Global cement demand to recover through 2024
By: CW Group
Within the next five years, CW Research forecasts global cement demand to continue growing, albeit modestly.
"Emerging economies like Bangladesh and the Philippines, with their rapidly growing and urbanizing population, provide the backbone of this year's increase in global cement consumption through their eagerness to carry out large-scale infrastructure projects, sometimes taking the form of entire cities as in the case of Saudi Arabia's NEOM City and Egypt's New Administrative Capital," assesses Carolina Pereira, Business Analyst at CW Group.
Middle East remains gloomy; Latin America picks up
From an estimated 102 million tons in 2019, cement demand in North America is poised to experience a moderate increase until the end of the year and in the upcoming five-year period. The US economy has been growing every month since June 2009, the longest expansion ever recorded. However, the trade war with China and the inversion of the yield curve have clouded the short to mid-term scenario and a slowdown in growth should be expected.
In Western Europe, cement consumption is expected to grow stronger than in 2018 thanks to a turnaround in key markets such as Germany and Italy.
"Advanced economies especially those in Western Europe and North America, are likely to see sustained but moderate levels of cement consumption growth in the coming years as they focus on a much-needed requirement of revamping infrastructure, particularly in the case of the United States" notes Carolina Pereira, Business Analyst at CW Group.
In the Middle East, cement demand is projected to decline again in 2019, albeit at a much softer rate than in 2018. After three consecutive years of double-digit contractions in cement consumption, Saudi Arabia's cement sector is expected to witness a softer decline in 2019.
In Latin America, cement consumption continued to contract in 2018, yet not as severely as in the previous year. CW Research expects a rebound in 2019, with demand likely to increase by a timid margin, supported by an improvement of the still-negative scenario in Argentina and a recovery in Brazil.
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About CW Group
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