According to the research report titled ‘Global Cement Market (2021 Edition) - Analysis by Product Type (Ordinary Portland, Blended, Others), End User (Residential, Non-Residential), By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global cement market was valued at USD 422.15 billion in the year 2020 and is projected to record substantial growth during the forecast timespan 2021-2027.
 

Rising product use owing to expansion of residential areas in developing countries such as India and China to meet the needs of the growing population, along with extensive government investments to modernize existing infrastructure are mainly fueling the global cement market demand, claims the study.
 

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Besides, building renovation projects and rising trend of using waste as an alternative fuel to heat cement kilns to reduce the industry's reliance on fossil fuel are adding impetus to the overall industry growth.
 

Rising demand for green cement will further boost the market demand in the upcoming years. Moreover, top cement manufacturers have increased their R&D to meet the specialized needs of end-use industries. For example, LafargeHolcim which recently purchased Firestone Building Products (FBP), launched ECOPlanet, a green cement line that minimizes CO2 emissions.
 

Elaborating on the COVID-19 impact, global cement industry experienced negative impact as the pandemic not only disrupted the cement industry's supply chain but also had a detrimental impact on the building materials industry's consumption and production operations. Furthermore, strict restrictions led to halting of construction activities, further leading to financial dip in the industry, as well as job losses and wage cuts.
 

The industry is segmented into product type and end-user. Under the product type, the category is further divided into ordinary Portland, blended, and others, whereas, end users include residential, and non-residential.
 

With respect to geographical perspective, as per the report, the market size spans across North America (U.S., Canada), Europe (UK, Germany, France, Italy), Asia Pacific (Japan, China, Vietnam, Indonesia, India), and Latin America (Mexico and Brazil).
 

Considering the competitive landscape, CRH plc, Cemex SAB de CV ADR, UltraTech Cement Ltd., Heidelberg Cement, Holcim AG, Anhui Conch Cement Co. Ltd, and China National Building Material Co. Ltd. are the major companies influencing the global cement market trends.