India Cement Market Size, Share & Forecast 2024-2030: Regional Insights

India Cement Market Outlook

The India Cement Market was valued at USD 26.02 Billion in 2024 and is anticipated to reach USD 41.76 Billion by 2030, growing at a CAGR of 8.04% during the forecast period. The robust growth is driven by increasing demand from the residential, infrastructure, and commercial construction sectors. The government's focus on large-scale infrastructure projects such as highways, smart cities, and urban housing under schemes like PMAY (Pradhan Mantri Awas Yojana) and Bharatmala Pariyojana has significantly boosted cement consumption across the country. The real estate sector, especially affordable housing, is witnessing notable growth, further reinforcing the demand trajectory for cement products.

India’s commitment to sustainable development and green building initiatives is also influencing the cement industry, encouraging the adoption of blended and eco-friendly cement variants. With urbanization accelerating and per capita cement consumption still below the global average, there exists significant room for volume growth. Additionally, technological advancements in cement production, logistics optimization, and increased adoption of alternative fuels and raw materials (AFR) are poised to enhance production efficiencies and sustainability in the sector.

Research Objectives

To analyze and forecast the market size of the India Cement Market.
To classify and forecast the India Cement Market based on type, application, and region.
To identify key drivers, challenges, and trends impacting the growth of the market.
To examine the competitive landscape and provide profiles of major companies operating in the market.
To evaluate market opportunities and develop strategic insights for stakeholders.

Assumptions

The base year considered for the market study is 2023.
Demand-supply patterns are assumed to remain consistent unless stated otherwise.
Currency fluctuations are not accounted for in growth forecasts.

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Market Driver Analysis

India’s cement demand is highly influenced by the country’s expanding construction and infrastructure activities. The National Infrastructure Pipeline (NIP) project, with an outlay of over INR 100 lakh crore, is one of the major growth engines for cement demand. Over 13% of the NIP budget is allocated to urban infrastructure and housing, significantly boosting cement requirements. In 2023, India’s total cement production stood at approximately 389 million tonnes, making it the second-largest cement producer in the world after China. The government’s ambitious goal to construct 20 million affordable housing units by 2025 under PMAY has further propelled the consumption of cement, especially in the residential and low-income housing segments. Additionally, the highway construction pace reached 38 km per day in FY2023, reflecting strong public investment. Demand is also rising from Tier II and Tier III cities, where urban development is gaining momentum. These factors collectively contribute to the consistent growth of the cement industry in India.

Market Trends Analysis

The Indian cement industry is witnessing a paradigm shift towards sustainability and digitization. One of the most prominent trends is the increasing adoption of blended cement due to its lower carbon footprint and superior durability. Blended cement now accounts for more than 70% of total production in India, driven by regulatory push and growing environmental consciousness among builders. Another trend gaining traction is the use of alternative fuels and raw materials (AFR) such as municipal solid waste, biomass, and industrial by-products to reduce the reliance on fossil fuels and lower carbon emissions. On the digital front, manufacturers are investing in automation, process digitization, and AI-powered systems to optimize energy use and improve efficiency. The rise of pre-cast concrete technology in real estate and infrastructure development is also creating demand for high-performance cement types. With green buildings gaining favor, the trend towards low-carbon and high-strength cement is expected to continue over the forecast period.

Market Challenges Analysis

Despite strong demand drivers, the cement industry in India faces several challenges. The industry is highly energy-intensive, and fluctuations in fuel and power costs directly impact operating margins. Logistics also remains a critical challenge, as over 60% of cement is transported via roads, increasing cost and reducing efficiency. The fragmented nature of the market with multiple small-scale players leads to pricing pressure and intense competition, particularly in regional markets. Environmental regulations are becoming stricter, requiring heavy investments in emission control and sustainable practices, which may be financially burdensome for smaller firms. Lastly, demand volatility caused by delays in government infrastructure projects and seasonal fluctuations can affect production planning and capacity utilization.

Segmentations

India Cement Market, By Type:

Portland
Blended
Other Types

India Cement Market, By Application:

Residential
Commercial
Infrastructure
Industrial
Institutional

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Regional Analysis

The Indian cement market exhibits strong regional demand variations, driven by differences in infrastructure development, industrial activity, and urbanization levels. Southern India, including Tamil Nadu, Andhra Pradesh, and Telangana, is one of the largest consumers of cement, supported by ongoing urban development, industrial hubs, and major infrastructure projects. Northern India, led by Uttar Pradesh and Rajasthan, also holds a significant share, driven by road construction, affordable housing schemes, and institutional buildings. In Western India, states like Maharashtra and Gujarat show steady demand due to strong commercial real estate activity and port-related infrastructure.

