DUBLIN–(BUSINESS WIRE)–The “India Cement Market, By Type, By Application, By Region, Competition, Forecast & Opportunities, 2029” report has been added to ResearchAndMarkets.com’s offering.
The Indian Cement Market was valued at USD26023.83 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 8.98%, owing to a rapidly increasing mega infrastructural projects, rise in renovation and construction activities.
A cement is a binder, a substance used for construction that sets, hardens, and adheres to other materials to bind them together. Cement/concrete is the second-most-utilized product in the world after potable water. Cement used in construction is typically inorganic, based on lime or calcium silicate, and is classified as either non-hydraulic or hydraulic, depending on its capacity to set in the water.
Mega Infrastructural Projects Driving Market Growth
The economy of India relies heavily on the infrastructure industry. This sector is essential to India’s overall growth, and the government has placed a high priority on enacting regulations that would assure the country’s building of world-class infrastructure promptly. Power, bridges, dams, highways, and urban infrastructure development are part of the infrastructure industry.
The government of India has turned its attention to the infrastructure sector. India intends to invest USD1.4 trillion in infrastructure between 2019 and 2023 to ensure the country’s long-term prosperity. From 2018 to 2030, the government proposes investing USD 750 billion in railway infrastructure.
Rapid Urbanization Driving India Cement Market
An estimated 270 million people will be added to India’s urban population between now and 2040. Even with such rapid urbanization on a massive scale, the proportion of India’s population living in cities is anticipated to be less than 50% by 2040. Most of the structures that will exist in India in 2040 have yet to be constructed.
Urbanization is driving a tremendous rise in total residential floor area, from less than 20 billion square meters today to more than 50 billion square meters in the next two decades. As a result, demand for energy-intensive building materials is expected to skyrocket. Steel demand doubles to 2040 in the STEPS, while cement consumption roughly triples.
Affordable Housing Schemes (Pradhan Mantri Awas Yojana) Driving Market
The Pradhan Mantri Awas Yojana (PMAY), launched in 2015, is a massive scheme promoting affordable housing in India. The principal goal of this program is to offer 20 million affordable housing units to people from low-income families by 2022.
This program covers urban (PMAY-Urban) and rural (PMAY-Gramin) India, aiming to build dwellings with adequate sanitation, water, and power. While the former covers nearly 4000 cities and towns across India, the latter focuses on slums, villages, and other rural areas.
Furthermore, the government has consistently attempted to promote the affordable housing segment through many welcome measures, such as the Pradhan Mantri Awas Yojana’s a credit-linked subsidy scheme (PMAY).
The Growing Population
After China, India is the world’s second most populated country. India’s population has recently surpassed one billion. According to the 2001 Indian Census, India has a population of 4 billion. On March 1, 2001, India had a population of 1027 million. The population-housing relationship is a two-way street. Moreover, population shifts result in shifting housing demand.
Housing demand rises with population increase, particularly as the number of households rises. In the long run, population loss may lead to a fall in housing demand. However, the availability of housing impacts the chances for population growth through immigration and the formation of new households.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Indian Cement Market.
Report Scope:
India Cement Market, By Type:
India Cement Market, By Application:
India Cement Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/xrcsrx
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