October 25, 2021
According to a recent study 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 valued at USD 422.15 billion in 2020 is expected to generate lucrative returns by the year 2026.
The reports states that the enhancements in existing infrastructure is expected to contribute towards the global cement market growth. Also, focus among manufacturers to mass-produce environment-friendly product variants, in consort with usage of waste as alternate fuel in heat kilns are further facilitating the market scenario.
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However, with the advent of Covid-19 pandemic, the marketplace was adversely affected due to disruptions in the supply chain, impacting consumption and production operations. The global demand for cement was dramatically lowered as a result of the restrictions, since construction activities came to a halt. Furthermore, these disturbances leading financial losses as well as job losses and pay cuts hampered the industry growth.
Based on the product type, the market is categorized into ordinary Portland, blended, and others. According to end user scope, global cement market is split into residential and non-residential.
Speaking of regions, the market spans across America (United States, Canada, Brazil), Europe (Germany, France, Italy), Asia Pacific (India, China, Vietnam, Indonesia), and MEA.
The report cites that Asia Pacific market growth is driven by the surging population in the countries like India and China, along with growing necessity for residential spaces. On the other hand, flourishing construction sector in the United States, India, and China, as well as building renovation projects in the EU and other nations, are boosting cement demand.