Eastern India, including states like Odisha and West Bengal, is emerging as a high-growth zone, backed by increasing industrialization and central government investments in connectivity. The region has seen a 10–12% year-on-year rise in cement consumption over the past few years. Meanwhile, the Northeastern region, although smaller in volume, is gaining attention due to government focus on border infrastructure and all-weather roads. Despite being fragmented across zones, the cement market benefits from pan-India distribution networks maintained by key players like Ultratech, Ambuja, and ACC, who are continually expanding capacities near demand hotspots. Regional dynamics are expected to remain critical in shaping the future demand-supply balance.

Analyst View & TechSci Research Opportunity Map

Analysts at TechSci Research believe that the India Cement Market will continue to grow steadily, supported by government-backed infrastructure investments, rapid urbanization, and increasing real estate activities. The shift towards sustainable and blended cement types offers significant growth opportunities for manufacturers aligned with ESG goals. Companies investing in automation, logistics, and low-carbon technologies are expected to gain a competitive edge. The opportunity lies in expanding rural market penetration and establishing regional manufacturing hubs to reduce transport costs. Players adopting circular economy practices and green production techniques will likely see favorable regulatory and market responses.

Key Players Analysis

UltraTech Cement Limited

Headquarters: Mumbai, Maharashtra, India
Establishment Date: 1983 (as L&T Cement, later acquired by Grasim Industries in 2004)
Founder/CEO:
- Founder: Part of the Aditya Birla Group; originated as the cement division of Larsen & Toubro (L&T).
- CEO/Managing Director: K. C. Jhanwar
Recent Developments:
- In April 2024, UltraTech surpassed 150 MTPA production capacity for grey cement, making it the third-largest cement producer globally (excluding China).
- In December 2024, UltraTech acquired a 32.72% stake in The India Cements Limited, increasing its total shareholding to 55.49%, making India Cements a subsidiary.
- In 2025, UltraTech entered the wires and cables segment with a planned investment of INR 1,800 crore over two years.
- Commissioned 12.4 MTPA of new grey cement capacity in FY 2023 across multiple states and a 2.4 MTPA brownfield capacity at Roorkee, Uttarakhand.
- Announced a INR 13,000 crore investment in October 2023 to increase capacity by 21.9 MTPA, aiming for a 200 MTPA milestone by FY2027.
- UltraTech is a signatory to the GCCA Climate Ambition 2050, focusing on decarbonization and issuing India’s first dollar-based sustainability-linked bonds.

Ambuja Cements Limited

Headquarters: Mumbai, Maharashtra, India (operations reportedly shifting to Gujarat)
Establishment Date: 1983
Founder/CEO:
- Founders: Narotam Sekhsaria and Suresh Neotia
- CEO: Ajay Kapur
Recent Developments:
- Acquired by the Adani Group in May 2022 from the Holcim Group.
- Increased cement production capacity to 100 MTPA by April 2025, with plans to reach 118 MTPA by FY26.
- Implemented a cost reduction plan targeting savings of over INR 500 per tonne, primarily in power and fuel costs.
- Recognized for sustainable development, with accolades in water management and corporate social responsibility.
- Expanded manufacturing units strategically across India, with a current capacity of 31.5 MTPA.

ACC Limited

Headquarters: Mumbai, Maharashtra, India (operations reportedly shifting to Gujarat)
Establishment Date: August 1, 1936
Founder/CEO:
- Founder: Established as The Associated Cement Companies Limited
- CEO: Ajay Kapur (also CEO of Ambuja Cements, as ACC is a subsidiary of Ambuja)
Recent Developments:
- A subsidiary of Ambuja Cements and part of the Adani Group since 2022.
- Current production capacity of 37.1 MTPA, with a wide network of cement plants and R&D centers.
- Known for high-quality products and sustainable practices, with a focus on energy conservation and environmental protection.
- Commissioned India’s first indigenous cement plant in Chaibasa, Jharkhand, and continues to innovate in cement and ready-mix concrete production.

