Asia-Pacific White Cement Market Report Examines Latest Trends and Key Drivers Supporting Growth Foreacst 2022-2031
The market for White Cement in Asia-Pacific is expected to grow at a CAGR of over 2% during the forecast period. Major factors driving the market studied are growing demand from the construction industry in Asia-Pacific and increasing demand for precast concrete. On the flipside, high production cost is the major restraint, which is expected to hinder the growth of market.
– Growing investment on infrastructure in ASEAN countries is expected to offer various lucrative opportunities for the growth of market.
– By type, the type 1 segment accounted for the largest share, owing to its properties to provide brilliant color for concrete or mortar as it is ideal for a variety of architectural projects
– By application, non-residential segment accounted for the largest share owing to increasing demand for white cement from commercial, industrial and infrastructure applications.
– By Country, China is expected to dominate the market during the forecast period.
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Key Market Trends
Growing Demand from the Construction Industry in Asia-Pacific
– China has the world’s largest construction market and is the world’s largest cement manufacturer. Though there is a slight drop in the growth rate, the construction industry in China has still witnessed a significant growth rate over the past few years. According to the National Bureau of Statistics of China, the construction output value in the country increased from CNY 9.6 trillion in 2010 to CNY 24.84 trillion in 2019.
– India is the second-largest cement manufacturer in the world. The major white cement manufacturers in the country include JK Cement and Ultratech Cement. The demand for white cement in the country is expected to be boosted by the growing infrastructure development in the country. Nearly 9% of India’s GDP is spent on Infrastructure services. The Government of India gave an enormous momentum to the infrastructure sector by allocating INR 5.97 lakh crore (USD 92.22 billion), under the Union Budget 2018-2019.
– Additionally, investments of USD 31,650 billion have been proposed by 99 cities under their smart cities plan. 100 smart cities and 500 cities are likely to invite investments worth INR 2 trillion in the next five years.
– Furthermore, The Indonesian construction industry witnessed significant growth in recent years. The GDP from construction in Indonesia increased from MYR 1,041.95 trillion in 2014 to around MYR 1,562.3 trillion in 2018. The Indonesian building construction has witnessed a significant growth in recent years owing to the increasing population and growing urbanization.
– Hence, the aforementioned trends in the construction industry of Asia-Pacific are driving the demand for white cement in the market studied.
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