Global cement consumption is expected to grow throughout 2015 and continue throughout the next year, but at the slower rate than in the past. A report released by the Portland Cement Association (PCA) indicates that cement consumption among developed economies increased by roughly 9.2 million metric tons in 2014, followed by another 9 million ton increase in 2015.
“Most of the gains in developed world cement consumption is attributed to North America,” said Edward J Sullivan, chief economist and group vice-president at PCA. “With an expected growth of more than 7.4 million metric tons, the North American region is expected to continue to expand at a faster pace than most other developed countries due to continued national economic growth.”
PCA projects global cement consumption to record sustained growth during 2015-2018, but at a less robust pace than previously expected. World cement consumption is expected to grow 2.2% in 2015, 3.7% in 2016, and remain near 4% growth during 2017-2018. World cement consumption grew an estimated 4.6% in 2014 from 4.0 billion metric tons in 2013 to 4.3 billion metric tons.
A slowdown in Asian economic growth will reduce cement consumption growth rates compared to previous years. Although China will continue to grow, with a 7% economic growth rate in 2015, this is much less than then the double-digit rates it experienced in 2010 and 2011.
Modest growth will occur in Europe in 2015 followed by stronger gains in 2016 and beyond. This scenario reflects the gradual healing of distressed housing and nonresidential sectors, especially among several Eurozone economies.