GCC market to expand at a CAGR of 6% in 2022-32

The Gulf Corporation Council (GCC) cement market is predicted to grow at a CAGR of six per cent between 2022 and 2032, according to a report by Future Market Insights. Demand for cement by the end of the period is expected to reach a value of US$12,651m.

Much of this growth is forecast to come from the residential sector on the back of population growth, along with public infrastructure and non-residential buildings, such as hospitals. According to the report, over the forecast period, Saudi Arabia and the UAE will collectively account for around 70 per cent of the overall cement market, with residential and commercial expected to be the leading end-use sectors.

The report also notes the trend for some of the regions leading cement producers to sign contracts with end-use industries for the long-term supply of material. For example, in July 2022, Holcim signed a contact with Ol-Trans, a leader in the Polish ready-mixed concrete (RMC) market to acquire its five concrete plants. According to the company, the acquisition is designed to strengthen its local RMC network and improve its carbon footprint.