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Indian Cement Sector Bright Forecast Despite Stagnant Global Demand

Indian Cement Sector Bright Forecast Despite Stagnant Global Demand

BY Realty Plus
Published - Wednesday, 24 Jul, 2024
Indian Cement Sector Bright Forecast Despite Stagnant Global Demand

Cement demand in India continues to be a bright spot as it bucks global trend of flattish demand, the Economic Survey 2023-24 said.Focus on mega infrastructure projects such as highways, railways, housing schemes and smart cities will boost demand “significantly”. This apart, the push for rural development and increased investment in industrial and commercial construction support growth prospects.

Apart from India, other markets witnessing growth in cement demand include, Africa, West Asia and North America.

“Reports also expect that the global demand for cement is likely to be flat during 2024-2030, with bright spots in demand emanating only from India, Africa, the Middle East and North America to an extent,” the survey said.

The survey noted that the industry has maintained a capacity utilisation rate of approximately 60-65 per cent in recent years. Gross margins in the cement industry will likely be robust globally, helped by higher prices and lower fuel costs.

Cement consumption in India is around 260 kg per capita, against a global average of 540 kg per capita. This implies there is “potential for growth”. India is also the second largest cement producer globally, after China.

The Economic Survey noted that while in the last ten years, the import of clinker has increased, the quantity of such imports is still low. The cement industry contributes approximately 11 per cent of the input cost to the construction sector in India. The current annual installed capacity of the industry is about 622 million tonnes (mt), with production being 427 million tonnes in FY24.

The survey notes that 85 per cent of the cement industry is concentrated in the States of Rajasthan, Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh, Gujarat, Tamil Nadu, Maharashtra, Uttar Pradesh, Chhattisgarh and West Bengal – close to the raw material source.

Imports are about 0.2 per cent of total domestic cement production, significantly negligible. Incidentally, the sector is also working towards reduction of greenhouse gas emissions.

Greenhouse gas emissions are estimated to have been reduced to 0.56 t CO2 per tonne of cement in 2023. The target will be to bring down CO2 emissions to 0.35 t CO2 per tonne of cement by 2050. Globally, the cement sector generates about 7 per cent of the total anthropogenic emissions.

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