Gulf Corporation Council Cement Market is expected to cross stupendous revenue of US$ 12.65 Bn by year 2032 end | Deep data analysis by Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The Saudi Arabia Cement market size is valued at US$ 3,214.4 Mn in 2021 and is expected to grow with a CAGR of 6.0% during the forecast period. According to the Housing Ministry, real estate is the second-largest contributor to Saudi Arabia's GDP and influences the expansion of more than 120 other economic sectors
DUBAI, United Arab Emirates, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to research conducted by Future Market Insights on the GCC Cement market, demand for cement to reach a valuation of US$ 12,651.2 Mn by the end of the forecast period. Due to population growth, there is a greater need for residential structures. Along with the GCC Countries, this has increased the demand for cement globally.
A market for the consumption of goods has been created by the increasing demand for public infrastructure and non-residential buildings, such as hospitals and healthcare facilities. As a result, the expanding construction industry is driving up demand in the market.
Cement is a widely used construction material, which plays an important role in the industry. The growth of the construction industry is the major factor that may affect the market. As the construction & infrastructural projects increase, the demand for cement increases. Increasing government expenditure on such projects will help the cement market to witness sales boom.
The market for construction materials has grown incrementally steadily over time. This is because several nations currently experience favorable economic conditions. Large public infrastructure projects are predicted to accelerate, opening up opportunities for public-private partnerships in the construction sector.
Furthermore, the anticipated rise in healthcare spending is likely to spur renovations of healthcare facilities, which is also anticipated to fuel a rise in demand for building materials like cement over the course of the forecast period.
“Consistently growing demand from construction industry, particularly commercial & residential segment is driving the demand for cement in GCC Countries.,” said an analyst at FMI.
Key Takeaways from Cement Market Study
The GCC Cement market is estimated to witness a growth forecast of 5.7% magnitude on a value basis.
Saudi Arabia and UAE are expected to collectively hold around 70% of the overall market share.
The Residential & Commercial Segment is to remain a key end-use segment and the industry is expected to consume cement at a rate of 5.7% over the forecast period.
GCC Countries Cement Market is somewhat semi fragmented with key players holding significant share in the market along with the presence of several medium & small-scale key players. Some of the top manufacturers include LafargeHolcim, Anhui Conch Cement, China National Building Material Co., Ltd, Heidelberg Cement, China Resources Cement, Aditya Birla Group, Saudi Cement. LTD, Southern Province Cement Company, Yanbu Cement Company, Arabia Cement Company, Al-Rashed Cement Company, Yamama Cement, Eastern Province Cement Co., Qatar National Cement Company, Al Khalij Cement Company, Oman Cement Company, Raysut Cement Company, Gulf Cement Company, National Cement Co., Union Cement Company, The Braj Binani Group are some of the manufacturers of Cement profiled in the full version of the report.
Key manufacturers are devoted to gaining significant market share and avoiding various challenges of the market. Key manufacturers are also signing agreements & contracts with end use industries for long-term supply of material & to gain more profit. Moreover, Key manufacturers are engaged in research and development for product development and innovation.
For instance:
In July 2022, Holcim Ltd. signed an agreement with Ol-Trans, a leader in the Polish ready-mix concrete market, to acquire its five concrete plants. The company says the acquisition will strengthen its local ready-mix concrete network and improve its carbon footprint.
In June 2022, UltraTech Cement announced an expansion in its overall cement production capacity. For this expansion, the company will invest INR 12,886 crore to expand plant capacity by 22.6 MTPA/yr.
More Insights into the GCC Cement Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the GCC Cement market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type, end-use, and country.
The Chemicals and Materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling, renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
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