The latest survey of world cement consumption by ICR - publisher of The Global Cement Report - reveals how global cement demand continued it steep downward trajectory in 2024. Consumption shrank 3.2 per cent YoY, or by 122Mt to 3,853Mt, the lowest level since 2012. Global cement sales are now down 10 per cent from their 2021 peak.
North Asia was the most deeply affected region due to the lingering Chinese property crisis. Sales in North Asia shrank a further 7.9 per cent YoY, to fall below 2000Mt, reflecting the eight per cent YoY decline seen in Chinese cement consumption.
Western Europe and North America also noted contractions in cement demand in 2024. Western Europe cement consumption slid 3.7 per cent YoY to 123Mt, with all key cement markets contracting and Germany the worst hit. In North America, the USA was the key drag, with demand contracting 4.9 per cent YoY to 104Mt, Canada nudged one per cent higher, bringing totally volumes for the region to 115Mt.
The outlook for 2025 is for global cement demand to stabilise with modest growth of 0.3 per cent YoY. This will bring cement volumes to 3,866Mt. Excluding for China, global cement demand is forecast to expand 4.1 per cent YoY, up from 1.7 per cent YoY growth in 2024, with volumes totalling 2,076Mt.
All regions, except North Asia, are expected to report growth in cement demand in 2025, though just tentative expansions are anticipated in North America and Europe. Furthermore, the risks are weighted to the downside amid treats of reignited inflation, lingering property market struggles and lacklustre economic growth.
Meanwhile, China's share in global cement consumption will slip further: to 46 per cent in 2025 from 48 per cent in 2024, and down from 58 per cent a decade earlier. Negative spillover effects will continue to drag on most other North Asia countries, while South Asia and Australasia will see growth accelerate robustly.
Cement demand will firm-up in Central and South America and North Africa and the Middle East. Meanwhile, the Indian Sub-Continent and West, East and Central Africa are forecast to see momentum gather speed. The West, East and Central Africa region is expected to be the largest importer of cement and clinker globally in 2025. North Africa and the Middle East will remain the key cement and clinker exporting region.
Top of the agenda for producers in most regions will be moves towards decarbonisation, including alternative fuel usage and carbon capture and storage investment, while improving utilisation rates may encourage at least some unwinding of the strong pricing momentum of recent years.
For the full report, plus data and analysis, please visit the Global Cement Market Outlook (2024E-2027).