Growth in the global demand for cement is expected to reduce to 0.7%, as a result of the decline in China’s construction market, according to a new report.
The newly-updated Global Cement Volumes Forecast from CW Research sees total cement consumption reaching 4.0 billion tons (3.94 billion tonnes) in 2016, rising to 4.2 billion tons (4.13 billion tonnes) by 2020.
The report compiles data from the supply-and-demand models of 55 of the world’s top cement-consuming nations, accounting for as much as 95% of all global cement demand.
“The monumental cumulus of global economic challenges in 2015 is bound to put the brakes on global cement markets in the coming years,” says Robert Madeira, CW Group Managing Director and Head of Research. “We are witnessing China’s unprecedented falling cement capacity and demand, a development, that alone is responsible for the negative forecast revisions in our update, and which drags down traditional bright spots of the cement market.”