Shree Cement Limited

Headquarters: Kolkata, West Bengal, India
Establishment Date: 1979
Founder/CEO:
- Founder: Benu Gopal Bangur
- Managing Director: Neeraj Akhoury
Recent Developments:
- Production capacity of 50.4 MTPA, making it the second-largest cement producer in India.
- Received the Energy Conservation Award from the Rajasthan government in 2017 and ranked 4th in Responsible Business by IIM Udaipur.
- Focused on expanding its presence in northern India, with a strong market share in the region.
- Continues to innovate in cement production, offering products like Ordinary Portland Cement (OPC) and Portland Pozzolana Cement (PPC).

Dalmia Bharat Limited

Headquarters: New Delhi, India
Establishment Date: 1939
Founder/CEO:
- Founder: Jaidayal Dalmia
- Managing Director: Puneet Yadu Dalmia
Recent Developments:
- Operates a manufacturing capacity of 46.6 MTPA across 15 cement plants and grinding units in 10 states.
- India’s largest manufacturer of slag cement, offering brands like Dalmia Cement, Dalmia DSP, and Konark Cement.
- Focused on sustainable practices, with investments in energy-efficient technologies and high-quality cement production.
- Known for its durable and environmentally resistant cement products, catering to residential, commercial, and industrial projects.

Birla Corporation Limited

Headquarters: Kolkata, West Bengal, India
Establishment Date: 1919
Founder/CEO:
- Founder: Madhav Prasad Birla
- Managing Director: Arvind Pathak
Recent Developments:
- Production capacity of 20 MTPA, with a strong presence in the cement market under brands like Birla Cement Samrat and Birla Cement Unique.
- Part of the MP Birla Group, focusing on high-strength and durable cement products for diverse construction needs.
- Continues to leverage advanced technology to ensure quality and consistency in its cement offerings.
- Expanding its market reach in central and eastern India, with a focus on infrastructure and residential projects.

The India Cements Limited

Headquarters: Chennai, Tamil Nadu, India
Establishment Date: 1946
Founder/CEO:
- Founders: S. N. N. Sankaralingam Iyer and T. S. Narayanaswami
- Managing Director: N. Srinivasan
Recent Developments:
- Acquired by UltraTech Cement in December 2024, with UltraTech holding a 55.49% stake, making it a subsidiary.
- Production capacity of 14.45 MTPA, primarily in South India.
- The acquisition by UltraTech, valued at INR 3,954 crore for a 32.72% stake, marks the end of the N. Srinivasan era.
- Continues to offer a range of cement products, with a strong presence in the southern market.

Ramco Cements Limited

Headquarters: Chennai, Tamil Nadu, India
Establishment Date: 1961 (formerly Madras Cements Limited)
Founder/CEO:
- Founder: P. R. Ramasubrahmaneya Rajha
- CEO: A. V. Dharmakrishnan
Recent Developments:
- Production capacity of 24 MTPA, with a strong presence in South India.
- Offers a range of products, including Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), and Ready-Mix Concrete.
- Known for reliability and popularity in the southern region, with a focus on high-quality cement for concrete applications.
- Continues to expand its market share through innovation and customer-centric products.

Future Outlook (2025–2030)

Increased government spending on infrastructure will continue to boost demand.
Blended cement will dominate the product mix due to environmental regulations.
Digital transformation will optimize supply chains and enhance plant efficiency.
Cement producers will adopt alternative fuels to reduce energy costs.
Tier II and Tier III cities will emerge as high-growth demand centers.
Waste heat recovery and carbon capture technologies will see wider implementation.
Major players will expand capacities in Eastern and Northeastern India.
Urban housing demand will remain strong, driven by PMAY.
Export potential to South Asia and Africa will improve with capacity surplus.
Green cement branding will gain market share in commercial projects.

Frequently Asked Questions (FAQs)

Q1. What was the market size of the India Cement Market in 2024?
A1. The India Cement Market was valued at USD 26.02 Billion in 2024.

Q2. Which region dominates the India Cement Market?
A2. Southern India currently dominates the market, followed closely by Northern and Western regions.

Q3. Which is the fastest-growing application segment?
A3. The infrastructure segment is the fastest-growing due to heavy public investments.

Q4. What is the leading cement type in the market?
A4. Blended cement leads the market due to its sustainability and lower carbon footprint.

Q5. Who are the top players in the market?
A5. Key players include Ultratech Cement, Ambuja Cement, ACC, Shree Cement, and Dalmia Bharat.

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