamic construction sector.
• China stands as the world’s largest producer and consumer of cement, followed by India and Japan. The region’s construction industry, one of the fastest-growing globally, is propelled by population growth, rising disposable incomes, and robust government-led infrastructure initiatives. Cement’s durability, strength, and binding properties make it indispensable for residential, commercial, and industrial projects, cementing its role as a cornerstone of the region’s construction boom.
• Governments across Asia-Pacific are prioritizing sustainability, implementing strict regulations and incentives to promote eco-friendly construction materials. Green cement and low-carbon alternatives, known for their energy efficiency and reduced carbon footprint, are gaining traction. These initiatives are driving the adoption of sustainable cement in infrastructure and construction projects, reinforcing the region’s market dominance while aligning with global environmental goals.

Top Use Cases

• Residential Construction: Cement is widely used in building houses, apartments, and villas. It forms the base material for making concrete walls, floors, roofs, and driveways. Its strength and durability make it ideal for long-lasting residential structures. Rapid urbanization across cities continues to drive the use of cement in the housing sector.
• Commercial Buildings: Cement is essential for constructing shopping malls, office towers, hotels, and educational institutions. It offers a strong framework that supports large, heavy structures. As the demand for modern infrastructure rises, cement usage grows steadily in commercial real estate development across major urban centers worldwide.
• Infrastructure Projects: Large public projects like highways, bridges, airports, and tunnels depend heavily on cement-based materials. Cement provides the stability and load-bearing capacity needed for critical infrastructure. Governments investing in better transportation networks and smart cities are key drivers pushing cement demand for major infrastructure works.
• Industrial Facilities: Factories, warehouses, and power plants use cement to build strong, chemical-resistant floors and heavy-duty structures. Industrial buildings often require special types of cement to withstand high temperatures, chemicals, and mechanical stress. The growth of the manufacturing sector directly supports cement consumption in industrial construction.
• Repair and Renovation: Cement is not just for new builds; it is crucial for repairing damaged structures like cracked walls, broken pavements, and leaking roofs. Quick-setting and waterproof cement types are often used in renovation projects. Increasing focus on refurbishing old buildings has opened a strong secondary market for cement products.

Recent Developments

1. CEMEX S.A.B. de C.V.

• CEMEX has been advancing its sustainable construction efforts, launching Vertua low-carbon concrete globally. The company also partnered with Synhelion to develop solar-powered cement production, reducing CO₂ emissions. Additionally, CEMEX expanded its Circularity Centers to recycle construction waste into new materials.

2. Holcim Group

• Holcim rebranded its US operations as Holcim US, focusing on green building solutions. The company acquired Malarkey Roofing Products to strengthen its sustainable roofing segment. Holcim also introduced ECOPlanet green cement, cutting carbon emissions.

3. Heidelberg Materials

• Heidelberg Materials invested in carbon capture and storage (CCS) at its Brevik plant in Norway, aiming for carbon-neutral cement by 2024. The company also launched evoZero, the world’s first net-zero CO₂ cement.

4. China National Building Material Group (CNBM)

• CNBM is expanding smart manufacturing in cement plants using AI and IoT. The company also increased production of low-carbon cement to meet China’s carbon neutrality goals.

5. BBMG Corporation Ltd.

• BBMG is focusing on waste-derived alternative fuels to reduce emissions. The company also upgraded its Beijing plant with energy-efficient technologies to cut energy use.

Conclusion

The Cement Market is on a strong growth path. This growth is driven by rising urbanization, infrastructure projects, and demand for sustainable construction materials. Companies are investing in green cement, carbon capture, and energy-efficient technologies to meet stricter environmental regulations. Emerging markets in Asia-Pacific and Africa offer major opportunities due to rapid construction activity. With innovation in low-carbon solutions and smart manufacturing, the cement industry is evolving to meet future demands while reducing its environmental impact. The future looks promising, with sustainability and efficiency leading the way.

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