Cement Clinker Market

The global market for cement clinker is projected to see continued growth over the next eight years, with consumption expected to increase. China leads the market in both consumption and production, with India and the United States following. Imports and exports also play a significant role in the market dynamics, with countries like Vietnam, Turkey, and the United Arab Emirates being major exporters. Overall, the industry is experiencing moderate growth in both volume and value, with some fluctuations noted in trends over the analyzed period.

Market Forecast

Driven by increasing demand for cement clinker worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 4,811M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $426.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cement Clinker

In 2022, the amount of cement clinker consumed worldwide fell to 3,787M tons, with a decrease of -6.3% against 2021 figures. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, global consumption reached the maximum volume at 4,044M tons in 2021, and then fell in the following year.

The global cement clinker market size rose remarkably to $321.4B in 2022, surging by 8.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is likely to see gradual growth in years to come.

Consumption By Country

China (1,995M tons) remains the largest cement clinker consuming country worldwide, comprising approx. 53% of total volume. Moreover, cement clinker consumption in China exceeded the figures recorded by the second-largest consumer, India (352M tons), sixfold. The United States (90M tons) ranked third in terms of total consumption with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. In the other countries, the average annual rates were as follows: India (+3.2% per year) and the United States (+2.4% per year).

In value terms, China ($186.1B) led the market, alone. The second position in the ranking was held by the United States ($23.5B). It was followed by India.

In China, the cement clinker market increased at an average annual rate of +5.0% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+1.6% per year) and India (+1.9% per year).

The countries with the highest levels of cement clinker per capita consumption in 2022 were China (1,406 kg per person), Turkey (944 kg per person) and Vietnam (722 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Vietnam (with a CAGR of +5.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cement Clinker

In 2022, approx. 3,781M tons of cement clinker were produced worldwide; with a decrease of -6.4% compared with the previous year's figure. In general, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 6.6%. Global production peaked at 4,037M tons in 2021, and then fell in the following year.

In value terms, cement clinker production expanded sharply to $353.1B in 2022 estimated in export price. Over the period under review, the total production indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +58.9% against 2017 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 28% against the previous year. Global production peaked in 2022 and is expected to retain growth in the immediate term.

Production By Country

China (1,987M tons) constituted the country with the largest volume of cement clinker production, comprising approx. 53% of total volume. Moreover, cement clinker production in China exceeded the figures recorded by the second-largest producer, India (351M tons), sixfold. The third position in this ranking was held by Turkey (90M tons), with a 2.4% share.

In China, cement clinker production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+3.2% per year) and Turkey (+3.5% per year).

Imports

World Imports of Cement Clinker

After ten years of growth, supplies from abroad of cement clinker decreased by -25.7% to 90M tons in 2022. Over the period under review, imports, however, continue to indicate a buoyant expansion. The growth pace was the most rapid in 2018 with an increase of 26%. Over the period under review, global imports reached the peak figure at 121M tons in 2021, and then fell sharply in the following year.

In value terms, cement clinker imports contracted notably to $4.4B in 2022. Overall, total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +50.4% against 2016 indices. The pace of growth was the most pronounced in 2018 when imports increased by 28%. Global imports peaked at $5.3B in 2021, and then fell remarkably in the following year.

Imports By Country

In 2022, Bangladesh (17M tons), distantly followed by China (8.4M tons), Ghana (4.7M tons), Cote d'Ivoire (4.6M tons) and Australia (4.5M tons) were the key importers of cement clinker, together comprising 44% of total imports. The following importers - the Philippines (3.6M tons), Sri Lanka (2.4M tons), Cameroon (2.3M tons), Chile (2.2M tons), France (2.2M tons), Taiwan (Chinese) (1.9M tons), Belgium (1.8M tons) and Oman (1.8M tons) - together made up 20% of total imports.

From 2012 to 2022, average annual rates of growth with regard to cement clinker imports into Bangladesh stood at +5.6%. At the same time, China (+50.1%), Oman (+43.6%), the Philippines (+16.7%), Cote d'Ivoire (+14.7%), Cameroon (+12.4%), France (+12.1%), Belgium (+11.2%), Australia (+10.0%), Ghana (+8.3%), Chile (+6.5%) and Taiwan (Chinese) (+6.3%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of +50.1% from 2012-2022. Sri Lanka experienced a relatively flat trend pattern. While the share of China (+9.1 p.p.), Cote d'Ivoire (+3 p.p.), the Philippines (+2.6 p.p.), Oman (+1.9 p.p.) and Australia (+1.9 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Sri Lanka (-1.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest cement clinker importing markets worldwide were Bangladesh ($687M), China ($461M) and Australia ($252M), together comprising 32% of global imports.

China, with a CAGR of +56.9%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average cement clinker import price amounted to $49 per ton, increasing by 12% against the previous year. Overall, the import price, however, showed a mild decline. Over the period under review, average import prices attained the maximum at $61 per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($77 per ton), while Sri Lanka ($32 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cement Clinker

In 2022, overseas shipments of cement clinker decreased by -27.2% to 83M tons for the first time since 2016, thus ending a five-year rising trend. In general, total exports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 21% against the previous year. Over the period under review, the global exports hit record highs at 115M tons in 2021, and then shrank sharply in the following year.

In value terms, cement clinker exports shrank rapidly to $4B in 2022. Overall, total exports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +63.7% against 2016 indices. The pace of growth was the most pronounced in 2018 with an increase of 37% against the previous year. The global exports peaked at $5.1B in 2021, and then fell markedly in the following year.

Exports By Country

In 2022, Vietnam (16M tons), distantly followed by Turkey (9.1M tons), the United Arab Emirates (8.8M tons), Indonesia (6.6M tons), Thailand (6.1M tons), Egypt (5.1M tons) and South Korea (3.9M tons) were the major exporters of cement clinker, together achieving 66% of total exports. Japan (3.7M tons), Iran (3.2M tons), Saudi Arabia (2.2M tons), Algeria (1.9M tons), Morocco (1.6M tons) and Pakistan (1.5M tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +53.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Vietnam ($634M), Turkey ($425M) and the United Arab Emirates ($397M) were the countries with the highest levels of exports in 2022, with a combined 37% share of global exports. Indonesia, Thailand, Egypt, Japan, Iran, South Korea, Saudi Arabia, Algeria, Morocco and Pakistan lagged somewhat behind, together accounting for a further 41%.

Indonesia, with a CAGR of +52.0%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average cement clinker export price amounted to $48 per ton, rising by 7.9% against the previous year. Over the period under review, the export price, however, continues to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2021 when the average export price increased by 17%. The global export price peaked at $53 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Algeria ($60 per ton), while South Korea ($35 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+3.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform